Technology At The Service Of Our payments
Innovative technologies can simplify our lives and assist us in managing and conducting payment transactions via mobile applications. However, it’s important to remember that these apps are connected to a bank account or card, potentially leading to charges like fees, interest, overdrafts, and other liabilities.
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The Emergence of Fintech in Finance
Integrating new technologies into financial services, known as fintech, now empowers us to perform various payment transactions using our mobile phones without needing physical cash or cards.
Buy in stores with our mobile
To make purchases in stores using our mobile phones, we must install the respective banking app, select the desired card or account, and hold the phone near a contactless payment terminal. We can complete our transactions by confirming the PIN (for transactions exceeding 20 euros).
Instant Payments via Mobile
By installing the relevant app and linking an account or card, we can effortlessly make immediate payments to recipients by selecting their phone number or name from our contact list without requiring their account details.
Card-Less ATM Withdrawals
Through the designated banking app, we can choose the account for cash withdrawal, specify the recipient’s phone number, and receive a code via SMS. We can withdraw cash without a physical card by entering this code at an ATM.
Additional Mobile Banking Features
Various other operations, such as card locking/unlocking acc, count/card balance inquiries, and transaction monitoring, can be conveniently performed through the corresponding banking app on our mobile devices.
In Summary
Technology has revolutionized the payment landscape, streamlining processes, enhancing security, and boosting efficiency. From mobile payment systems to blockchain, advancements continue to shape the future of transactions.
Also Read : Payment Gateway, Cash On Delivery, How To Choose Payment Options For The E-Shop?
