How do you promote your payment system innovations?

Understanding the issue at hand that your customers are grappling with, which your product or service aims to address, is a beneficial approach. Yet, refrain from directly asking customers what they require. The reason is that the desired solution or problem might evolve during the process of design and delivery. Focusing on a niche market segment as potential customers is acceptable, but prioritizing top-notch service delivery holds utmost significance. Additionally, during the launch phase, the emphasis should be placed on demonstrating how the solution will effectively alleviate the current challenges experienced by customers.

With increasing focus on data, the ownership of data, the confidentiality of data, and the on-soil storage of data, are some of the key factors to be considered in alignment with the regulatory environment in the target market.

Two of the most important factors in this area are convenience and security. Those are the reasons why many people like using mobile wallets.

Also, as payment is a regulated activity in most markets, study the regulations in the context of the solution you are designing.

Payment systems should be agile to adapt to new constructs of this ever changing world. From traditional websites to social media to gig economy to web3, times change, things change and payment systems should also change as per new target audience. Flexibility with simplicity is the key

In an industry where transactions involve sensitive financial data, it's imperative for customers to have absolute faith in the platforms they use. They need to be certain that their money and information are safe, and this certainty comes from trust. Consistency and reliability are the two main pillars that support this trust. Consistency in ensuring the highest levels of security, user-friendly experience, and customer service. Reliability in guaranteeing that transactions are processed smoothly, every single time. Building trust is not a one-time effort; it is an ongoing process. It requires continuous commitment to improving services, proactive communication, and being transparent even when things don’t go as planned.

Building trust and credibility in the realm of payment systems is paramount. It's the bedrock upon which user adoption, merchant partnerships, and regulatory approvals are built. Security is the linchpin of trust in payment systems. Clearly communicate the robust security measures your system employs. Detail encryption protocols, authentication mechanisms, and data protection standards. Highlight compliance with industry regulations like PCI DSS (Payment Card Industry Data Security Standard) and GDPR (General Data Protection Regulation), reassuring users that their data is handled with care and in accordance with the law.

Due to continuous customer's needs and security policies, payment systems architects should not follow legacy implementation, and be more flexible in countries policies, customer needs and trends, and if system is used by an intermediate company, it should also possible to follow the intermediate's needs.

It's possible to use your reputation in another industry to enter into the payments sector. Large technology companies have already convinced many users to trust them with their information so these companies have less to prove when they launch new payment apps.

As a Payments innovator, while at one end you advertise the product to create awareness amongst end users, it's crucial to imprint the right impression in minds of the partners or merchants who will be deploying & using your service for their business.For example, 'BharatPe' tried to solve the problem of unifying QR codes across various Payment apps in India. In their first Ad Campaign, they roped in lead Bollywood Actor 'Salman Khan' who has reach to the masses and a huge fan following. But instead of end users, their message was straight to consuming merchants - "BharatPe, Isko Lagao Dhandha Badhao" - which simply meant 'Deploy BharatPe and grow your business' by giving it wings to access multiple QR based payments through single channel.

In this business, it's key to break things down so everyone gets it. Not everyone's a tech whiz, right? So, think about spreading the word through cool blogs, snappy videos, podcasts, or even live webinars. Social media and newsletters are also solid ways to keep everyone in the loop. Keep the talk simple and ditch the tech jargon. Throw in some real-life examples of solutions that have worked for other merchants. And always be ready to tackle those FAQs head-on. Don't just talk at your audience—get them involved. Encourage them to ask questions, share their thoughts, or give a shout-out on what they'd like to see next. It's all about making it a two-way street and keeping the convo going.

Understanding customer issues without directly asking for solutions can be a valuable approach. Solutions can evolve during design and delivery. Prioritising top-notch service delivery is key, especially during the launch, to show how your solution addresses customers' challenges effectively. For instance, the example of "Square," a successful fintech solution. Square initially targeted small businesses, highlighting how their service could simplify payment processing and enhance business operations. This strategic focus on their target audience effectively conveyed their value proposition.

using influencers and advocates is a smart move to get the word out about your payment system. It's all about finding the right people who've got a solid following and actually dig what you're doing. Think industry pros, cool bloggers, and even your own users who are already fans. You want to team up with folks who can really talk up your product in a genuine way. It's not just about big numbers; it's about finding voices that people really listen to and trust. And when you do find them, hook them up with some perks like giftcards to your merchants and so cash for sharing the love. It's a win-win: they get something cool, and you get your innovation in front of more eyes. Keep it simple, keep it real, and watch the magic happen.

Promoting payment system innovations requires a holistic approach. Start with thorough market research to understand your target audience's needs and pain points. Craft a compelling message that highlights your innovation's unique benefits. Utilize content marketing, webinars, and live demos to educate and engage your audience. Share real success stories, collaborate with partners, and provide excellent customer support. Leverage social media, industry events, and regulatory compliance to build credibility. Continuous innovation and competitive analysis ensure your solution remains relevant and attractive in the evolving payment landscape.

To make your payment system the one everyone remembers, you've got to nail the branding. Think of a name that sticks and a logo that pops. Your colors, style, and how you sound - all of it should scream "you". And don't just stop there; splash your brand all over your website, app, socials, emails, and ads. Make it so when people see your brand, they instantly know it's you.

We often consider payment in isolation, whereas in reality it's a part of a larger consumer experience, for example when you are checking out from a super market, payment is the final leg of your shopping experience. Hence while designing your proposition look at the overall context of usage, think ecosystem and partnership instead of individual process. One such example is the entire finance proposition apple is building around the Apple device experience bringing in apple pay,apple savings account and apple pay later. Another is the payment bands issued to customers at Disney parks which are essentially prepaid wallets which a customer can load digitally from his bank account and just swipe the band at the ride.

Another key aspect to increase visibility and usage is the integration flexibility & interoperability of the solution. Ensure that the solution is easy to integrate and is made available at various marketplaces where fintechs can play around with it. This is a two-sided journey where the promoters should also explore that does their product complements with another fintech solution to create a unique offering. I'll quote Henry Ford - "Coming together is a beginning. Keeping together is progress. Working together is success." And this holds true in the Payments innovation space as well, where leveraging more than one products, you can jointly build customer journeys that can increase the sales and reach in a multifold manner.

In addition, strongly consider collaborating with banks, financial institutions, payment processors, and other key players in the industry to enhance your credibility and expand your reach. Create informative and engaging content about your payment system. This can include blog posts, whitepapers, videos, webinars, and infographics. Explain how it works, its benefits, and how it can solve specific problems. Share success stories and testimonials from early adopters and satisfied customers. Remember that promoting payment system innovations is an ongoing process. Building trust, offering value, and maintaining a commitment to improvement are essential for long-term success in the fintech industry.