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Fintech experienced a great revolution of this year with the rise of crypto assets such as cryptocurrency like blockchain and ethereum. The blockchain innovation keeps on separating into the mainstream. It is important for the businessman to watch out for the impacts on payments. Letâ€™s see our PPT which briefs you about 6 trends impacting the future of payments.
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Fintech experienced a great revolution of all kinds this year with the rise of crypto assets. • Crypto currencies like Bitcoin and Ethereum have been all over financial news outlets, & different uses of blockchain innovation are being investigated to streamline diverse components of finance.
6 Trends in Fintech That Are Ready to Change The Way We Pay - & Get Paid Government Control. Blockchain Peer to Peer Exchanges. Cryptocurrency Use by Consumers & Businesses Alike. Generation Z-friendly. Mobile Payments. Internet of Thing (IoT).
Government Control • While the recognition of crypto currencies in 2017 valid that it has the intensity to benefit mainstream acceptance. • The sensitivity of crypto tokens has caused substantial regard among financial regulators around the world. • International Monetary Fund boss Christine Lagarde, for example, has said "it's inescapable" that cryptographic forms of money will go under government control.
Blockchain Peer to Peer Exchanges • P2P Exchanges match Buyers with Bitcoin Sellers. • These are individuals trading back & forth with other individuals. • Essentially, the sellers are setting their own price & what types of payments they will accept.
Cryptocurrency Use by Consumers & Businesses Alike • Bitcoin & Ethereum a total market volume of around $500 billion dollars. • There are very limited ways for people to spend cryptocurrency. • Blockchain development is still at an early stage, & many of the needed tools & infrastructure simply don't yet exist.
Generation Z-friendly • Accenture predicts that, by 2020, Gen Z will make up over 40% of United States customers. • Financial institutions begin to deal with a generation that's never known a time before Google and the internet, it would not be surprising see the payment and banking industries begin to shift in a way that's friendlier to the younger generation. • Gen Z is user experience, making UX design extremely valuable for businesses competing for the attention of this new generation.
Mobile Payments • Mobile payments have turned out to be hugely well known, with platforms like Venmo making money transfers extremely easy. • Mobile payments are an increasingly popular way to pay because they’re secure, fast, and convenient. • Mobile pay volume is predicted to increase to $503 billion by 2020.
Internet of Thing (IoT) • Another recent buzzword, the internet of things (IoT), describes the integration of devices in the home, public and stores, using the internet. • This integration allows centralized control of a variety of elements in an environment as well as the ability to interact easily within each element.
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