Carrying cash is now a thing of the past. A global push toward cashless payments has resulted in this brand-new era of digital banking. Payment cards, internet banking, e-wallets, mobile banking apps, cryptocurrencies – the options are many. However, speed is a major factor defining and differentiating them from each other.
Apart from the usual credit and debit cards, we now have payment processor systems that allow users to pay and receive funds within split seconds. Gone are the days when a window of 24 hours or more for making payments used to be the norm. If we compare it to the fast-paced transactions happening all around, it might seem like forever.
Therefore, the competition among payment solution providers is real and obviously cutthroat. The need is no longer just about processing fast payments. Enabling instantaneous transactions without a glitch also seems to be imperative. In such times, the massive and rapid technological advancements happening in the fintech and banking industries do not come as a surprise.
The reason is simple: meeting consumer demand is no longer an option. But, how did it come to this? Let’s step back a little in time.
Not many years ago, the world was introduced to the concept of eCommerce. The idea of placing orders within a few clicks online and getting them delivered right at your doorstep was fascinating. But back then, the most common forms of online payment were banking cards. Needless to say, it was cumbersome, leading consumers to the slightly higher convenience of cash on delivery.
Soon enough, the smartphone revolution was initiated, compelling consumers to start demanding speedier and simpler solutions for payments carried out over the web. Online shopping was just the tip of the iceberg. The gaming industry contributed to the demand with even more vigor.
All this eventually gave rise to alternative banking solutions such as e-wallets and mobile banking. We saw the rise of pioneers like PayPal. But the quest was still on for software systems that have the ability to process payments immediately and at any given time. This was especially true in the world of iGaming that has always warranted the fastest payout casinos online.
To achieve this outcome, numerous fintech companies had to come up with groundbreaking products that could account for safe and swift monetary transactions.
Keeping the gaming industry in mind, some even oriented their payment processor solutions to facilitate frictionless deposits and withdrawals at gambling and betting sites apart from serving as standard banking methods.
A surge in the likes of top dollar payment processor systems such as AstroPay, Trustly, Paytm and MuchBetter are proof enough of these exciting developments. Others are doing whatever it takes to keep pace with their fellow competitors.
Naturally, consumers aren’t the only ones to make the most out of this quest for speed. The ripple effect of such progress in the banking sector has been huge, the fringe benefit of which goes to underbanked people and untapped markets.
Businesses and individuals that were previously kept out from the realm of commercial banking because of limited options are now able to offer their customers the convenience of super-fast and secure payments.
Of course, the opera ain’t over till the fat lady sings! This tug of war for being the best instant payment processing solution isn’t ending anytime soon. The question is what could possibly be better than what it is right now. We can only wait and watch south african forex brokers.