DIGITAL PAYMENTS
Crucial in this path towards interconnectedness is the role of wearable tech . Wearable tech has already proven its worth in enabling contactless payments with the help of NFC . However , with the 5G tech and robust mobile apps at their disposal , wearables will change how users follow through with transactions , regardless of the specific flow .
Better use of blockchain Cybersecurity remains a significant concern even when the world of paytech is moving forward . On the bright side , blockchain is remarkably secure . In addition to being a capable platform for a wide variety of transactions , blockchainbased apps are safe from many types of conventional cyberthreats .
Indeed , the way authorities react to cryptocurrencies and blockchain tech will impact the popularity of these solutions . Swift adoption is set to happen sooner rather than later , with central bank digital currencies on the brink of circulation and countries like El Salvador flying the flag for Bitcoin .
The bottom line It is worth noting that these platforms and solutions are not fighting for the top position . Instead , they are supposed to work alongside each other to create a more effective payment technology space . Even if these specifics vary , the end goals are the same - speed , efficiency and security for both customer and vendor .