The advent of new rules and regulations have opened the closed doors for retailers, willing to offer services with banks as well as developing startups collaboratively in the FinTech platform.
FREMONT, CA: The digital revolution of finance is shifting the way the public used to think about shopping and purchasing goods. By looking closely into the alteration, companies found a wide range of services and products that were being used by the retailers, after the industry of FinTech matured.
Many innovations have come to the surface, and a few are being rigorously implemented to create added value and a better experience for customers.
The availability of installment payments or EMI has recently hit the world of trading where customers who shop online are given a choice to buy products and pay later. They get an opportunity to either pay for the product one-time or stretch the method of payment for months with a specific amount and interest. The companies in the finance industry are enabling retailers to flawlessly integrate the EMI service into the checkout process, pre-authorizing the available credits to the shopper.
With the rise of third party beneficiaries, banks have now considered offering a choice to their customers to allow third-party access into their accounts. The retailers also enable them to make use of new payment methods and loyalty programs without filling up any extensive forms separately. Various companies provide bank-to-bank payments instantly, where customers can use open banking APIs to transfer funds directly, even when they are not carrying their credential cards.
The accessibility of mobile payment methods with cards has helped the retailers to reach their customers all around the world. All that is needed for purchase in mobile payment is the availability of an internet connection, which can make a successful transaction. Cash payments are soon going to be a distant memory with the recent developments like mobile transactions and POS terminals, kicking-in, in the FinTech world.
Check this Out: Top finance technology Companies
The popularity of mobile wallets in different regions of the globe has successfully implemented overseas payments electronically. Many companies are helping the retailers to get along with the new payment options such as QR codes installed in mobiles for better customer experience.
The stores without human interactions serve digital receipts into the customer’s account, which frees everyone from long queues.