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Tuesday 24.04.2018 | Name days: Nameda, Visvaldis, Ritvaldis
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FinTech outlook for 2018: mobile payments will become an everyday occurrence

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIt is likely that we will pay for coffee or theatre ticket using our mobile phones, and everyday purchases will be made using near-field communication (NFC) cards, Ferratum Bank explains about the close future of finance technologies.

Payments covered using mobile phones

Tap and go service is already well-known around the world. This is why it is expected that more and more people will start using it in Latvia next year, Ferratum Bank representatives say.

The company explains that this applies to payments with a value between 10 to 20 euros. All that is needed is a mobile app that allows transferring money with a simple text message. Mobile payments allow users to pay a restaurant bill, purchase a theatre ticket and shop in Riga and elsewhere in the world with one tap on the screen of their phone.

Small purchases without PIN code

The company also predicts that there will be an increase with the number of people that appreciate the advantages provided by NFC cards. Representatives say that such cards allow for a quick and simple transaction process – merely by bringing the card close to the terminal, without the two even touching. The main advantage is that it is possible to make purchases under EUR 10 without having to input the PIN code.

Crypto-currency avalanche

«We will hear more about crypto-currencies, including Bitcoin, more often from around the world and Latvia in the next couple of years. Bitcoin was the first crypto-currency – it was created in 2009. Since then, there has been a rapid rise of other crypto-currencies. One of the main characteristics that separate crypto-currencies from centralized electronic monetary systems is their decentralized control,» representatives of Ferratum Bank explain.

It should be said that crypto-currencies can be used to purchase tickets for airBaltic flights in Latvia or pay for drinks and snacks at Spot Kafe bar in Old Riga.

Network that knows what you want

Ferratum Bank experts say that digital progress is followed closely by different goods and services suppliers and virtual network that serves as a virtual shopping assistant. So-called virtual managers compile a large volume of data on what consumers look up on the internet every day. Traders receive from virtual managers, like Google, analysis of clients’ priorities. This helps create a basket of potential purchases.

The company explains: «For example, a person needs a new smart-phone, has looked up several offers and has creates separate social media groups to define specific interest and needs. Virtual managers compile this information and offer detailed information for locations that sell the smart-phone models the person may be interested in.»

The company adds that those are only some of the newest FinTech solutions Latvian residents are aware of. As technology develops, however, it is expected that the range of people that are able to use new payment technologies will only increase.

Ref: 225.109.109.4240


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