Technology has created a new world of payments

Payments have been an everyday part of human life for thousands of years. Over the centuries, the process of paying for goods and services has changed a great deal. People have regularly come up with new solutions to make payments easier and more measurable.

In the 21st century, this branch of life is developing very rapidly. The basic tool here is technology. It helps us to find new solutions to make all processes more and more efficient and secure.

The coronavirus pandemic has greatly accelerated this development. People were forced to find ways to do things without leaving their homes. As a result, many more daily activities have moved online.

Payments is one of those things. Banks and financial institutions in particular have to strive and constantly offer something new and innovative to their customers. This is because new companies are appearing on the market with very interesting ideas. Thanks to the competition, the machine drives itself and does so very quickly.

What trends and new solutions are currently in the news? This time we will list three that are very relevant in 2022.

Buy Now, Pay Later

Deferred payments are developing rapidly. As the name suggests, the idea is that the customer does not have to pay immediately for the purchases made on the Internet.

This is a very future-proof solution. However, users must be careful and sensible. Remember to pay on time and keep track of your spending. Otherwise, you may expose yourself to additional late fees.

Spreading out your online payments over time involves: no extra interest, user-friendly payment process, better expense management, paying without a credit rating.

Automatic finance

This technology uses Artificial Intelligence and Machine Learning to make financial decisions on behalf of consumers. Everything happens without human intervention.

Is it safe? It is intended to be just that. Autonomous finance applications will tell consumers where to make investments and manage risk. With automation, all processes are automated and personalised.

Digital-only banks

Banks and financial institutions are trying their best to provide the most convenient solutions for their customers. Thanks to these efforts, customers do not have to leave their homes to take care of their business.

Everything happens in an app or on the bank's website. Virtually all operations can be completed with just a few clicks. According to the The Evolution of the US Neobank Market survey, 89% of Americans use mobile banking services and 70% say mobile banking is the preferred way to access their account. In European countries, mobile banking is also much more popular than traditional banking. All indications are that this trend will continue to grow.

In this article, that is all. However, there are many more trends and new financial solutions. We will write about more in one of the next articles on our blog.

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