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E-CRM in Digital Payment Services: Its Role and Proposed Framework for Adoption
Abstract
Supported by technology, digital payment expanded at a rapid pace in the last decade, constantly reducing cash transactions across the world. Across the world, the shift to digital payments witnessed a dramatic rise due to the COVID-19 pandemic. As the benefits look to surpass the shortcomings, the adoption of digital payments is still affected by barriers of different kinds for different stakeholders, mainly the customers. Customer relationship management is a strategic tool that aids in retaining and improving customers' experiences. More importantly, the developments in electronic customer relationship management like the inclusion of social media, various communication channels, and web-based tools may facilitate customer adoption and satisfaction. Therefore, the role of e-CRM in digital companies needs detailed scrutiny from theoretical and practical perspectives. This chapter provides an overview of the current state of the digital payment industry and proposes a framework for the integration of e-CRM in digital payment companies.
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