The Hottest Digital Payment Trends8 min readReading Time: 3 minutes
We have experienced extreme times recently due to the COVID-19 and financial recession of many sectors such as tourism, transportation, and entertainment. However, on the other side of the coin, various industries have reared up and benefited from the avalanche extremely. Unarguably, the most glaring one of all is the online payment industry. To be honest, online banking was on the rise for a while, but conservative people used to consider it as a final solution whereas the new generation could not think of a life without payment services. Today, surprisingly, even those who are not familiar with mobile devices can easily shop online and operate money transfers on a daily basis. The latest statistics show that 87% of bank clients in Canada utilize online banking services. This is a promising statement for the future of financial technology as well as a booster for digital payment industries to fulfill the needs of the market.
It would not be unfair to name Covid-19 as the Golden Age of digital payment services. Isolated in our house with no access to physical contact directed many of us to create a cocoon where we can actualize almost everything remotely. We baked! We Zoom-ed! We learned new languages! But much more than all, we shopped online! Since it was risky and banned to step out from our homes, many of us found the Exit in online shopping on the “New-Normal”. Therefore, the great jump of digital payments occurred following the continuous plethora of Fintech Trends.
Digital Wallets – Better than traditional ones!
What is a digital wallet? For folks who are not familiar, we can define a digital wallet as a financial account enabling users to make transactions, store funds, track their payments, and send/receive money domestically or internationally. Plus, many of these wallets create payment solutions for both individuals and businesses. Our e-wallet, Speedy Wallet provides not only secure but also “speedy” money transfers overseas with few clicks. Are you a business owner? Thanks to our professional and dedicated inner circle, we can assist you to form a conventional payment system to move your company onwards.
Digital-Only Banks – Would you like to skip the exhausting part?
In addition to digital wallets, one of the most exciting fin-tech trends is surely online banking systems which are not regulated by a mortar-and-brick bank. Through a mobile application, you can manage your cash flow, compare bonds, pay your mortgage loans or simply shop online. In nutshell, it is an online banking service that you can carry on your mobile device. These banks also protect you from the instability of the current financial world and enable physical cards to cooperate with known card networks such as Visa, Mastercard, or American Express. The only basic difference is the lack of mess with paperwork, documents requirement and tiring duration to wait in a queue. Simply send your docs online and wait for a while to be verified. Amazing! Right?
Autonomous Finance – Do you really think you are a mystery for the internet?
Frankly, we are all open books for Google. It is not only about your political opinion, but every step you take here. Are you one of those who always pass the deadlines of payments? Can’t you count how many times you have paid default interests for utility bills? Leave yourself to the safe arms of the financial decision-making process with AI (Artificial Intelligence) and Machine Learning. This mind-blowing technology monitors your activity online and considers the services to offer you. Just like a silent personal accountant who views what you are not able to see yourself.
Decentralized Finances (De-Fi) – Leave no trace, be anonymous!
Following the long-term decay of the financial world and collapse of belief in governments, regulatory authorities, and fiat currencies, cryptocurrencies have become so popular that the De-Fi industry aroused the interest of the giants such as Elon Musk, South African-born American entrepreneur and business magnate. Furthermore, a multitude of online shopping sites has already announced that they will add digital currencies as a payment option in the near future. Obviously, this revolutionary financial aspect will be a leading factor in tomorrow’s economic balances and earn the trust of skeptical investors sooner or later.
All in all, Fin-Tech is an ecosystem intertwined and ever-evolving as the innovation itself. As a conscious and innovative platform, here in Speedy we pursue every trend closely and adapt it to serve a superb payment service experience for you and your business.
Join Speedy today and step into the future of finances with tremendous advantages!