Retail Payments
Retail payments are transactions made by individuals or businesses to purchase goods and services, with retail banking representing the non-wholesale market. These payments typically involve lower-value transactions and are processed through various methods, including card payments, bank transfers, digital wallets, and cash. Retail payments can occur in-store, online, or through mobile applications. Modulr enables businesses to optimise retail payments with embedded payment solutions, ensuring seamless transactions across multiple channels.
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
