The Future of Telephone Transactions: From Card Readers to Digital Innovation

Chapter 16

  • As technology continues to evolve at a rapid pace, the landscape of telephone transactions is undergoing a significant transformation. Gone are the days when merchants had to manually tap card details into handheld credit card readers. Instead, a new era is dawning, driven by advanced security measures and innovative payment technologies.
  • The journey towards the future of telephone transactions began with the introduction of virtual terminals. This breakthrough allowed merchants to process payments remotely, eliminating the need for physical card readers. With just a few clicks, transactions could be authorised, bringing convenience and efficiency to businesses of all sizes.
  • The subsequent advancements in telephone transactions led to the rise of Interactive Voice Response (IVR) and Dual-Tone Multi-Frequency (DTMF) technologies. IVR systems enabled customers to interact with automated voice prompts to complete transactions, while DTMF facilitated secure entry of sensitive information, such as card details, using touch-tone keypads.
  • However, as security concerns continued to escalate, IVR and DTMF faced limitations. These traditional methods were deemed non-secure transactions and did not adhere to the stringent security requirements of 3D Secure (3DS) authentication—a fundamental aspect of robust payment security.
  • Recognising the need for enhanced security, the industry is gradually transitioning towards digital pay-by-link technology. This innovative approach, backed by the power of artificial intelligence (AI), ensures advanced security measures while maintaining a seamless customer experience. By replacing IVR and DTMF with digital pay-by-link technology, businesses can provide a more secure payment environment.
  • One pioneering solution at the forefront of this digital evolution is SOTpay—a pay-by-link technology developed by Gala Technology. SOTpay is not only equipped with 3DS authentication for card payments, but it also provides a secure platform for Open Banking transactions. By leveraging the Open Banking framework, SOTpay facilitates direct payments from customers' bank accounts, ensuring convenience, privacy, and enhanced security.
  • With SOTpay, businesses can offer customers a secure and frictionless payment experience. Sensitive payment information is safeguarded throughout the transaction process, providing peace of mind for both customers and merchants. By incorporating 3DS for card payments and harnessing the potential of Open Banking, SOTpay represents the future of telephone payments, a future where security and convenience coexist seamlessly.
  • Moreover, SOTpay introduces an additional layer of security and compliance. With this digital technology, employees or contact centre agents can view the payment journey without any sensitive credit card data entering the working environment. This feature ensures that the process is fully Payment Card Industry Data Security Standard (PCI DSS) compliant, further safeguarding customer information and mitigating the risk of data breaches.
  • As we embrace the new possibilities of digital pay-by-link technology, the payment industry is poised to unlock even greater advancements. The convergence of AI, enhanced authentication methods, and cutting-edge technologies will continue to shape the future of telephone transactions, ensuring secure, efficient, and customer-centric payment experiences.

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