Despite the fact that cryptocurrency payments are soaring in popularity, the truth is that most regular people still don’t understand how crypto and digital wallets work, or are wary about using the technology for making purchases — a fact that’s reinforced by bank card payments still accounting for 80% of aviation service transactions.
Open Banking, which was properly introduced in 2018, has seen a slow adoption in the wider finance industry. Where payment methods like Buy Now Pay Later and digital wallets have swept through the market, open banking remains less widely understood or used – in fact, ECOMMPAY’s 2021 research found that only 14% of UK consumers completely understood it.
Customers, however, are already using open banking without even realising that they are. This revelation comes as no surprise to those familiar with the technology, as it is so very efficient and easy to use. But the fact customers do not fully understand it, means some further education is still required.
The process of buying and selling goods and services has evolved significantly in the last decade or so, particularly with the growth of the internet. This has led to what we know as e-commerce, the main avenue for consumers to buy products, transmit data and transfer funds online. This evolution will only continue with greater technological advances and IT continuing to strengthen links between different aspects of financial markets. But what are IT’s current strengths and, although it is difficult to predict, how it is set to potentially transform e-commerce in the next decade?
There are a lot of new terms floating around in the world of FinTech and embedded finance, not least no-code and low-code, as more businesses start to move away from the traditional fully coded route to offering bespoke financial services.
This article demystifies everything you need to know about the similarities, differences, and which approach you should opt for to create new revenue streams and better serve your customers.
London-based fintech startup DigiDoe, has expanded into the Middle East. The UK-based business has appointed a Head of Operations in Doha to lead its operations in Qatar. It comes as DigiDoe puts the world’s central and commercial banks firmly in its sights, having received crucial international security certification for its innovative proprietary anti-money laundering (AML) and fraud prevention solution.
HM Treasury (HMT) has published a response to its previous consultation on amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the ‘MLRs’.
Director of Business Development at Bottomline, Marcus Hughes writes for PaymentExpert on the evolving landscape for crypto regulations.
Bottomline, a leading provider of financial technology that makes business payments simple, smart, and secure, revealed today that the shift to hybrid working has left businesses seriously exposed to insider fraud1, with over half of businesses (52% in GB and 63% in the US) falling victim over the last year. These levels are likely to be significantly higher as many businesses are unaware that they have fallen foul of insider fraud, with rates expected to increase further as hybrid working becomes a permanent workplace fixture. The findings stem from Bottomline’s seventh annual Business Payments Barometer, which for the first time tracks the sentiment of US businesses, alongside their GB counterparts.
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