Fortunately Paola Rojas, Afterbanks Arcopay Communication Manager, has collaborated with Coinscrap Finance to develop this article on the best methods today.
Go ahead, Paola!

Paola Rojas Roiz – Afterbanks
She has a degree in Journalism from the UCLM and a Master’s Degree in Marketing and Business / Corporate Communication from the ENEB. She has been in charge of the Communications Department of Afterbanks | Arcopay for more than three years. Her duties include evaluating and securing opportunities for the company, managing national and international events, as well as generating key content that serves to implement strategies that help achieve the objectives set by the company.
● According to the report prepared by the consulting firm Capgemini, digital payments have skyrocketed in recent months.
● The trend will continue in the future. According to the data revealed by this study, 47% of Spanish claim to have increased their use of digital payments during the pandemic and 48% say they will continue to do so.
Tell me what you want to buy and I will tell you the best payment method
It is a clear premise and, if there is something that companies and individuals share, it is the headache when making a purchase on the Internet. Deficient websites, obsolete payment options, complicated and tedious processes that make buying and selling operations fail to achieve the expected ratios. Therefore, it is essential to choose the payment method that best suits each case. This situation has led technology providers such as Afterbanks Arcopay to consider how to improve aspects of the digital payment channel to offer a simple and intuitive user experience with alternative methods.
As the 11th Minsait Payment Methods Trends Report points out, “new digital technologies are shaping a new scenario in which more and more companies are merging the business experience with the payment experience“. In response to the growing demand from companies that want to improve their processes and create new lines of business, new payment methods are emerging to complement existing ones, offering highly competitive advantages that are totally linked to the digital environment.
Currently, there is a great multiplicity of payment options (cards, buy now pay later, cash on delivery, gateways, among others) that seek to satisfy the end user to the maximum so that they choose their payment method over others. Therefore, it is of vital importance to work on the consumption/operational profile of each user to offer them the experience best adapted to their needs. Today, as experts in the Fintech sector and provider of technological solutions for Banking Aggregation and Payment Initiation services, we have seen increased interest in the so-called pay-by-link, a collection / payment method that has become popular in recent months and is increasingly requested by users (both companies and individuals).

From Afterbanks Arcopay, we have been working since 2020 on a new payment method based on pay-by-link payments which offer great traceability, security, agility and simplicity to the end user, being able to pay with their own bank account from any device, without the need to use cards or other means to carry out the operation or having to leave the website where they are to authorize the purchase in the online banking, a process that increases the abandonment rate and the expected conversion by e-commerce, retailers, fintechs, erps, among others, is not as expected.
Customers find in our payment solution a perfect ally for transactions with high amounts (we have had transactions with amounts of more than 500,000€ in a single operation), achieve full traceability of the payment made with a unique track ID for each operation, offer a transparent and simple customer journey, have the ability to integrate the solution in any environment and have coverage beyond Spain (service available in other geographies such as Portugal, Italy, Greece and Romania, other developing countries). Being a regulated Payment Entity with PSD2 licenses also makes us a reference within the sector.
We cannot overlook the fact that all this new financial ecosystem we are experiencing is a reality thanks to the well-known Open Banking movement, which has been essential for the development of new business models focused on the security and welfare of the end user, as well as on the clear commitment to democratize access to financial services regardless of social class, purchasing power, among others. The basic pillars of Open Banking are: greater personalization of products/services, greater offer and lower costs, financial information grouped in simple/secure platforms, easier management for users and reinforced security.
In short, although banks continue to have great weight as payment providers within the financial sphere, it is a reality that new operators, such as Fintechs, are beginning to take positions and attract the market on a massive scale. Their role is key today for a complete digital transformation of the financial ecosystem. As facilitators of the industry that we are, we are constantly working to improve current services that are subject to constant changes due to the demands of the sector, technological advances, the emergence of new market niches and business opportunities that make us have to evolve continuously.