Abstract: Integral to contemporary economies, digital payments have reshaped how individuals and businesses manage financial transactions. As technology continues its relentless progress, the realm of digital payments will undergo further transformations, providing people worldwide with increasingly secure and convenient choices.
Today, customers have the choice of closed wallets, semi-closed wallets, and open wallets, but venturing into this business requires both technical expertise and substantial investment. Success in the realm of digital payments is achievable through a sound business strategy aligned with Payment Card Industry Data Security Standards (PCI DSS).
In the modern business landscape, connecting with multiple Payment Service Providers (PSPs) for seamless payment processes has been challenging. Until now, a comprehensive solution for integrating consumer applications, both SAP and non-SAP, with multiple PSPs and managing real-time payments effectively was lacking.
The SAP digital payments add-on addresses these challenges, offering flexibility by supporting multiple real-time digital payment methods and enabling automatic reconciliation through seamless PSP integrations. It enhances security by eliminating the need to store sensitive credit card data in SAP S/4HANA and non-SAP systems, simplifying PCI compliance. This solution empowers businesses to embrace diverse digital payment methods while ensuring security, flexibility, and efficiency.
This paper is intended to assist enterprises in making an informed choice when selecting digital payment through the SAP Digital Payment add-on. This cloud-based Software-as-a-Service (SAAS) tool facilitates the development of digital payment processing, making it more secure, efficient, and adaptable to diverse customer needs. The company successfully navigated the challenges of modern payment processing and emerged with an enhanced payment system that positions it for continued growth and success in the global marketplace.
Keywords: SAP Digital Payment add-on, SAP S/4 HANA, Payment service Providers.
Title: Credit Card Payments Processing using SAP Digital Payment Add-on for FIAR Process – Case Study
Author: Chandrasekhar Gopisetti
International Journal of Computer Science and Information Technology Research
ISSN 2348-1196 (print), ISSN 2348-120X (online)
Vol. 12, Issue 2, April 2024 - June 2024
Page No: 29-33
Research Publish Journals
Website: www.researchpublish.com
Published Date: 31-May-2024
