Writer: THERESA ABHULIMHEN
Over the past few years, fintech innovations have stimulated the transformation of online transaction processes, rendering them faster, easier, and notably more secure.
This disruption, powered by cutting-edge technology, has reshaped the very core of financial services, altering the way people make payments online; now an indispensable leverage in the digital commerce space.
According to ITNA, one of the most significant fintech innovations in ecommerce payments is the rise of mobile wallets.
Mobile Wallets
Mobile wallets enable users to securely store their payment information on smartphones, enhancing convenience and security. Through QR codes or Near Field Communication (NFC) technology, transactions are conducted seamlessly, eliminating the inconveniences associated with traditional credit card payments.
This mobile wallet innovation has gone beyond simplifying the payment process to setting new standards for security, ultimately becoming the preferred choice for online shoppers seeking a frictionless experience.
Buy-Now-Pay-Later Services
Another major fintech innovation is the rise of Buy-Now-Pay-Later (BNPL) services which allow users to pay in instalments after purchasing a product. This is a popular option for consumers who seek to spread out the cost of their purchases or lack upfront cash to pay all at once.
Facial Recognition
Fintech companies are also developing new ways to authenticate payments. For instance, companies such as Paypal, Alipay, Zelle, PlayStation, and others utilize facial recognition as well as fingerprint scanning for user identity verification. This makes it more difficult for fraudsters to carry out unauthorized payments.
In addition to these innovations, companies are also helping to make e-commerce payments more accessible and affordable for everyone.
The fintech revolution is having a major impact on ecommerce payments, and this is benefiting both consumers and merchants.
While consumers are enjoying more convenient, secure, and affordable ways to pay for goods and services online, merchants are benefiting from increased sales and reduced costs.
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