Different fintech companies are growing in popularity and continue to evolve and impact the world around them. This impacts the payments world because B2B businesses are always looking for ways to make transactions more seamless and reduce the risk of chargebacks.
It’s important for business owners to stay up to date with the latest trends and understand how they may impact their business. To make the process easier, check out three of the latest fintech trends below:
1. More cryptocurrency
Although cryptocurrency has been around for a while, it’s starting to become more mainstream, according to this article from Fintech Magazine. Mainstream digital banks like Paypal and Nuvei are launching new cryptocurrency features. Additionally, crypto spending and trading are at a record high, causing the federal government to investigate ways to regulate and make the space efficiently regulated.
Although there’s still some unexplored territory when it comes to cryptocurrency, over time it’s expected to allow for quicker, more streamlined transactions and bring more under-resourced groups into one big financial system. There’s no distinct timeline on when any of these developments will roll out, but it’s bound to happen.
2. An ‘All-In-One’ App
Financial experts from Forbes are predicting an “all-in-one” app that streamlines payment and banking technology on their mobile devices. Right now, many consumers are disorganized and have multiple apps on their phones for investments, bank accounts and credit cards. What if someone created an app that made it easy to access all of this financial information in one place? It sure would make business transactions run a lot smoother.
3. Online-only banks
Although older generations may enjoy going to banks to withdraw money or complete other financial processes, there’s a heavy emphasis on a shift to online-only banks. Younger generations don’t use much cash anymore, and most B2B business transactions are done digitally with technology like DocuSign and Zelle.
Do you see the development of online-only banks in the near future?
If you’re looking for a financial consultant to help you take control of your payment processing strategy, check out my business, Richmond Financial Services. As a nationally recognized leader in the payments space, I help business owners in the home heating and fuels industry enjoy perpetual payments savings, gain data portability and control, and benefit from relevant technology tools. I’m ready to help you so you can sit back, relax, and focus on other aspects of your business. Click here or call 617-843-5700 to get a free quote.
