B2C Payments
Business-to-Consumer (B2C) payments involve financial transactions between businesses and individual consumers. These payments typically occur in retail, e-commerce, travel, and service industries. B2C transactions can be processed via various payment methods, including credit and debit cards, digital wallets, and direct bank transfers, with trends towards convenience, scalability and flexibility. It is important for business and consumer that C2B payments are quick and seamless digital transactions, often servicing a global consumer base and catering to a variety of customer preferences for payment methods.
Applications
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
Advantages
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
Challenges
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
