If just for a minute we can assume every person on this planet has mobile phone, every mobile user has a bank account/wallet, every bank account is created instantly, virally and at no cost, No bank charges exist,
To draw a rough sketch of exaggerated scenario of how these two technologies (AI & FinTech) may interact with us in the future and what warrants the, perhaps perplexing, 2 super powers. AI’s Control systems are widely used. They govern how a simple thermostat adapts to a target temperature.
While many consumers continue to have inquiries concerning the use of Internet banking and NFC stickers attached to their budget-friendly mobile phones, modern technologies with an open and integrated design offer easy solutions. These solutions include a broad range of products, such as retail, corporate, and micro-banking suits (credit, savings, insurance, etc.), offering complete front-to-back and back-to-front solutions.
Mobile payments can be defined as any payment transactions, whether in close proximity or remote. Payments can happen through Internet, proximity technologies charge back or can be executed on mobile devices. Mobile payments market potential, as well as the different trends in business models and technologies that are shaping the global payments and mobile payments evolution are visible as opportunities to be taken up. Decision makers in banks and other financial or even out side traditional
The current state of the mobile payment industry can be likened to a well-known natural disaster—a tsunami—in the field of technology. There are multiple UDP-based transfer protocols that have been created specifically for efficient transfer over network paths with significant bandwidth delays. Through innovative mobile payment solutions, consumers can efficiently enjoy the perks of services such as topping up airtime, settling bills, and conducting merchant transactions.
Banks to set themselves on for new financial, banking and innovative business. What would have been considered impossible until a few years ago –transforming themselves from impassable monoliths to nimbler organisations, open to new kinds of partnerships. But as we would soon see, Banking-as-a-Service (BaaS) rather than Banking-as-a-Platform (BaaP) more aptly describes banks’ strategy of providing public APIs and development portals.
Thats where Mobile money remittances have proven and claimed that in Sub-Saharan Africa, cross-border remittances are projected to reach US$33 billion in 2015 as the services are growing above 6% in more than three countries with increasing mobile connectivity, according to WorldRemit, a United Kingdom-based online service company that lets people send money to friends and family in other countries.
It is now necessary for financial institutions and other interested parties to collaborate and utilize technology and pre-existing mobile network operator infrastructures to acquire customers, expand their services, minimize expenses, and boost revenue in markets where regulatory authorities are more prominent. Consequently, mobile payments have emerged as a practical substitute for conventional payment methods, including cash, credit or debit cards, online transactions, and even bank account transactions.
It would be beneficial for the world to transition into a society that primarily operates without the use of physical currency. It’s evident that my thoughts and dreams are not unique, and countless individuals have already expressed similar sentiments. In the near future, the combination of mobile payments, data science, and machine learning is expected to revolutionize the FinTech industry, with recent advancements prompting a focus on these key factors.
What are the potential effects of utilizing mobile payments and solutions? Will it revolutionize the world, prove to be a major success, or simply be a clever workaround? Proximity-based payment methods such as mobile apps, SMS or USSD, and cloud or hosted mobile payments can provide worldwide support and offer financial institutions …
Technological innovations have made certain aspects of our daily lives that much easier. The advent of mobile money has awarded those who were previously unable to conduct monetary transactions an easy and affordable alternative to traditional bank accounts. Mobile Payment services may or may not link to your mobile wallet or directly to your bank account.