Innovation in payments by eCREDO UAB
  • July 1, 2020
  • |Blog
  • | 281
  • 0

Why there is a rise in Innovation payments and money transfers?

  • The growing capability of today’s world citizens to understand and professionally manage their own finances results to a demand of new ways “to be in Control”
  • Payments drift away from cash transactions as consumers shift purchases to online and mobile channels.
  • Mobile devices /Cashless transactions are becoming the de-facto payment system
  • Demand and Necessity of real time payments and services
  • Queuing outside traditional Institutions to be served is time consuming and not practical
  • Costly and steady high fees and expenses of traditional Institutions can’t be absorbed by the consumers and Corporates.
  • The need and demand of more information quickly and efficiently

What is Innovation in payments:

  • Innovation in payments is a Phenomenon created and adjusted by consumer’s demand which is mainly convenient, instantaneous and 24/7 available Financial Services
  • The ability to create accounts remotely and within hours
  • The ability to transfer money world-wide from the comfort of your home or on the go
  • Enables people in remote areas or in troubled environments to have access to Financial Services and take control of their finances
  • Technological advances are making payments safer, faster and cheaper. (e.g. Artificial Intelligence for security checks, queries reply, signing Up and other standardized functions offering solutions and services on the spot)
  • Anti-Money Laundering and Financial fraud detection has become a highly accurate and sensitive operation of the digitalized financial services
  • The Cost-Efficient Operations result to lower charges/fees and opportunities for Free services

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