During the recent years, the world has witnessed growth in the use of electronic payment methods. Electronic payments are not only an alternative for reducing costs with respect to other payment methods, such as cash and checks, but it can also generate significant benefits for the rapidly increasing economic development.
Anton Dziatkovskii - Founder of MicroMoney
Banks and fintech companies are developing innovative solutions for consumers to pay for goods and withdraw cash without payment cards, offering entirely new ways to transact. Apps like Amazon Prime, Uber, PayPal and other digital wallet services make the role of the traditional wallet redundant.
According to a research by Juniper in May 2017, mobile wallet transactions accounted for 90% of all contactless payments in the USA. Despite the card not being present during these transactions, it has not been eliminated. It remains in a safe place while its details are loaded into the app. Decreasing technology cost, reduced operational and processing cost as well as an increasing online commerce are some of the outstanding advantages of the new methodology.
More recent arrivals include digital wallets .The recent creation of two payment platforms for real-time mobile transfers from one account to another - introduced in mid-2016. With 2.5 billion people unbanked, it is clear that banks have not been able to appeal to or service this segment in a cost-effective manner using today's cash-based and card-based payment services. New digital and mobile technologies provide a potential solution which can lead to a much greater financial inclusion.
Some of the prominent cashless transaction platforms and their features:
NFC or MST transmission waves platform
Companies came up with making transactions through NFC (Near Field Communication) and MST (Magnetic Secure Transmission) technology. Without swiping your card through POS (Point of Sales) machines, you can easily make payment to merchants through its wireless transmitting magnetic waves.
You can avail this facility by downloading the MST enabled app. However - your phone should support NFC facility. Once it is done, after registering your card details, you can make contactless transactions through your phone on any of merchants' POS terminal.
Sound based payments platform
Some companies have launched apps with sound transmission fund transfer facility. Yes, it's true - this technology is only a software-driven application, and it does not require any hardware upgradation on ATMs to make use of it.
This highly secured application allows you to make contactless transactions through the sound waves technology. Once you have downloaded this application on your smartphone and after registering your cards, this app can make payments from your phone at any POS machine through sound waves even though you do not have physical cards along with you. This app also enables easy cardless cash withdrawal to the customers from ATMs.
Mobile Money Identifier
MMID is a seven digit unique number which is issued by the bank once you have registered your mobile number. A person who wants to send money and the person receiving that money should have MMID for the particular interbank funds transfer. However, through MMID you can transfer only a small amount (around Rs 10,000) per day. Almost all banks are providing this facility of making small payments.
Over the last decade or so, payment technologies have grown at a dizzying pace. The introduction of the new voice-driven digital assistants has captured the imagination of consumers and businesses alike. As more developers build capabilities for these devices, consumers will increase its usage - providing the springboard for integration with digital banking solutions such as voice-driven payments. The number of global customers using voice-assistants is on a rapid increase with a CAGR of 29.4% and is expected to reach 1.83 billion by 2021.
It is becoming clear that the next battle in the tech world will be around voice-driven digital assistants, such as the Apple Siri, Amazon Alexa, Microsoft Cortana, Google Assistant/Now and Samsung Bixby/Viv. While the attention has moved from smartphone assistants to home hubs, the real excitement will begin as the underlying AI and machine learning begins to deliver detailed, contextual, and highly personalized responses that will make a consumer's life easier. While financial services have been one of the biggest beneficiaries of such innovations around mobile tech and IoT, MicroMoney has also embraced this newest addition of technology to enhance its service to customers.
All in all, MicroMoney is aware that there is a lot happening in the voice-enabled FinTech space with several banking & payment capabilities by banks coming to the fore. For example, MicroMoney and BiBox, AI enhanced encrypted digital asset exchange have recently started negotiations.
With its mission of financial inclusion opportunity for over 2 billion of unbanked and underbanked people into the global financial system, MicroMoney, with the great help of BiBox will provide for mutual clients foster economic growth and implement mutually beneficial technological solutions.
Want to learn more, or get in touch? Check our [website] (https://www.micromoney.io), get the latest updates on MicroMoney by joining our [Telegram chat] (https://t.me/micromoneyico) and following us on [Facebook] (https://www.facebook.com/micromoneymyanmar/) and [Twitter] (https://twitter.com/micromoneyio).