Opn Payments recently hosted, "Unlocking the Power of Secure & Seamless Payments to Maximize Repeat Purchases" with Amazon Web Services (AWS). The event brought together leaders from the payments and tech industries to explore the latest cutting-edge technology that is going to become the new payment standard – Network Tokenization.

Let’s discover how businesses can leverage the latest payment technology to maximize repeat purchases.

The importance of secure and seamless payments

Ezra Don Harinsut, President and Co-founder at Opn, emphasized the need for businesses to invest in creating a secure and seamless payment experience.

E-commerce has come a long way from what it was in the 1990s, when industry giants like Amazon and eBay initiated transactions by mailing checks between buyers and sellers. Today, consumers expect a seamless experience everywhere they buy, every time.

“Payments today must be so seamless to the point that it’s invisible to the end user.” Ezra Don Harinsut - President and Co-founder at Opn

With the current cart abandonment rate reaching as high as 70%, it is important for businesses to minimize payment friction. This can be achieved by implementing payment features such as mobile responsiveness and one-click checkout.

Additionally, retaining existing customers is crucial, and features like recurring payments can help achieve this goal. The more brands can create seamless and secure payment experiences for their customers, the more they can reduce drop-offs and increase repeat purchases.

There are multiple factors that contribute to seamless and secure payment experiences. At the event, we specifically focus on two crucial aspects: service availability and tokenization.

How AWS maintains service availability for a seamless payment experience

During the session, Saroj Punyapatthanakul, Head of Technology at Amazon Web Services, Thailand shares insights on how AWS ensures uninterrupted service availability to support operations for the payment sector.

AWS adheres to the principle: "Everything fails, all the time," as stated by Amazon's Chief Technology Officer, Werner Vogels. This philosophy guides AWS's strategies in designing their services, which include:

• Highly Redundant Infrastructure: AWS builds highly redundant infrastructure to mitigate any damage to fiber connections, ensuring seamless data transmission.

• Damage Detection and Workload Migration: AWS has the capability to detect potential damages and promptly migrate workloads to alternative locations, minimizing downtimes.

• Service Ownership: AWS adopts a decentralized model where service owners are responsible for managing their own infrastructure. This approach allows for quicker issue detection and more efficient responses to potential disruptions.

Collaborating closely with Opn Payments, AWS strives to provide the most suitable solutions, as well as address potential weaknesses that could disrupt the payment experience. Together, they aim to provide robust and reliable solutions for Opn Payments' customers.

Network tokenization is the key to secure and seamless payments

Jitsupa Cheowit, Country Manager at Opn (Thailand), discussed tokenization and its successor, network tokenization, as crucial elements contributing to seamless and secure payments.

Tokenization is essential for securely storing card data for future transactions, a requirement for two vital features in modern payments: one-click checkout and recurring payments. This process involves disguising card details with unique tokens, which are used for seamless payment authorizations.

Traditionally, payment gateways issue and manage these tokens based on customer-entered card information. However, this approach poses challenges when cards expire or get lost. It requires customers to manually update their card information which disrupts the payment experience.

With network tokenization, the card networks generate the tokens. This means that each card is assigned a unique token that can be used across various platforms, and the token is automatically updated when a card is renewed or replaced, resulting in a more secure and seamless payment experience.

Why network tokenization matters

The transition to card networks issuing their tokens has numerous benefits to businesses:

• Enhanced Security: By entrusting the creation and management of tokens to the card networks, businesses reduce the risk of fraud and unauthorized access to users' payment data.

• Improved Authorization Rates: Businesses can significantly reduce the number of legitimate transactions that fail due to fraud and security concerns.

• Seamless Payment Experiences: Card networks automatically update tokens when a card is renewed or replaced, minimizing the chances of payment disruptions.

If you're interested in learning more about network tokenization and its impact on the payment landscape, check out, “The Future of Payments: How Network Tokenization Will Improve the Payments Space.”

How industry leaders are using Opn's Payment technology

(From L-R) Pindhira Wanyanaporn, Enterprise Account Manager at Opn (Thailand), Jitsupa Cheowit, Country Manager at Opn (Thailand), Chatchai Kritsetsakul, Technical Director at Sunday Insurance and Suppasit Tiraraktummakij, Senior Director, Head of Merchant Sales & Acquiring at Visa International (Thailand)

During the panel discussion, we had the honor of hosting industry experts who provided valuable insights into the latest payment technologies that businesses should keep an eye on. In addition to network tokenization, businesses could explore the following technologies to provide the best experience.

• 3D Secure 2.0: This new protocol delivers ten times more data, including device channel and payment history, for accelerated authentication and enhanced security.

• Frictionless Authentication: Reduce the use of OTP and embrace alternative authentication methods, such as push notifications, to further streamline the payment process.

• One-Click Checkout: Simplify payments across multiple platforms with a single username and password. This feature allows users not only to save card details but also shipping and mailing information for added convenience.

• Alternative Payment Methods: Explore alternative payment methods like Buy Now, Pay Later (BNPL) and digital wallet to cater to customers’ preferences.

That concludes the event. We would like to thank all the speakers and participants who made this event a success. We'd also like to express our gratitude to Amazon Web Services (AWS) for their hospitality and for being such a gracious co-host.

Stay tuned for more insights on payment technology.