As 2018 comes to a close, there is a lot to discuss about the current state of fintech, or financial technology. While technology becomes more and more reactive towards customers’ challenging demands, it’s no surprise how companies and customers are integrating the use of fintech services with the way they conduct business, resulting in an increased investment of almost $17.4 billion in fintech services back in 2016.
In 2018, the spotlight continues to shine on cryptocurrency, as evidenced by the increasing number of cryptocurrency merchants for both offline and online transactions. Bitcoin users are beginning to see its value, as it can now be used to pay for hotels, accessories, flights, or retail goods. Initial Coin Offering (ICO)—a form of crowdfunding using cryptocurrencies—has gained a following, with private ICOs gaining traction.
Cashless transactions continue to pave the way for fintech. As digital payments continue to become a preferred option in a B2B or B2C environment, many companies have incorporated the use of digital wallets to make the buying process seamless and more convenient for the customer. The rise of digital wallets has also led to more apps capable of buying, collecting, and returning foreign currency—CashDash UK is making all these possible, even without the use a physical credit card from a customer.
Finally, it is important to continuously acknowledge and prioritize customer security. This is always essential, especially when it concerns their money combined with technology. To address this, paying via mobile has become extra secure, with more and more companies opting to incorporate biometrics, facial recognition, fingerprint recognition, and iris detection into their mobile payment methods.
Do you know other trends that are currently shaking the fintech industry? Share them with us by posting a comment below!