Certain new innovations in payments are set to push through and make a difference. With the sheer amount of evolution in the market, it can be difficult to see what will survive and what will fade away.
With the contactless boom and mobile payments now here to stay, it is time to see what options within those fields could make the difference.
Launched in Pakistan, the Mobi Direct digital platform will have the capability and capacity to deliver a wide range of issuing and acquiring transactions for its customers and the banking industry as a whole.
Digital payment methods in Pakistan are growing and the financial ecosystem is facilitating the rise in alternative payment channels.
This will enable the fulfillment of digital banking needs for bank customers. In addition, it will also play a significant role in the financial inclusion of the unbanked population. In rural areas, many consumers still have little access to a bank account.
With the amount of concern with climate change and global warming, people are wondering to see how banking can help. The cashless revolution is a start, but what about a paperless one?
Flux, recently partnering with KFC in the UK, is one of the companies trying to do this.
Flux paperless receipts will work with its current partners, Monzo and Starling Bank. Customers with Barclays Launchpad will also be able to use the feature soon.
Customers will also be able to automatically collect KFC Colonel Club rewards just by paying with their associated card.
Digital receipts will be immediately available post-transaction.
A government-backed mobile payment system, CoDi is working with Amazon to enable users to make online and in-store payments by scanning QR codes.
The service, available free of charge, is slated to be trialled this month. With such a big backer, it looks likely this one of the new innovations in payments will take off.
One of the new innovations in payments going against QR codes is NFC Forum.
The Massachusetts-based firm, a non-profit industry association that advocates NFC technology, has launched its NFC Money Transfer Candidate Specification (NMT).
The new offering is touted as a quicker and more secure alternative to QR codes.
In order to use NMT, users need to tap by holding the smartphone near a reader or other NFC-enabled devices.
Unlike the case with QR codes, NMT users will not have to select a payment app or use a camera or scanner.
Faster Payments System in Russia
Tinkoff Bank is an early adopter of the Bank of Russia Faster Payments System as it continues to build out its payment services ecosystem.
The system helps Tinkoff to accelerate building out its payment services ecosystem.
In other words, Tinkoff customers can now make and accept instant payments to and from accounts at any Russia Faster Payments System bank.
All customers need is a mobile phone number. Moreover, all P2P payments from debit cards during the launch period will be free of charge.
Digital Cash has announced plans to introduce a non-internet digital payment device, which it claims can be used by anyone including the visually impaired.
Called Digital Wallet, the device will facilitate instant payments and incorporate a blind-friendly design.
It will also have the ability to listen to operational commands in audio format in languages chosen by the user.
The device utilises System on Chip (SoC), Digital Wallet Operating System (DWOS), Unique Embedded Text Script (UETS), Biometric User Management System (BUMS) and Unique Payment Processing Software (UPPS) application.
There are plenty of new innovations in payments. However, they are all utilising different forms of technology. From NFC to QR Codes to not using the internet at all, it is an exciting time for the sector. It is likely to result in some consolidation though as the consumers’ preference comes to light.
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