FinTech Impact on Consumer Behavior – Mobile Payments
Understanding the concept of FinTech and its importance to the entire world is just the first step along the way. For businesses, innovations in the FinTech world will change the way they do business forever. From a consumer point of view, new and innovative payment methods are being introduced now and then, most of which still rely on traditional financial infrastructure. In fact, consumers might be the biggest benefactors of FinTech innovation. Everyday consumers want access to quick, convenient, and widely-accepted payment methods. Over the past few years, more and more countries have....
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As per a report "Innovation in Payments: The Future is Fintech" by BNY Mellon venture capital investment, accelerator programs and an active focus on the usage of new technologies via allegiances with fintech companies should become the top priorities for banks. This, the report, says is extremely important as the multiplicity of new payment capabilities come to the fore. The report follows on from "Global Payments 2020: Transformation and Convergence" and digs deeper into the growing influence of fintech in transaction banking. Moving further the report also tries to dissect the direct....
New research has shown that Chinese mobile payments were around 50 times greater than those within the U.S. in 2016, thus illustrating that China’s FinTech market is a strong contender in the market. China Dominates the Mobile Payment Market. Research from iResearch in China has found that Chinese third-party mobile payments more than tripled in 2016 to $5.5 trillion. WeChat Pay and Alipay, operated by Ant Financial, dominated the market. Recent research found that Alipay received the biggest investment in 2016 at $4.5 billion as FinTech funding increased in China. Whereas, in the U.S.,....
Asian fintech companies continue their growth and overseas expansion. The Chinese fintech firm Ant Financials’ payment arm Alipay has recently started partnering with Finnish mobile payment provider ePassi to launch mobile payments for shopping and services on Finnair’s flights, therefore, marking a significant milestone in the development of mobile payment services in air. Alexander Yin, chief financial officer of TCG, the parent company of the Finnish mobile payment provider ePassi, said: "In the fintech and mobile Internet sectors, China is a global leader thanks to business,....
Updated with additional comment from bitcoin community. Apple has unveiled Apple Pay, a new mobile payments tool that could significantly impact the way consumers transact both in-person and digitally. The new service was outlined as part of a broader demonstration of the iPhone 6 and iPhone 6 Plus, both of which were introduced at Apple's event in Cupertino, California, on 9th September. Apple Pay is integrated with existing infrastructure, including Secure Element and Touch ID, while the iPhone 6 introduces near-field communication (NFC) functionality, enabling tap-and-go payments for....
Mobile payments are only as secure as the wallet service is, and Apple Pay is not doing the best of jobs to protect consumer data. While many people see Apple Pay as a form of Fintech innovation, making mobile payments through Apple’s financial solution with stolen credit card information appears to be much easier than originally anticipated. Some people would go as far as saying how this mobile wallet is quite inferior to other financial technologies, including Bitcoin. Apple Pay Fraud Rates. Assailants have not managed to break the Apple Pay wireless payment mechanism security, yet the....