The start of a new year gives us a chance to look back at the year that was and reflect on major industry changes. The payments market, as has been the case for numerous years, became increasingly digital in 2012, as e-commerce became an even bigger player in sales and payments.
E-commerce revenue went up across the globe last year, hitting record highs in a number of major markets and emerging economies. According to an article in the online publication Firstpost Business, online sales revenue topped $14 billion in India alone. Sandeep Komaravelly, Vice President of marketing at Indian online retailer Snapdeal told the news source that as internet activity grew, so did the number of payment solutions, leading to the staggeringly high numbers.
"Increasing internet penetration and availability of more payment options boosted the e-commerce industry in 2012," Komaravelly said.
Many industry experts project that online payments will become even bigger in the coming year. As traditional brick and mortar retailers begin to fade away, more people are enjoying shopping from the comfort of their own home rather than heading out to buy in a busy public area. In the United States, online shopping is expanding horizontally in addition to its vertical growth. E-commerce is no longer exclusive to B2C sales, as a number of procurement specialists at companies from a wide range of industries are using their computers to buy for their respective businesses.
Vendors must be equipped with the proper tools needed to offer customers with a valuable and secure online shopping experience. PCI compliance is important, but so is the ability to let customers shop efficiently and pay for products and services quickly without hassle.
Working with a B2B payments provider will allow vendors to acquire the solutions they need such as tokenization, which will take customer data and store it in an offsite location. This will alleviate the risk of a targeted attack and let merchants offer their customers a secure checkout process.