The fintech industry has transformed significantly over the last few decades, with financial transactions having improved greatly for everyone involved in making one.
Businesses and consumers alike have been able to benefit from the advancements that have been achieved, with technology streamlining the way in which payments are being made and received.
Today, there are a variety of methods available to use, providing a level of convenience when making a deposit or withdrawal when using our money on the internet. It’s possible to use the money that we hold in advanced ways that traditional cash simply can’t compete with.
Technology’s impact on today’s payment methods
To truly understand how the fintech industry has developed and how far it has come, it’s a good idea to take a look at all of the available payment methods that can be used and how streamlined they have become.
Contactless payments and digital wallets are perhaps among the most evident in showing how technology has played an impact. Consumers are now able to tap their smartphones, smartwathces, or even the card itself on a payment terminal and not have to use their PIN for purchases of a certain amount. On those devices, they can also use e-wallets like Apple Pay or Google Pay, thus adding an additional layer of convenience.
Biometric technology has been implemented to make these payment options more secure when using a device. Using a smartphone to make a transaction can involve users using facial recognition or their fingerprints to confirm that it is them making the payment, therefore providing the securest level of security possible.
Technology has also created internet-based payment methods that have made making deposits and withdrawing money a lot easier. Payment solutions like
PayPal or Skrill can often be the most popular, as they both can provide instant transaction speeds, while also using tech to keep things more secure.
What industries have benefited from streamlined payment solutions?
Unsurprisingly, almost every industry has benefited from fintech in some regard when it comes to utilizing the technology that has streamlined payment solutions.
e-Commerce
The e-commerce industry has been one of the biggest benefactors when it comes to improved payments. Shoppers can make purchases using a variety of different methods, thus obtaining a greater level of convenience. Consumers can pick and choose from options like their bank or credit cards to using e-wallets or even more innovative payment solutions like cryptocurrency in some cases.
iGaming
The iGaming industry has been one of the biggest adopters of new payment methods because of the technology available. The payment methods of the 32Red casino sites available pay testament to this, as the operator provides many options that can be used when making a deposit or withdrawal of funds from a player’s account.
Retail & Hospitality
Every retailer and hospitality host has benefited from new payment technologies, as most offer paying customers with the flexibility that they want when making a transaction. This includes using terminals that provide contactless solutions, while some may even provide users the ability to use digital wallets that can offer different types of payment methods, such as allowing brands like Klarna or Clearpay to be used. These companies allow users to pay in installments, thus giving them greater flexibility with their money.
What does the future of payment solutions look like?
Some improvements should definitely be made in the future as technological advances do not stand still. Cryptocurrency and blockchain is a kind of technological innovation that could further disrupt and revolutionize the payment solutions industry. Cryptocurrency will become even more mainstream as more and more people start to accept and use it. Such payments can be one of the fastest and safest transaction solutions which is why they are liked by many people. Additionally, we could still see a range of payment methods be created that we simply don’t have any idea about today, either.
Furthermore, the security related to conducting transactions may get even higher. With technology being used by many in different ways, security still remains a great priority. The cases of cybercrime increase with cybercriminals inventing new ways of trying to steal funds from people. Such action results in focusing on the technology that makes this information secure and thus we never have a bad experience in any transaction in the future.
