Future of Payments
They say Evolution is the only constant. Recent years have seen such drastic changes with everything a human uses and might need. The vast world of payments is evolving faster than ever before. Undoubtedly, the future of payments lies on the hands of many emerging technologies-The top 5 listed here.
A mobile payment through which money is paid for a product or service via a portable electronic device such as a cell phone. Mobile payment technology can also be used to send money for personal usages.
Mobile Payments have become immensely popular with regard to the future of payments, with many platforms/ startups making money transfers very simple. More and more companies are looking to offer financial solutions that allow people to pay for services, pay one other or split bills on the go without having to wait a long period of time for money to transfer.
The total market capitalization of Bitcoins, Ethereum, and other coins has a total market volume greater than $800 billion dollars. But there are very limited ways for people to spend cryptocurrency because most merchants simply don’t accept them. Blockchain development is still at a nascent stage, and many of the needed tools and technologies simply don’t yet exist.
But in these changing times, many startups have looked into these technologies and are developing API’s to accept and send payments concerning cryptocurrency easily. The future of payments is likely to see a boom in this sector.
This technology on the list was no surprise where one discusses the future of payments. Perhaps, one of the most sought-after industrial science, it’s the world’s leading software platform for digital assets on this date. By taking into consideration the complex payment models to whether manage supply and demand or by sanctioning their tokens with real-world assets, many startups/companies/platforms are creating stable and trustworthy crypto platforms.
The Internet of Things
Google defines the IoT as an environment in which objects, animals or people are each provided with a unique identifier and enabled to transfer data over a network without requiring human-to-human or human-to-computer interaction. Needless to say, such advancement is the need of the hour in a domain like payments and banking. Imagine transferring data without human interaction!
Doesn’t sounds like what we are looking for in the future of payments? Certainly, yes!
Payment Security Advances
With a rise in technologies used, comes the rise of the need for security. Consumers want to feel safe, especially when it comes to their money transaction security. Recent times have seen a rise in account hacking in both individuals and large organizations, leading to a huge market demand for security and better insurance.
Using Biometric technology, it adds another layer of security. Biometric security is a security mechanism used to authenticate and provide access to a facility or system based on the automatic and instant verification of an individual’s physical characteristics.
It’s becoming less futuristic and we are seeing it come to play in our everyday lives. Multiple companies offer face recognition systems, to other security tools such as iris detection and fingerprint recognition. These layers of safety help consumers feel safe and protect their financials. Biometric technology will surely play a leading part in the future of payments.
Surely the entire shift to digital payments from the traditional one won’t come that easy, but change is inevitable. The future of payments has a lot yet to see.
If you believe that you will be able to solve financial issues for the mass users through cut edging means, Fintech is the way to go. Luck favors the vibrant ones. Be smart and diligent, and who might know, someday your startup leads the way of future of payments.