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.
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