What are the tech trends in payment methods and business processes?

Introduction

One of the most significant shifts in the future will take place in the financial services industry. Examples? Bitcoin, blockchain, and artificial intelligence (AI), offering better services and competitive advantages.

When thinking about digital transformation, it's clear that many sectors are being impacted. In this scenario, financial services will undergo one of the most substantial transformations in the near future. Technologies like Bitcoin, blockchain, and AI are driving new services and providing competitive edges.

“This new reality is bringing immense changes to the financial services sector. Banks must offer online access to customer accounts and payment services to third-party providers, forcing them to rethink their business models,” says Ricardo Lima, co-founder and CIO at Paytech One.

Payment Technologies and Business Processes

Another major innovation area in the financial services industry involves mobile payments. Here are some key examples of how payment technologies and associated processes are evolving:

1. Enhanced Security Codes

A French digital payment security company has introduced a dynamic CVV (Card Verification Value). This is the three-digit security code found on the back of credit cards. The innovation? A random number generator updates the code regularly, significantly reducing fraud.

2. Digital Wallets

Apple Pay, Android Pay, Masterpass, Microsoft Wallet, and Samsung Pay are great examples of digital wallets for mobile payments. The payment process is fast and secure!

3. Pay with Your Watch!

Today, you can pay using various devices such as watches, wristbands, and fitness trackers.

4. Skip the Checkout Line

Amazon Go is a prime example of how computer vision allows customers to shop without needing a checkout. No payment devices are required since Amazon customers are automatically charged upon leaving the store.

5. Modern ATMs

In Europe, several banks have adopted cardless withdrawals, where customers can withdraw cash from ATMs using NFC technology via their smartphones.

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