World is getting modernized with innovation of advanced technology that is assisting many of the business organizations to update their procedures. Customers are main assets of any organization and companies are following strategies that can meet requirement of customers. With the innovation in every aspect, expectation level of customer is getting increased and companies are making certain efforts to meet their expectations. Dynamism is well developed in the payment industry and there are faster changes in the payment landscape. These companies are growing extensively in the electronic payment that is changing expectation level of customers towards this industry.

Discussion of Payment Industry Transformation
Changed customer behavior towards transformation in payment industry

Level of expectations of customers are increasing and changing towards the payment industry because of its transformation and invention of different ways of payment. Payment industry is focusing on effective experience of customers as money is transmitted to family members or for any of the business purpose. This industry is assuring the speed of transmission, convenience, security and transparency of services of transfer (Waller, 2014). In all of the industries and specifically within the payment industry, expectation level of customers keeps changing because of advanced adopted technology (Ostrom & Amy, 2015). Digital transformation is significantly influencing the transfer of money at international level and the profound establishment of smart phones and the provided convenience, payment industry is searching for more effective ways to assure regular transfers. Consumer expectations and level of demand keep changing and shaping with the progress and advancement of technology. Payment transformation industry is now providing a great level of ease to its associated customers.

The payment industry is rapidly transforming because of dominated trends among which the changing level of customer’s expectation. Previously customer stickiness towards financial services providers was high however over the years technology has widened and levelled the playing field (Wonglimpiyarat & Jarunee, 2014). Thanks to the rise of international money transfer organizations, which connect corridors worldwide with the latest technology, payment industry is having plenty of options to choose from when it comes to transferring funds. In this sense, money transfer has become a buyer’s market. As providers offer versatile and cost-efficient services, customers are on the look-out to find the best deals.

Digital technology and huge adaptation of smartphones are having significant impact over customers and are the factors that are increasing expectation level of consumers. Competition is getting high and in payment industry, different companies are providing services according to their variation in technology adoption because of which there is a competition in accomplishing requirements of customers that can be fulfilled when a payment industry is keep transforming and updating its technology to a next level (Henningsson & Hedman, 2014). Millennial customers are the one the quickly change their allegiance when services are not according to their preferences and preferences and expectations of millennial customers are keep changing and a huge competition cannot be overlooked. For this purpose, transfer industries are required to form partnership with the companies that can assure innovation.

This is the age of technology, e-commerce and m-commerce in which consumers are requiring and expecting their experience of transferring money to be seamless as happened in their other digital transactions. Customers are expecting flexibility, convenience and control. Customers are not accepting anything less than it. Today’s customers are referring to the digital age and they are requiring everything to be done so quickly with less possible flaws, payment transfer industry is transforming itself according to this requirement and it is also expanding its services to get connection with much more people all over the world.

It is highly required by payment industry to keep advancing its technology with expanding its financial services so customers can get satisfied. Payment is required to deliver with safety, speed and great convenience (Xiang, Zheng, & Fesenmaier, 2015). Advanced technology is highly adopted by this industry to accomplish expectations of customers and so they can establish strong relationship with its customers that can make it continuously profitable. Cost is the factor that is always being considered by payment industry while transferring money but customers are expecting very high for their money in ways that is getting beyond the obviousness to manage by payment industry.

Assistance of internet in transformation of payment industry

Internet services are getting advanced and vast with the time and number of industries are operating in digital world. Number of companies in the recent years are getting advantage by increase in internet for selling their products and services and to increase their profitability rate. Customers are also preferring to avail online services as it is feasible for them. New technologies are potentially getting advanced and companies are changing their organizational structure according to it so they can meet requirements and expectations of customers. Payment industry is the vast industry of this world because of globalized business and it is requiring to provide more feasibility and convenience to its customers so with the advancement of internet and technology, it keep changing its procedures and structures.

Customers these days are requiring transformation of their payment with no or less additional cost and electronic payment through internet is assisting payment industry to accomplish this need of customer that is making it successful and more popular among business organizations and other people (Gomber & Peter, 2018). Internet is providing number of benefits to payment industry as it is cost effective for customers but at the same time, it is delivering a huge benefit to customers that is convenience of customers by transforming their payments through digital sources and when customers are satisfied with the payment industry, it is a huge benefit for the company as satisfied customers are profiting high to the company. Transformation of payment through internet is the most attractive source to customers.

Payment industry can get easily transformed and update its services with the assistance of internet as it is providing companies to deliver different ways of transmitting payment to customers that are happily accepted by them as they can use any of the method according to their convenience. Moreover, every person is not having an account to transfer its payment and payment industry is transformed that it is delivering service to transmitting money without any account with the help of internet. It is required by every established industry to keep consistency in everything and internet is providing consistency to payment industry because if which it is easily transforming its services.

It is obvious that mistakes are done by customers while entering their zip codes as sometimes, they forget their personal information related to transmission of payments, with the assistance of internet, payment industry is pointing out that error and is providing ways to correct it. Furthermore, error messages are sometimes presented at the top of the payment transfer page and they can easily find out the wrong thing. Customers can also save their provided information so they can make less chances of error. It is easy to use and is providing one click payment to its customers that is increasing its customer rate.

Impact of payment industry transformation on e-commerce

E-commerce is the internet or electronic commerce that is referring as the purchasing and selling of products or related services with the use of internet and transfer of money is also done with the internet. Data is also executed to these money transfers. Payment industry is changing its procedures and services in vast way and is adopting the advanced technology services because of its positive impact over the company as well as for customers. Payment is the basic tool for running business organizations as well as for individuals (Deshmukh, Sujata, & Thampi, 2013). Technology is continuous to change and is creating new ways of payment as with the time, expectations and requirements of customers is also changing. Because of advanced internet, payment industry is transferring by adopting online ways of payment that is facilitating the transaction process. These payments are now done through electronic channels such as smart phones, ATMs, computers and cards. This transformation of payment industry is having positive as well as some negative impacts over e-commerce that are mentioned as:

· Transformation of the payment industry towards electronic payment is having positive and significant benefits towards e-commerce as platform of e-commerce is heavily dependent on online websites and applications since their goods and services are purchased and delivered with only a click and establishing platform.

· Instead of physical process of collecting cash payments, transforming process of payment industry is affecting e-commerce in a positive way as it is time effective as well as cost effective for the industry and also having positive impact over customers. This is the reason because of which many of the suppliers and companies of payment transfer are adopting means of internet to transfer and receive money and for the purchase and selling of their goods and services.

· When payment industry is transforming towards internet and technology, it is having positive impact over e-commerce as it is accomplishing with any other online tool for expansion of small business, customers in this way are getting vast outreach to any of the country or any of the region all over the world (Hagberg, Johan, & Nicklas, 2016). It can be said that e-commerce is more possible and getting effective because of its combination with payment industry transformation and ecommerce is getting more practice and possible in this way.

· Transformation of payment industry is significantly affecting e-commerce as it is increasing business all over the world. Companies are getting international and are spreading its business in different countries that is requiring effective means of transformation of payment and this development in the payment industry can effectively increase the online business organizations. It is also providing ease to customers and business Men to make effective dealing in their business.

· Transformation of payment industry towards online and electronic sources is having embedded services for customers each day and is connecting individuals but still e-commerce is facing number of challenges with its influence with payment industry transformation aa there can be fraud, embezzlement.

· e-commerce can be negative affected aa there can be card data security issues and multi-currency issues with hurdles in cross border transactions that is still required by payment industry to work with (Mukherjee, 2017).

· Payment transformation towards online sources is not requiring physical presence of the individual that can increase fraud chances. The major drawback of using online technology is that it can easily get hacked and it is the major flaw of it. A simple password and a pin cannot be sufficient to properly secure the payment unless there is biometric identification such as recognition through fingerprints is now being used increasingly by mobile payments so fraud and Hacking can get prevented.

· There can be breach on card security that can lead to negatively influence the e-commerce (Green, 2018). Every business that is operating on e-commerce platform and are accepting debit or credit cards online are not having effective security and is required to adopt the data security standards of payment industry that can reduce risk of frauds.

· e-commerce programs are working globally and is supplying services all over the world but it is required to accept multi-currencies. Transformed payment industry is providing transaction facility of any of the payment.

· There can be slow transaction in cross border payments, it can be inefficient and a but expensive because global transactions cannot get handled by national banking infrastructure. To reduce this impact, it is required by government to consider establishment of initiatives and must made efforts to transit payments and outsourcing.

· Multi-currency as well as cross border transactions are required to transit to have a new account in bank for the business that is with number of hurdles in compliances. This problem can get solved when businessmen are motivated to identify and select payment service provider with the compulsory required infrastructure where they can collect money in one currency.

· Online payment transfer in the payment industry can face some issues in the technical integration system of the hardware as well as the software that can cause delay in processing and payments and can affect long transaction with expensive fees.

· Electronic payment is providing huge benefits to e-commerce and has developed by many of the stores that can be more easily accessible via online. However, customers, the business and suppliers are required to be aware of tits issues that can increase while choosing a method for payment.

Telecommunication revolution of Payment Industry Transformation

In telecommunication, signs, messages, writings, signals, images and words or any or the information of any nature is exchanged by wire, radio or any of the electromagnetic system. It is occurring when information is exchanged between communication participants that is also including technology use. A transmission medium is required for it such as electrical cables or electromagnetic radiations.

Payment industry of today’s world is having a wide range of competition and the modified way to deliver financial services to customers is establishing by having contribution with the telecom industry and more specifically to the wireless telecoms. Mobile phones are increasingly getting use to transfer payment. Finance technology for customers is getting developed and now payment industry is also delivering services through smart cards and the banking services are also based on underdeveloped technology and the delivery of services to customers is providing through telecommunication devices that is a natural channel for customers to get financial services through the payment industry (Al-Debei & Avison, 2011).. The conventional intra industry is taking the telecommunication sector and payment industry in coordination with aim of development of new competition. Revolution in telecommunication is assisting payment industry to transfer payment in an efficient way without any discomfort and with more feasibility. With the effective means of telecommunication, there will be less chances of hacking and companies and businessmen can more conveniently receive and send their payments through an assured means.

Evolution of point of sale system of Payment Industry Transformation

The point of sake system is the time and place where all of the transactions of retail are accomplished. At this point, merchants are enable to calculate the owed amount of consumers, evaluate that payment and may also prepare an invoice for consumers and can provide alternatives for consumers to pay. It is also required to remember that this system is also providing ability of managing customer relationships.

Point of sake system is not a payment processor, however, payment transfer is most of the time coordinated with point of system as its offer to its customers. This system is handling in-person and is also assisting online payments in the payment industry. This system is dealing with the transaction system management that is also including emailing of receipts and use of friendly tipping interface. In the payment industry, when a customer is using POS, he is required to pay to the process via debit card and credit card. This system can get operated as a dedicated payment processor but still it is required to pay processing fee.

Many of the terminals related to payment are running effectively to run the technology in fair means (Rodríguez & Ricardo, 2017). Payment companies are manufacturing the point of sake system so they can update their register of cash and also update the software that is providing power to it. Electronic payment industry cannot get changed in a less tike and these startups such as point of sale system is entering in the complex market where a long lasting relationship of sales determine the system that get into which the retail locations. Hardware of point of sale is facing the immediate threat from the smart phone devices and these devices are not expensive and its implantation is also easy. Its implementation is not requiring customers to adopt versatile behavior.

Evolution of retail of Payment Industry Transformation

From its establishment, retail has been potentially changed with time. It is difficult to count its number of changes that arrived in the 1800s and in the 1900s as the record keeping system was not effective. There has been a significant increase in the customer number who are shopping through computers and online devices in mobile phones. There have been 13% total retail sales in the e-commerce sake in 2017 and this sale has been estimated as increase up to 17% in 2022. In result of this, retailers are establishing and doing improvements in their online business and are changing the traditional way for consumers. Before 1800, retail was established by local businessmen who were prevising complete services to its customers through their general stores. They were offering credits and were presenting one-on-one services to its customers to reveal the advantages of its goods (Kaissi & Charland, 2013). However, breakthroughs in the production while Revolution of industry lead to increase in market in affordable and quality based products.

Retail industry is being developed and it is increasing its services to provide ease to its customers. They are contributing with the payment industry as it is providing credit card and debit card services to its customers. They are delivering electronic benefit transfer to its customers with the assistance of payment industry. Retail industry is adopting advancement with the payment industry and are providing electronic check and ACH processing.

Merchants are diversifying their operations in the retail industry and for development, they are increasingly developing new wireless and mobile processing technology. Payment industry is assisting retailers to provide solutions to merchants where phone connections are also required. Wireless credit cards machine and mobile phones are using in retail industry to transfer payments in the business that is increasing customers and sales of the company.

Evolution of cashless modes of Payment Industry Transformation

Cashless modes and economy is the one through which maximum transactions are done without use of any physical cash or by other means. Economic transactions are done with credit and debit cards and online transactions. This cash technology can assist the information technology that can provide full support to the national government. This is assisting the transactions as it is done fast and it is also saving a lot of money of customers and also of the country. It is the new and easy way for purchasing and paying for products and services and this system also referred as the economic system in which products are purchased without cash and electronic transfer or check is done in it.

Cashless payment methods are associated with payment industry as it is the transparent and every transaction in it can get traced. This is the time of smart devices such as smart phones and new payment options are adopted in it that is direct link to the payment industry. Cashless payment can be done through several options such as through checks, Online transfer, credit cards, mobile wallets and many more.

Conclusion of Payment Industry Transformation

Technology is getting advance because of which globalization in business is having huge advantages that can increase its high profitability rate and its huge range of customers. Effective payment is done through payment industry among different business organizations and it is transforming its means so it can increase reliability of business and can assure requirements of customers. Consumers are having high expectations with the digital technology and advancement in internet services because of which, payment transfer industry is also transforming in significant ways to increase its effectiveness so they can meet expectation level of customers and can have high profitability rate. It can be concluded that Digital technology and huge adaptation of smartphones are having significant impact over customers and are the factors that are increasing expectation level of consumers. Competition is getting high and in payment industry, different companies are providing services according to their variation in technology adoption because of which there is a competition in accomplishing requirements of customers that can be fulfilled when a payment industry is keep transforming and updating its technology to a next level. Technology is continuous to change and is creating new ways of payment as with the time, expectations and requirements of customers is also changing. Because of advanced internet, payment industry is transferring by adopting online ways of payment that is facilitating the transaction process

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