Advancements made in the fintech industry like contactless payments, blockchain, cryptocurrency, chip reader, and mobile payments are opening the door for significant changes in terms of technology.
Developed by the fintech industry, they have far-reaching capabilities. By helping to improve people’s lives, as well as helping small to mid-sized businesses succeed, communities are further built up. Their economic impacts affect its different sectors. For example, blockchain is being used to improve patient safety and data security in healthcare.
Contactless Payment advancements are improving because
- It’s highly secure
- It uses encrypted tokens to send payments
- It helps customers to avoid touching a screen or handling cash
- And reduces transaction times by removing the need to interact with a point of sale (POS) terminal to confirm a PIN or a payment
Cryptocurrencies mean transactional freedom in processing payments. They offer cheaper and faster money transfers. Its decentralized systems give consumers more security because there is no longer a single point of financial failure, but myriad backups. Cryptocurrencies give consumers and businesses alike:
- Transactional speed and a new better means of sending money
- Accessibility
- And transparency
Blockchain Technology underlies the critical infrastructure of cryptocurrencies. These distributed and sequential digital ledgers cryptographically secure verifiable cryptocurrencies. This technology is:
- A suite of rules for the digital asset market.
- And by example, helps entities like the SBA finalize its rules that open up its flagship 7a lending program to fintechs for the first time.
The benefit of Chip Readers via PIN is that a one-time secure authorization code is generated. It’s a giant improvement in consumer safety where
- The time taken to pay is shortened, as the exact amount needed for a transaction is only given.
- And, there is less paper currency needed on-hand or in cash registers so robberies are reduced.
- And PIN numbers help prevent fraud involving lost or stolen cards.
Mobile payments optimize back office IT systems. By tapping a phone or credit card at the point of sale, transactions are speedier and more efficient. They are:
- A convenient way to pay.
- A secure way to pay.
- Offering more places to pay.
- And giving customers more flexible ways and abilities to pay.
At Celero Commerce, we’re committed to keeping you abreast of all technological breakthroughs in fintech, banking, and other ways we keep your money secure. Reach out to us to learn more.