Roman Zoun’s Post

Is the Era of Physical Credit Cards Coming to an End? With the advent of cutting-edge technologies such as Near Field Communication (NFC), biometric authentication, contactless chips, and credit on Unified Payments Interface (UPI), the potential for seamless alternatives to traditional credit cards is significantly increasing. NFC: The ubiquity of NFC technology in mobile phones and smartwatches is reshaping payment methods. By harnessing this technology, payments can be effortlessly executed using mobile devices and smartwatches. Biometric: The integration of biometric authentication methods, encompassing fingerprint and facial recognition, into payment systems is on the rise. These advancements bolster security and simplify the payment process. Contactless Chip: The ability to make payments without the need for swiping is revolutionizing transactions. Such chips can also find application in diverse devices, such as keychains that serve as touch-and-pay solutions, digital keys for smart homes, and even acts as credit card. Credit on UPI: The Reserve Bank of India (RBI) has sanctioned credit via UPI, redefining its role from a mere pre-payment solution. UPI can also be linked with RuPay cards. If credit extension over UPI, with transaction fees akin to credit cards, becomes a reality in the future, it could emerge as a compelling alternative. Virtual Credit Cards: Several banks offer virtual credit cards accessible through apps or the web. These cards exist purely in digital form, eliminating the need for a physical card. In conclusion, the trajectory seems to lead us toward a future where the reliance on physical credit cards will diminish significantly. #FinTech #digitalpayments #banking

🚀 To The Moon Mobile Product Hypothesis 📳 Virtual mobile network operator in the UK, To The Moon Mobile, recently collaborated with UXSSR to explore a potential business expansion strategy. Their aim? To diversify their services and tap into the emerging neo-banking sector. 👉 After thorough research and analysis, the findings were quite enlightening. The proposed fintech market expansion might not be as promising as initially thought. It turns out, customers have reservations about entrusting their savings to a telecom company. 📖 Discover how To the moon mobile validated their business strategy with end users, harnessing research-driven insights and cost-saving measures to ensure a successful and informed product development in the recent article🔗 https://uxssr.co/ew4n #TechAndFinanceInsights #BusinessStrategy #MarketExpansion #FintechJourney

Imagine walking into a store, picking items, and exiting without queues as payment processes itself. We're moving towards this efficient future with advancements like biometric payments & digital ecosystems. #FutureOfPayments #BiometricSecurity #DigitalTransformation #CashlessSociety https://lnkd.in/d_krFKra

In our first post, we uncover how COVID-19 accelerated the shift towards digital and contactless transactions, transforming them from a convenience to a necessity. We discuss the pivotal role of technologies like NFC in facilitating secure and speedy transactions, and how different regions are adapting to this change at varying paces. 📈 We forecast the continued expansion of contactless payments, highlighting their impact on consumer experiences, security enhancements, and the gradual decline of traditional payment methods. Plus, we touch on the integration of contactless payments with cutting-edge technologies like AI and biometric authentication. 🔒 As we navigate this new era of financial transactions, we address a few of the challenges and opportunities that lie ahead for businesses and financial institutions in adapting to these evolving consumer preferences. 🤔 We'd love to hear your thoughts: How has the adoption of contactless payments impacted your business or personal transactions? Are you ready for the future of tap-and-go? 🔗 https://lnkd.in/etPskKbD #ContactlessPayments #DigitalTransformation #FutureOfPayments #FinTech #NFC #PostPandemicWorld #BusinessStrategy #Innovation #TechTrends #LinkedInCommunity

Is wearable banking the future of mobile banking? Brace yourself for this exciting conversation with Olivia Etyang', Head of Innovation Studio, SSA at Visa and other industry experts as they explore the potential of wearable devices as the next wave of mobile banking innovation. Discover how wearable banking technology can empower customers with convenient, on-the-go access to their financial accounts and transactions and concerns such as security and privacy of personal financial information. As wearable devices become more integrated into our daily lives, it's essential to ensure that the technology is reliable, secure, and compliant with data protection regulations. Join Olivia Etyang' and other experts at the Africa Fintech Summit to explore the possibilities and implications of wearable banking and gain valuable insights into the future of mobile banking innovation. Save the date: 22nd - 23rd June, 2023. Register via: https://lnkd.in/dwC9zv8G #FintechSummit #AFSRecap #FintechRevolution #DX5AfricaFintechSummit #AWS #FutureOfFinance #fintech  #AfricaFintechSummit #WearableBanking #MobileBanking #Innovation #DigitalTransformation

Many leaders can attest that certain old strategies are timeless and will continue. For instance, Alex Clere from fintech discusses the coexistence of plastic cards and the evolution of digital wallets. Alex explains that plastic cards remain relevant due to digital wallet issues like battery life and limited internet access in certain countries. However, an emerging trend involves incorporating more biometrics into digital wallets to enhance security significantly. This insightful article sheds light on the trajectory of traditional banks, showcasing how technology enhances various aspects. It is evident that strategies like ATMs and plastic cards will persist and adapt to cater to every generation's needs. #DigitalWallets #DigitalPayments #Finance

Digital identity verification checks to surpass 70 billion in 2024. According to a Juniper Research study, banks and businesses will carry out more than 70 billion digital identity verification checks in 2024. The 16% annual growth is being driven by the adoption of stronger biometric verification methods to combat an increase in account takeover and online transaction fraud. Juniper forecasts that over half the checks will be conducted by banks as the sector continues to shift towards digital-only-banking with liveliness checks using motion and facial texture analysis, and eventually 3D depth sensing at the forefront. #IoT #Vodafone

Global Real Time Payments Market was valued at USD 22.48 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 30.71% through 2029. Advancements in #technology, particularly in the areas of digitalization and #mobile connectivity, play a crucial role in driving the Real-Time Payments Market. The widespread use of smartphones, high-speed internet, and the availability of advanced payment technologies contribute to the development and adoption of real-time payment solutions. The #digital transformation of #financial #services enhances the efficiency and accessibility of real-time #payment systems. Explore Global Market and Key Players Insights: https://lnkd.in/gD-w5WFd 🔑 Key Market Players are Cognizant ACI Worldwide, Inc. Microsoft Corporation Mastercard, Inc. FIS Inc. Financial Software & Systems Pvt. Ltd. Fiserv, Inc. Montran Corp. Mindgate Solutions Private Limited PayPal Holdings, Inc.

📱 The #payment landscape is undergoing a profound transformation with the rapid advancement of #digitaltechnologies . As smartphones and smartwatches become ubiquitous, the popularity of contactless and #mobilepayments is soaring. This surge in #digitalpayment methods begs the question: Will traditional cash and plastic cards soon become relics of the past? 💬 "In a decade’s time, I see a world where biometrics such as a person’s face or their fingerprint becomes the primary method of authentication, providing access to funds without the need for knowledge-based card numbers and PINs." - Frazer Harper, VP of Payments Products at Dojo. 👇 Read the full article below: #fintechinnovation #fintech #cashlesspayments #paymentinnovation #dojo #digitalwallet #biometrics #covid19impact