The financial services sector is the backbone of any economy. The banks hold a prominent position, from facilitating payments between merchants to handling and managing finances for global partners.
Over the last decade, the banking system has improved a lot, both in operation and efficiency.
Thanks to the technological developments in the last few years.
Here, in this article, we will be discussing the five leading innovative payment technologies that are transforming the financial services sector.
Voice-Supported Payments
You’d be familiar with some of the popular voice assistants – Siri, Alexa, Google Home, and more. You might probably be using one at your home too.
What if we tell you that your voice assistant can also make payments for you?
Well, the banks and financial institutes are trying to offer a closely personalized experience to their customers. And voice assistants can perfectly fit into this statement.
Banks are now choosing voice-mediated payments combined with voice recognition, language processing, and machine learning algorithms.
Digital Invoicing
Also known as e-invoicing, the technology is transforming the landscape for B2C and B2B payments.
Generally speaking, the technology is primarily popular with eCommerce sites and businesses.
It is indeed a combination of inventory management and accounting software. And allows companies to automate their invoicing and accounting tasks.
Digital Wallets
As the name suggests, these are digital replicas of the physical wallet in purpose and function. The users can store their money, make and receive payments, and even keep track of their expenses.
With the increasing international trade, it becomes all the more necessary for merchants and users to seek a remote payments solution. And as per the experts at Hps-worldwide.com, digital wallets fulfil all these needs. Whether it is P2M payments or M2M, digital wallets can quickly fill in the gaps.
Besides, typical e-wallets also allow users to store and manage their debit and credit cards.
Mobile Point Of Sale (mPOS)
A customer would need to walk up to the billing counter to confirm the purchase in any traditional retail store.
But, this is all about to change with mPOS technology.
The technology allows a customer to make the payment from anywhere in the store. Thus, allowing a seamless checkout experience without prompting them to stand and wait in long queues.
Besides, the technology also integrates multiple payment platforms, including digital wallets and IMPS.
Contactless Payments
2020 has been a transforming year for many technologies, some of which gained due recognition as a necessity.
One such technology is contactless payment. Although it is not new, still it only gained traction after the pandemic struck businesses and individuals globally.
Besides, further advancements such as NFCs and RFIDs have propelled contactless payments to an all-time high in popularity.
The Bottomline
In a nutshell, the payment landscape is slowly transforming. It is no longer limited to cash-only payments.
With the improvements in everyday technology and their usage, the financial services sector also needs to adapt. And the innovations mentioned above are critical developments that can help the financial services sector.
