FinTech

The pandemic changed the way we pay. Cash is no longer king as online retail sales surged to $794.50 billion in 2020, and the payments industry saw tremendous advancements, including biometrics, BNPL, and crypto payments.

Contactless payments have surged globally amid the Covid-19 pandemic, offering safer, faster and more convenient payment methods. Cashless payments also cut down time and costs, speed up transactions, make customers happier, and provide strong protection against fraud.

After contactless limits were raised, Visa processed 1 billion extra payments across Europe, with 400 million in the UK alone. In addition, 65% of consumers prefer contactless payments, indicating a shift towards a cashless society.

Mastercard plans to phase out magnetic strips from its cards by 2033, replacing them with chip-based cards that offer increased security and convenience. The transition to contactless technology has been accelerated by the pandemic and is expected to be smooth.

Meta's embrace of the Metaverse technology signals a new era of online connectivity. As payments providers, we are committed to ensuring that customers have the same rights and safeguards they expect in the real world.

Dapio and ZmBIZI are teaming up to launch Tap-to-Phone technology in the US, offering a more accessible payment acceptance to small businesses. The partnership will coincide with Visa's pilot project in six US cities, including Washington D.C., to empower black-owned small businesses.

Traditional banking is being phased out by embedded finance, where non-financial companies integrate financial services like payments and insurance. This has led to a surge in market value, with the U.S. embedded finance space predicted to generate over $240 billion by 2025.

As fintech applications continue to revolutionize the financial landscape, it's crucial to address the cybersecurity risks they pose. Our latest article outlines strategies for enhancing cybersecurity in fintech applications, from secure coding practices to encryption of sensitive data.

The world of business is constantly evolving, and staying ahead of the curve is essential for success. By embracing innovation, adopting new technologies, and adapting to changing market conditions, businesses can remain competitive and thrive in today's fast-paced economy.

The fintech industry has the potential to promote financial inclusion and reduce poverty by leveraging innovative technologies to offer affordable and accessible financial services to traditionally underserved populations.

Traditional merchant onboarding methods are time-consuming and prone to errors, making digital solutions increasingly essential. Automation can reduce risks and save time and resources, enabling faster merchant approvals.