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Technical knowledge and scientific know-how are creating new solutions for the payments industry. Here are six recent payment technologies that could impact the financial world in 2019.
The latest generation of wireless technology, 5G increases data volume and reliability. Banks will use this to make financial apps more secure by improving customer authentication. Payments made through apps will be faster and safer.
Zero Trust Cyber Security
The need for data privacy increases every year. Cybercrime is one of the fastest growing areas of crime. Zero Trust systems allow companies to increase cybersecurity by approving every packet of information that goes through their network.
By using quantum mechanics, scientists are building computers that can solve problems impossible with current technology. They are not ready for real-world use yet, but research results are so encouraging that business leaders are investing in the technology. Faster and better computers will generate new trading strategies and improve fraud, risk, and portfolio management.
Augmented and Mixed Reality
These technologies blend the physical and virtual worlds, using digital information to allow people to connect with both at the same time. Financial firms are using this to track how consumers want to interact with their investments.
This is the latest upgrade in artificial intelligence. Using deep neural networks that function like the human brain, it will help financial advisors customize advice for each client.
Blockchain payment technology will continue to advance, and be one of the biggest trends in 2019. Not only are merchants now able to accept payments in crypto online, but also in retail settings through the use of QR codes. Blockchain will become commonly used for everyday transactions, including home and car titles, legal contracts, government contracts, retail inventory and distribution. We also predict that a handful of name brands will begin accepting cryptocurrency, including a large retailer or two.
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