How magic retry assures transaction success even in disruptive mobile network
In India, network congestion, signal error, slower internet speeds on 2G, 3G, and internet fluctuations are prime reasons for a transaction failures on mobile. A transaction can drop anywhere while it is hopping across acquiring gateways, processors, issuers or Master/Visa network. As a result of this, merchants encounter increased cart abandonment which impacts their revenue stream negatively.
Our feature, Magic Retry, solves this issue very effectively. Magic Retry gives customers an option to retry by a click of a Retry icon, without the customer to go through the hassles of re-doing everything again.
Magic Retry captures the current status of a customer’s transaction and creates various checkpoints during the transaction. It helps him/her recover the transaction if anything goes wrong during a payment process. In other words, upon Retry, it resumes the transaction from the last successful checkpoint by re-using the existing captured parameters.
Magic retry feature, designed for mobile online payment, is first of its kind development in the digital and electronic payments ecosystem. The following schematic shows how a retry button will appear in case of transaction failure. A user will have to tap it once and the transaction will be picked exactly from the point it last failed.
This feature works across schemes (Master/Visa/Amex), issuing and acquiring banks. Customers can experience this on both Android and iOS
Statistics suggests that the mobile based payment transactions suffer approximately 20% drop rates due to network issues. As low as 50% customers retry transaction due to failures at first attempt. With this feature, this percentage can go up to 90-100%. . In addition, this will create customer delight when a user does not have to go through the cumbersome process that he/she is used to. The ease-of-use and an awesome user experience makes this feature an absolute necessity for merchants who are in serious business.
So what are you waiting for! Download and integrate this feature and let the magic begin!