The introduction of new technologies and the integration of these to conventional banking are opening a new horizon for your financial management. Cryptocurrencies, mobile payments and new security measures are being incorporated into the financial sector as innovations, but they will soon become common practices. Check out these 5 trends that will change the way you manage your finances:
# 1 Integration of cryptocurrencies
While all cryptocurrencies available on the market are still too volatile and unpredictable, a new class of cryptocurrencies called stablecoins are entering the game of decentralized currencies. Based on complex economic models and guaranteeing their tokens with real-world assets, these startups are creating stable and reliable cryptographic platforms.
It is expected that, with these advances, and with the implementation of global regulations, cryptocurrencies will be accepted as general means of payment in the near future.
# 2 Blockchain technology
Although it is still in its development stages and has many disadvantages, such as the inability to handle high volumes of transactions and the lack of established developers, the benefits of the Blockchain are obvious enough to ensure its future adoption within financial institutions, mainly in the management of payments and transfers.
# 3 Biometrics as security measure
Banking institutions are integrating solutions such as two-factor authentication and voice verification to improve security and to protect financial information and consumer identity.
Passwords are difficult to remember for consumers; biometric authentication is a great solution for consumers who can’t remember several passwords that are required to access several accounts and to guarantee the unique and personal access to your financial information.
# 4 Cryptocurrencies as a means of payment
Stripe revolutionized the way credit card payments are made through an easy-to-implement API; now OPEN seeks to do the same with cryptocurrencies payments.
Although Bitcoin and Ethereum have a market volume of around $ 500 billion, there are very few ways to make purchases with them, since most commerce platforms simply don’t accept them. Through the development of different APIs or Application Programming Interface, new companies are changing this situation.
# 5 Mobile payments
Although there are still many barriers, such as security concerns and the limited number of compatible providers, digital wallets and mobile payments are not only changing the way we pay for goods and services, but they are giving access to digital means of payment at the same time to typically unbanked populations. Mobile payments have become immensely popular, with apps like Swap that make money transfers very simple.
The trends that will change your financial management have in common the goal to make your financial transactions more effective, safe and transparent. If you want to make your finances more transparent and easy to use, get to know us at Glass and make your financial management easier.