With an increase in the purchasing capability amongst Millenials and Gen Z, a lot of importance is given on the mode of payment technologies. A business must notice and upgrade this development of payment technologies. FinTech has enhanced the financial activities and has made the life of the consumer simple. Advancement in Financial technology or FinTech has led to the digital revolution, and with that, the consumer’s expectation has changed drastically, especially when it comes to the mode of payment. The global payment platform has become part and parcel of our daily activity. These platforms are prepared to streamline the business transaction and enable consumers to make quick, safe, and convenient purchases from the tip of their mobile phone or tablet. These secured and streamlined payment services are available for both merchants and individuals to facilitate their online purchases. Some of these platforms like BlueSnap can help to expand your eCommerce business by supporting 110 payment types, in 100 currencies and 29 different languages. These swift modes of payments have transmuted the expectations of the consumers and thoroughly changed the way we like to pay. They are spoilt for choice as to when, where, and how they want to do the payment. These mediums are not only easy to use but secured as well as security is never compromised. In the forthcoming “PIN on Mobile” technology, the personal mobile phones will be metamorphosed into payment terminals – all you’ll have to do is type in your PIN code or just hold your card to a seller’s mobile to process a transaction. With the increasing use of digital cash, cryptocurrencies, blockchain like Bitcoin and Gemini and various mobile payment apps, the evolution of the global payment platform has been steadily trending and shows no signs of a downtrend.
Very soon biometric will be the next big thing in the global payment platform. From the use of voice recognition, facial recognition, fingerprints, and iris scan, this advanced and sophisticated technology will be all set to rule the global payment platform forthwith. KFC’s smile-to-pay technology and London’s Costcutter store’s fingerprint payment system are just a few examples of the card-less era that is to come. With an increasing demand for frictionless checkouts, along with excellent security from the consumers, these payment solutions assure to gives the customers complete peace of mind that their payment is secure and their details are protected. Biometrics is all set to grab the limelight in the global payment platform in years to come.
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