Big Data and Digital Payments
Data analytics lets retailers figure out each consumer’s preferred way of paying, and with this information, retailers can provide an even more niche shopping experience. Big data analytics is paving the way for the seamless integration of payment options, with many shopping apps already letting consumers save their payment preferences, hence shortening down the purchase time.
Big Data is collected, analysed and used at various points during a payment transaction and plays a vital role in making sure the payment reaches its intended destination. Data is also at the core of customer security and system innovations. Technological change is leading to payments data being collected, processed, shared, and used in digital form at lower cost and on a larger scale than ever before.
With advanced analytic solutions, Big Data can detect fraud in real time and based on historical data, proactively identify risks.Big data through advanced statistical techniques, enables payment providers to assess the risk score of transactions in real time.
A range of Big Data techniques are being deployed to detect money laundering disguised as legitimate payments.
Big Data based Data Lakes support the integration of regular banking capabilities such as bill payment, person-to-person payments and account-to-account transfers to streamline the payments experience beyond the point of sale.