In 2019, there were 10 billion individual card payments made by Australians, totalling $663 billion.
Currently very little data exists when a customer makes a payment by card: only the date, the amount, and the merchant is known, all other data about the consumer remains unknown. There is a massive opportunity in the payment process that is currently being missed by businesses, that is, the ability to obtain valuable customer information that will allow businesses to drive future sales and prevent payment card fraud.
Payment card fraud is rising, with ‘card not present’ fraud accounting for 85% of the $574 million of card fraud in 2018.
But, what if businesses could use a payment platform where they can see all transactional data – like every line item on a customer’s receipt - and be able to match that with demographic and psychographic data - such as customer age, location and buying preferences – enabling them to sell more to that customer in the future? And what if those same businesses could reduce fraud by using KYC tools that are currently not offered by any other payment platform anywhere?
The Payment App Pty Ltd (TPA) is revolutionising online payments by integrating big data and KYC services so that business can sell more and reduce fraud.
TPA’s payment platform will operate through its own PCI Gateway, providing efficient and robust payment services to Australian business, as well as to TPA’s own customer facing payment Apps. With integration into merchant point of sale terminals, TPA secures line item transactional data from every customer payment, which provides a wealth of invaluable data to businesses, enabling them to increase sales, and in time make additional offers to those same customers.
TPA also uses big data to provide KYC (Know Your Customer) and AML (Anti Money Laundering) services to validate and verify customers to reduce fraud, or identify potential high risk transactions before they occur.
In 2019, online payments accounted for 33% of Australia’s $663 billion in total acquired card payments. This amount has grown 50% in past 5 years, resulting in a decline in cash payments.
As the demand for card payments has increased, so has the demand for big data. US$286 billion is forecast to be spent globally on big data in 2020. In Australia US$585 million was spent on big data last year, an increase of over 100% since 2015 (source Statista).
The substantial growth in both card payments and demand for big data highlights the huge opportunity that exists for TPA and their payments and KYC solution.
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