DIGITAL PAYMENTS
Discover the most innovative digital payment solutions , from the cryptocurrency craze to the buy now pay later frenzy
The financial technology industry is rapidly evolving with the introduction of innovative payment solutions . Consumers increasingly prefer to pay using their smartphones by taking advantage of features like contactless payments , buy now pay later ( BNPL ), and cryptocurrencies .
Traditional banking and financial institutions are under pressure to compete with new players entering the market . In this feature , we explore the recent innovations in the field of payments leading to an increase in competition .
“ I believe 2022 will finally be the year the QR code goes mainstream in Europe ”
MICHAEL SCHREZENMAIER CEO OF EUROPE AT SUMUP
Contactless smartphone payments Contactless payments using a point-of-sale system with near field communication ( NFC ) was popularised by Apple Pay and Google Pay . It has helped the two companies challenge existing finance industry players like banks and credit card providers .
One might sit and wonder what the difference between contactless smartphones and cards are to be precise . According to Dickson Chu , CEO at Copper and a former Managing Director at Citibank , " Smartphone-based NFC uses a different chip , the Secure Element ( SE ), which essentially emulates the same functionality as the ' chip card '. So , from a user and merchant standpoint , it ' s pretty much the same experience - tap to pay . However , smartphone-based