Digipay Guru

Over the years we have seen some tremendous technological advancements in the field of finance and payments. The intervention of technology has totally changed the way we make payments today. With internet banking, mobile banking, and  mobile wallet payments , we no longer are dependent on cash. With time, we are witnessing new technologies being used to make the payment experience better than ever. And one of these technologies is NFC. NFC payments which are also known as contactless payments have gained immense popularity throughout the world. In 2015, the global NFC market size was valued at $ 4.80 billion and it’s about to increase 10 times by the year 2024 with an estimated valuation of $50 billion. Original Source :  All you need to know about NFC payments

Cash is king! This quote is facing a serious threat as the world is marching towards becoming a cashless society. The recent trends suggest that  digital money  will soon replace physical cash. Many countries are making active efforts to remove cash in circulation – Sweden is its prime example. In Sweden, Cash is no longer a king! That’s why it’s also known as the pioneer of the cashless society. In Sweden, buses haven’t taken cash for years. 900 out of Sweden’s 1600 bank branches don’t accept cash deposits. The impact of cashless payments is not only limited to Sweden. The graph below shows an increase in cashless transactions over the years in different regions. Original Source :  Moving towards a Cashless society: Types and major benefits

I precisely remember the first time when I saw a QR code. I thought that it was just a fancier version of a barcode. Later on, I was pleasantly surprised to see how different and advanced this technology turned out to be. Today, we all are well familiar with the iconic black and white square design of a QR code. The increased penetration of smartphones and access to high-speed internet has led to the massive adoption of the QR codes. That’s the reason why we see it almost everywhere whether it’s for shopping, movies, ads, etc. According to research by Statista, around 11 million households in the US alone will scan a QR code in the year 2020. This number is way more than 9.76 million scans which were recorded in the year 2018. Original Source :  Everything you need to know about QR Code Payments

With mobile payment becoming a reality more people are choosing it for various reasons like staying card-free, promoting cashless economy and leveraging order-in-one-click technology. Peer-to-Peer payment apps (P2P) are essential to accelerate and optimize all sorts of mobile payment like sending remittances, bills splitting, trip bookings and even for expenditure management. Indeed, the financial technology gets revamped when you  build a payment application  as it allows users to pay money using peer-to-peer payment apps, mobile wallet apps, cryptocurrency platforms and m-commerce apps. It is no shocker that more than 62% of American millennials users prefer P2P mobile payments as they are fast, convenient, and secure. What is peer to peer payment App? Peer to peer or P2P payments forms a transactions that can be anything from splitting a $50 lunch bill with your colleagues to even paying for rent and gas. It is a peer to peer payment platform t...

Cashless transactions and digital payments have become more prominent than ever. Its top-notch convenience, speed, and various other benefits have attracted many users and merchants across the industry verticals. . Fuel retail is one such industry that has witnessed massive impacts of cashless payments in recent years. In this article, we will discuss about the current scope and future of  cashless payments at the fuel stations . Stats suggest that users are slowly but consistently opting for cashless payment mode at the fuel stations. About 72% of the people in the UK prefer to make payments via mobile app like Apple Pay or by cards instead of cash. Similarly, around 63% of people in the UK said that they would prefer pay-at-the-pump option than to making payment to the cashier. Moreover, 76% of the people would be happy to purchase fuel of a specific brand or from specific stations if they are offered with reward points. These stats ...

When it comes to the matter of money, transactions, and finance, security is always paramount. We have been using various security measures to ensure that no fraudulent activity takes place. For example, bank representatives ask us for biographical data and passcodes. Similarly, a user has to confirm their identity with signatures and PINs. However, the evolving technologies are rapidly digitizing the banking and commerce sector. They are making banking services faster and more convenient than ever. However, many people are still sceptical on the security aspect of it as we have seen many cases of frauds taking place in digital payments . Biometric authentication technology has emerged as a potential solution to this issue. In this article, we will see what biometric payment technology is and how it can transform the landscape of digital payments. But first let’s understand the biometric technology. Original Source :  The ease and security of digital payments?

Economics, money, and the way we make payments have undergone several changes since the time of the Stone Age. In a sense all these are key indicators of our progress as a species. The primitive methods indicated our primitive way of living. Similarly, the current payment methods powered by cutting-edge technology boast our technological achievements of today. Digitization of payments was a huge jump towards the goal to achieve an easy, convenient, fast, and secure payment method. Arguably, we have achieved all of it. Digital payment methods saw massive developments in the span of four to five years and we are about to see even more changes in the coming future. In such times, it’s really exciting to see what 2020 has in store for us. In this article, we will closely look at all those digital payment trends that will make it big in the year 2020. Origimal Source :  Top 8 Digital payment trends for 2020