Nearly 30,000 fintech startups are operating worldwide — and many more are on the horizon. From investment apps and payment processors to budgeting tools and blockchain technology, there are so many different ways to step into the fintech space. If you want to stand out from your competition, though truly, you need to make sure your marketing campaigns are on point.

If you’ve been struggling with online marketing, this guide can help. Listed below are five reasons you might not see results from your fintech marketing strategy.

1. You Try to Cater to Everyone

When asked who their target audience is, many entrepreneurs (especially new ones) make the mistake of saying, “Everyone!”

Maybe you can see how everyone could benefit from your fintech company’s app or tool. However, if you try to cater to everyone with your marketing content, you’ll end up not catering to anyone at all.

Being too general with your ads and content makes it hard for people to connect with your brand. As a result, they’re less likely to engage with you since they can’t tell if what you’re selling is actually for them.

What to Do Instead

Be specific about whom you’re trying to reach with your content.

Are you catering to small business owners who need an affordable and convenient payment processing software? Do you want to reach young kids who are learning to budget for the first time?

When you know your target audience, it becomes easier to make decisions about fonts, text, colours, images, and other elements of your marketing materials.

2. Your Message Is Unclear

Even if they know who makes up their target audience, some fintech marketers still make the mistake of using the wrong messaging.

Maybe they sell an app for kids and teens, but their marketing content is full of jargon that only industry experts would understand. That’s not going to work very well when it comes to winning over their ideal customers, is it?

What to Do Instead

Remember your target audience. Ask yourself if you’re genuinely writing to them whenever you write a blog post, social media caption, eBook, or any other type of content.

Some people find it helpful to create avatars, which are highly specific descriptions of members of their target audience. For example, maybe you’re marketing your payment processing app to Sarah, a 35-year-old woman who just opened her own hair salon and needs a convenient and affordable way to accept credit card payments from her customers.

When you’re writing a blog, think about whether or not the content is valuable to Sarah. Would it be interesting and helpful? Would she understand what you’re trying to say and why it’s important?

3. You Aren’t Sharing Your Expertise

Just because you can’t use a lot of technical jargon doesn’t mean you can’t share your expertise and talk about what you know. In fact, you should showcase your expertise and let people know that you’re a credible source of information.

Suppose you aren’t publishing content that provides value and educates your audience or answers their questions. In that case, you’re not going to get a lot of traffic to your website or people interested in your product or service.

Think about it. If you were looking for help with fantasy romance book writing or interior design, you would want to learn from someone who is obviously an expert in their field. Keep in mind, too, that genuine experts know how to explain what they do in simple, plain language.

What to Do Instead

Regularly ask yourself, “How is this content helping my audience?” or “What problem does this content solve?” When you make it a priority to support your target customers and provide value with everything you publish, you’ll see that they’re more likely to engage with your content and your brand as a whole.

4. You Don’t Monitor Your Metrics

You know how important numbers are — you work in the fintech space, after all. Are you paying attention to the numbers related to your marketing campaigns, though?

If you don’t consistently pay attention to key metrics, you’ll have difficulty knowing what aspects of your campaigns are working and which ones need more attention. Instead, you’ll just throw things at the wall and hope they stick.

What to Do Instead

Before you launch a campaign, decide what your goals are, how you’re going to measure progress, and how soon you want to see results (at the end of the month, end of the quarter, etc.).

For example, if you launch a campaign to build brand awareness, you might measure website views or social media shares.

Check-in regularly and keep track of how your campaign is doing, too. Pay attention to the blogs that are getting the most views, the posts that are shared most often, the posts that don’t perform well, etc.

5. You’re Trying to Do Everything Yourself

You’re a busy professional, whether you’re running a small startup or a major fintech corporation. In either case, you likely don’t have time to create and execute a robust content strategy that helps you achieve your goals — at least not without neglecting other important parts of your business.

What to Do Instead

If you’re trying to do everything yourself, you’re probably spreading yourself too thin. You’re probably also not seeing as much progress as you’d like.

Instead of doing all your marketing alone, consider outsourcing to a third party. Partnering with a content marketing agency can give you more time to focus on other aspects of your job (the ones that you actually want to dedicate your time to).

Ideally, you’ll choose an agency that specializes in fintech content marketing. They will have a more in-depth understanding of what your business does and can offer advice tailored to you and your unique needs.

Time to Fine-Tune Your Fintech Marketing

Fintech marketing can be tricky, but it’s definitely not impossible.

Start by evaluating your current marketing strategy and ask yourself (and answer honestly!) if you’re making any of these common fintech marketing mistakes. If you are, don’t panic. That just means it’s time to make some changes!

Follow the tips and tricks shared above to level up your marketing strategy and see better results.

Featured Image Credit: Provided by the Author; Thank you!

The post Five Reasons Why Your Fintech Marketing Strategy Isn’t Working (and What to Do Instead) appeared first on ReadWrite.

TikTok is one of the fastest-growing social media platforms to date.

From a marketing standpoint, the social platform has enormous potential. However, the app is also known for attracting a particularly young audience. With these factors in mind, how might TikTok affect digital attraction for banks?

TikTok has the potential to be a powerful marketing tool. For example, videos posted on the app can garner thousands to millions of views. For the FinTech industry, TikTok may be ideal for increasing digital attraction.

Featured Partner for Social Scheduling Learn More on Later's website Free Version: 14-day Free Trial Starting Price: $18 / monthly Integrations: Instagram, Tiktok, Facebook, Twitter, Youtube...

This article will explore what digital attraction for banks is, and how TikTok can be useful. By discussing the advantages of the platform, we will strive to answer the question:

A Closer Look at Digital Attraction for Banks

When discussing digital attraction, it is crucial to examine the role of the customer.

Building digital interest in products or services requires businesses to understand their audiences. Therefore, learning more about your audience is key to learning how to attract them. 

Banks must approach digital attraction the way someone might approach a new relationship. A solid foundation of trust must be established first.

Digital attraction has 3 core components

•       Empathy: Showing a customer that there is complete understanding of their problems
•       Compassion: Demonstrating a high level of care for the customer’s well-being
•       Ease: Soothing customer worries by providing planned out solutions

Fulfilling the core needs is essential for guiding customer’s through the buyer’s journey. It places the business or professional in the role of a trusted guide or advisor. In this role, the guide can then lay out the exact plan of action for the customer to take. 

It is important to understand that digital attraction can take time. Like in relationships, trust and loyalty build up over time. Giving the relationship with customers space to breathe is key.  

This focus on the needs of the customer requires banks to examine their target audiences. Looking at demographics helps identify missed opportunities with specific groups of people.

Additionally, to learn more about their customers’ needs, banks must develop buyer personas.

Featured Partner for Social Scheduling Learn More on Later's website Free Version: 14-day Free Trial Starting Price: $18 / monthly Integrations: Instagram, Tiktok, Facebook, Twitter, Youtube...

A buyer persona is a highly detailed profile of your target customer. It will describe their specific wants, needs, and problems.

Creating multiple buyer personas will help compartmentalize your audience. From these, targeted ad and marketing campaigns can better attract each persona.

Finding Banking Clients Digitally

Once you have determined your target audience, there is the matter of reaching them.

Three main kinds of digital marketing are used for attraction:

•   Content Marketing: This is where you’ll find a lot of blog writing and social media sharing. Content marketing uses keywords and tags to help find the desired customers.
•   Email Campaigns: After piquing a customer’s interest, it is crucial to keep the brand on their mind. Email campaigns help nurture relationships with customers until they are ready to commit.
•   Paid Advertising: Paid advertising, such as PPC and social media ads, can be highly useful. They can gain impressions from highly targeted audiences and demographics.

Typically, a strong digital attraction strategy will include a combination of marketing methods.

Determining the specific needs of customers is essential. This process helps to both onboard new customers and retain existing relationships.

Trends in Digital Attraction for FinTech

An increasing digital attraction for FinTech and banking requires paying attention to ongoing trends.

Mobile-friendliness and intuitive designs are two important components of FinTech. Both of these come into play for digital attraction.

Having a FinTech platform optimized for mobile use provides tremendous value to customers. Likewise, an intuitive and responsive design is also helpful in attracting customers.

Featured Partner for Social Scheduling Learn More on Later's website Free Version: 14-day Free Trial Starting Price: $18 / monthly Integrations: Instagram, Tiktok, Facebook, Twitter, Youtube...

Besides mobile friendliness and design, several other digital factors affect digital attraction. These include:

•   Branding: The way a FinTech company or bank brands itself is important. Branding helps to make a business more relatable to the customer.
•   Social Media Presence: Social media is a valuable and powerful tool. It helps connect professionals directly with their customers. Plus, there are millions of users across the many social platforms. This makes social media a great place to seek out customers.
•   Video Content: While written content is good, visual content can be more effective. Video content goes hand-in-hand with changing technologies. This makes it a complementary element for digital attraction.
•   Engagement: For financial professionals new to the digital space, engagement is crucial. It helps you to connect with customers. Driving up engagement will help to attract more new customers to the company.

Using Social Media as a Tool for Digital Attraction

Since the days of MySpace, social media has only continued to grow. Over the past decade, social media has come to dominate the digital space. This growth in popularity makes social media a powerful tool for digital attraction.

Using social media as a primary digital marketing tool has several benefits, including:

•   Building and Maintaining Relationships: Social media provides a much closer connection to audiences. Responding to comments and engaging with followers is important. This will help to both build and maintain relationships with customers.
•   Boosting Revenue and Traffic: Heavy digital traffic passes through social media every day. Finding ways to direct this traffic to a business account is critical. It can help boost both sales and traffic on your pages.
•   Creating a Digital Reputation: Customers trust businesses that offer transparency and accessibility. A strong social media presence can help achieve both. In addition, social media helps professionals build a digital reputation that can significantly affect success.
•   Staying Ahead of Competition: Many top brands already use social media. These companies have acknowledged and benefitted from the advantages of social media. As such, establishing a presence on the platforms is the key to staying ahead of the competition.

This article will focus on digital attraction through TikTok. However, all social media platforms have powerful potential.

Instagram, Facebook, and Pinterest have all shown massive capabilities for boosting sales. These platforms are also great for building greater brand awareness.

Meanwhile, platforms such as LinkedIn and Twitter can help build a professional network. 

Featured Partner for Social Scheduling Learn More on Later's website Free Version: 14-day Free Trial Starting Price: $18 / monthly Integrations: Instagram, Tiktok, Facebook, Twitter, Youtube...

Creating a widespread social media presence aids in increasing digital attraction. A truly strong social media strategy will make use of multiple platforms.

The Role of Artificial Intelligence

Artificial intelligence plays a significant role in digital attraction.

If social media is the hero, then AI is the brainiac sidekick supporting the hero from afar. Social media provide the opportunity for tremendous growth. Once this growth occurs, however, it can be hard to keep up with the new influx of followers.

This is where AI comes in. The most common use for AI on social media is the creation of automated chatbots. These chatbots can serve several functions, including:

•   Virtual Shopping Assistants: AI is super useful for helping customers to navigate a site and find the products or services they need.
•   FAQ: FinTech is a new concept to many average consumers. Having AI set up to respond quickly to frequently asked questions is crucial. AI can help manage the influx of questions and concerns through automation.
•   Customer Support: As a business’s following grows, the volume of messages received per day increases. AI helps provide 24/7 customer support even when a human representative is unavailable. A chatbot will often include a responsive and conversational design. This will help troubleshoot specific problems a customer is experiencing.

Featured Partner for Social Scheduling Learn More on Later's website Free Version: 14-day Free Trial Starting Price: $18 / monthly Integrations: Instagram, Tiktok, Facebook, Twitter, Youtube...

It is important to be cautious of the overuse of AI on social media. Many consumers see social media as the best way to connect directly with brands. If a bot authors every message sent to customers, this can feel disingenuous and be a turn-off.

Examining the Power of TikTok for Digital Attraction

Since its initial release in 2016, TikTok has grown immensely.

The social media app focuses mainly on short-form video content. However, users can also leave comments, send direct messages, and create direct responses to other videos.

Compared to other social media, the ability to go viral on the app is much more common.

TikTok uses a combination of both hashtags and an algorithm. This helps to create a personalized feed for each unique user.

Thinking in terms of digital attraction, this personalized content is key. It will help financial institutions on the app to target their ideal audiences.

Here are a few important considerations for using TikTok to drive digital attraction:

•   Influencer Marketing: Like all social media, TikTok is full to the brim with influencers. Taking advantage of this and partnering with influencers to promote a business is smart. This will help a company to reach a much larger audience.
•   TikTok Ads: TikTok offers a few different styles of ads. As it stands now, Facebook and Instagram still reign supreme in offering effective social media as. However, using TikTok ads now can help businesses prepare for the future as the app continues to grow.
•   Bite-Size Education: Though TikTok is primarily used by younger people, finance is still a profitable niche on the platform. The key is to offer short and simple video content centered around education. Providing useful educational resources on finance will help build trust in an audience.

The Demographics of TikTok

In the U.S. alone, TikTok had roughly 65.9 million users in 2020. Statista predicts this number to increase at a rate of 22 percent each year.

TikTok’s most notable demographic is the age group it attracts. The app has a reputation.

Featured Partner for Social Scheduling Learn More on Later's website Free Version: 14-day Free Trial Starting Price: $18 / monthly Integrations: Instagram, Tiktok, Facebook, Twitter, Youtube...

Here are some stats to consider about TikTok’s age demographics in the U.S.:

•       People aged 10 to 19 make up 25 percent of the user base in the U.S. This gives them the title of the largest age group on the app.
•       The second-largest group is aged 20 to 29 and makes up 22.4 percent of the user base.
•       The third-largest group is people aged 30 to 39 and makes up 21.7 percent of the user base.
•       The fourth-largest is aged 40 to 49 and makes up 20.3 percent of the user base.
•       Finally, people aged 50 or above make up only 11 percent of the app’s users.

Looking at these numbers, it’s clear to see that TikTok attracts more than just teens.

While the largest group is also the youngest, people aged 20 through 49 also make up a significant portion of the user base.

TikTok and FinTech

Finance and teenagers are words not commonly used together. Yet, despite this, the topic of finance is a hot one on the teenager-dominated TikTok.

When looking at TikTok’s userbase, there is a clear interest in both finance and technology.

On the finance side, users are particularly interested in the following topics:

•       Investing and the stock market
•       Cryptocurrencies
•       Personal finance tips and advice

Younger generations often get a bad reputation for being irresponsible with money. However, money and finance are major points of concern for many Gen Z adults.

The Common Stressor

81 percent of Gen Z adults view money as a common stressor, according to a 2018 American Psychological Association survey. 46 percent of those surveyed also reported stress over the economy.

As a result, financial videos on the platform can perform very well. It all depends on the content being produced and targeting the right audience.

Connecting with Younger Generations and “Fin-fluencers”

With the rising interest in investment and cryptocurrency, a new breed of influencer has emerged – the fin-fluencer.

We have already discussed the usefulness of connecting with social media influencers. Focusing on influencers who create FinTech-related content is highly recommended.

Some younger consumers are inherently distrustful of branded accounts. They don’t want to feel like they are being tricked into making purchases or decisions.

By focusing on fin-fluencers, banks can access audiences already interested in learning more about finance. In addition, this is an excellent method for attracting

Featured Partner for Social Scheduling Learn More on Later's website Free Version: 14-day Free Trial Starting Price: $18 / monthly Integrations: Instagram, Tiktok, Facebook, Twitter, Youtube...

customers who may be resistant to brand accounts but fans of influencers.

Final Thoughts: Is TikTok the Digital Attraction Hub for Banks?

So, is TikTok the future of FinTech marketing? The answer is – maybe.

Like any social media platform, TikTok has its pros and cons. Having a fairly young user base can make it more difficult for brands to connect. However, the younger audiences found on the app are not without interest in finance.

The key when using TikTok is to leverage its best features to your advantage. For example, connecting with influencers in the finance niche and providing educational resources are two great ways to build a loyal TikTok following.

As more banks embrace FinTech and digital transformation, digital attraction will continue to swell in importance. When used wisely, apps like TikTok can help banks to find new audiences and future success in the years to come. 

Image Credit: cottonbro; pexels; thank you!

The post Will TikTok Take Over Digital Attraction for Banks? appeared first on ReadWrite.

Like many emerging technologies, blockchain is still trying to find its footing in the business world. But this hasn’t stopped startups from embracing the technology and working to bring it into the mainstream.

If you’re one of these startups or simply interested in learning more about blockchain marketing strategies, you’ll want to read on. This post discusses some of the best ways to market your blockchain services.

1. Design A Modern Website

The first thing you’ll want to do is design a modern website. This website should be easy to use, and it should look professional. More importantly, it should explain what your blockchain service is all about. You should have a clear mission statement outlining your goals and value proposition.

Make sure to list all of the features of your blockchain service so that people can get a good understanding of what makes you unique. And don’t forget to include contact information so that people can reach out if they have any questions.

2. Educate Your Visitors

It’s no secret that blockchain technology is revolutionizing business and finance. However, many people still don’t fully understand what it is or how it works. Start educating your audience about the basics of blockchain technology and why it matters.

Keeping an up-to-date blog is a great way to do this. You can write articles that explain the technology in layman’s terms and discuss how it’s being used in the real world.

For your more experienced visitors, you can delve into the more technical aspects of the technology by sharing a white paper or e-book. This will show them that you’re a credible source of information and serious about your work.

You can also hold webinars and live Q&A sessions to answer any questions people may have, a great way to engage with your audience and help them understand the technology.

3. Make Use of Social Media

Speaking of engagement, social media is a great way to reach many people in a short amount of time.

But when it comes time to decide how to market your blockchain startup, not all social media platforms are made equal. Twitter, LinkedIn, and Reddit are the most popular social media platforms for fintech startups.

Discord has also become a popular platform for blockchain startups. It’s essentially a chatroom where people can discuss all things cryptocurrency. It can be a great place to find potential clients and partners.

What To Post?

When it comes to what to post, you have a few options. You can post about your latest developments, share articles about blockchain technology, or host Q&A sessions on social media. You can also post infographics and images that help explain the technology.

Whatever you do, make sure to be consistent with your posts. Post regularly, brand every post with your company’s logo and use relevant hashtags. This will help you reach a larger audience and build brand awareness.

4. Use Bounty Advertising

The crypto and NFT communities are always on the lookout for new and innovative projects. That’s where bounty advertising comes in. Bounty campaigns are bound by smart contracts to reward people for completing specific tasks, such as promoting a project on social media or translating the white paper into another language.

In return, participants are rewarded with tokens from the project. This form of advertisement is a great way to get your project in front of both small fish and whales while generating some buzz.

You could also opt for more traditional forms of paid advertisement, such as Google AdWords or Facebook Ads.

5. Optimize SEO

As a blockchain startup, you’ll want to make sure your website is optimized for search engines. That will help you rank higher in search results and attract more visitors.

You can do a few things to optimize your website for SEO. First, make sure your website is fast and responsive. Mobile users should have no trouble accessing your website.

Next, make sure your website is well-written and easy to navigate. The content should be original and of high quality. You can also add keywords to your website’s metadata to help improve your ranking. Your blog will serve that purpose well.

Finally, you want to acquire backlinks from credible websites to improve your website’s authority and rank higher in search results.

Final Thoughts

Marketing a blockchain startup can be difficult, but it’s not impossible. These are just some of the things you can do to get your project in front of a larger audience. Keep in mind that it takes time and effort to see results, so be patient and keep at it.

In some cases, it might be worth it to look into outsourcing your marketing efforts to a professional agency. They’ll have the experience and resources to help you reach your target audience.

Image Credit: David Mcbee; Pexels; Thank you!

The post How to Market Blockchain Services appeared first on ReadWrite.

If you keep up with current events, you’ve likely heard talk of 5G and how it will transform life as we know it. Indeed, 5G is becoming more widely adopted and quickly revealing its impacts and potential.

For payment processing, 5G will affect its latency, scalability, and efficiency. Through innovation, 5G can significantly optimize payment processing to meet changing consumer demands.

As businesses continue to embrace digital and mobile services, understanding the effects of 5G is pertinent. This article will cover how 5G relates to payment processing and discuss four of the major impacts we expect to see.

What is 5G?

These days, the term “5G” is thrown around a lot – but how many of us actually know what 5G is?

Beginning in 2019, cellular companies started releasing the fifth generation of cellular technology. This generation is what is known as 5G.

Put simply, 5G is the network and technology that enables mobile devices to interact with one another and transmit data. As a result, experts in 5G expect the generation to significantly improve the usefulness and efficiency of cellular networks.

Benefits of 5G include:

• Enhanced Speed: 5G offers a significant boost in speed – anywhere between 10 to 100 times faster than its predecessor, 4G. This means downloads and streaming will run much quicker and smoother.
• Increased Bandwidth: 5G networks transmit much larger amounts of data than previous generations. This allows a seamless connection despite the volume of internet use.
• Greater Capacity: A significant advantage of 5G is its ability to handle up to 1000 times more capacity compared to 4G. This enables more devices to communicate and supports larger-scale operations.

How Does 5G Relate to Payment Processing?

5G has the potential to reshape payment processing as we know it.

Traditional financial transactions involve the physical exchange of money or the use of a payment card.

This way of doing business has naturally evolved as eCommerce and FinTech have paved the way for virtual services. Now, most transactions can occur digitally.

As it stands now, consumers can access many other payments through their mobile devices. With the widespread adoption of 5G, we will see great shifts in what is possible for payment processing. Customers will have more choices and personalized information than ever before.

4 Key Impacts of 5G on Payment Processing

Understanding how 5G will affect payment processing is crucial, whether you are a merchant, business owner, or consumer.

Below, we have identified four major impacts 5G will have on payments in the coming years.

1. Reduced Latency

Latency refers to the amount of time it takes for a signal to travel from a source to a receiver and then back to the original.

With each new generation of cellular networks, a primary objective has been to reduce the latency more each time. As a result, 5G has the most optimal latency of all of its predecessors. The main component that will limit latency reduction will be human reaction speed rather than machine reaction speed.

Many transactional errors can be avoided by reducing the time it takes for a signal to reach its destination and illicit a reply. Additionally, we can significantly diminish the time it takes to receive a confirmation of payment.

Further benefits of reduced latency can include:

• Greater Customer Satisfaction: The less time customers have to wait for payments to go through, the better. If customers have to endure high latency, they may end up canceling the transaction altogether.
• Improved Accuracy: Heightened latency enables easier and more accurate identity verification. This is thanks to lower latency, allowing faster transmission of critical data.
• Streamlined Transactions: Payment transactions will be faster and simpler than ever with 5G. With 5G, companies can also streamline processes that come with more significant purchases. These include applications or credit checks.

2. Improved Security

The security of your financial data will be prioritized as cellular and internet networks adopt 5G.

Aside from passwords, 5G will place a much greater emphasis on the biometric authorization. This includes such things as facial and fingerprint recognition. Experts believe these 5G biometric technologies will be much more efficient and accurate.

We are also likely to see an expansion of biometric security measures using 5G spreads. A potential example is the ability to authorize purchases through facial recognition alone.

Here are three more critical benefits of 5G for payment security:

• Greater Data Encryption: 5G ensures that a minimal amount of data is left floating around to be intercepted by tracking or spoofing. This makes it harder for hackers and malware to manipulate network devices and connections. Ultimately, this makes fraud much more preventable.
• Cloud-Based: 5G relies on cloud computing more than previous generations. By utilizing a cloud-based system, 5G can monitor potential threats with more ease.
• Network Slicing: 5G enables network slicing. This is a practice that segments a system into smaller and more manageable networks. This allows the deployment of more specific protective and security measures.

3. Increased Use of Internet of Things

It has been widely predicted that the adoption of 5G will also help popularize Internet of Things (IoT) applications.

IoT is a term used to refer to the entirety of physical devices connected to the internet worldwide. Therefore, any device that can connect to the internet can also be used as an IoT device. This includes any physical object that can be controlled via an internet connection, such as lights that can be turned off and on remotely.

This means that payments can come from various IoT devices, so long as they belong to the same network.

According to a recently published NewNet whitepaper:

“IoT Payments from the fast-emerging connected devices, wearables, and smart equipment will generate payment volumes that could soon replicate or exceed the volumes from the current payment types on mobile, web, or in-store purchases.”

Furthermore, we will see an increase in blockchain systems being used in tandem with IoT. Blockchain IoT enables much more secure payments and transactional transparency.

Benefits of blockchain IoT for payment processing include:

• Accelerated Transactions: 5G IoT systems on their own may struggle to reduce latency. When paired with blockchain systems, authorization of transactions can happen in seconds.
• Reduced Risks: Blockchain is known to be highly secure. With blockchain IoT, payments are at a much lower risk of tampering, tracking, and other digital dangers.
• Lowered Costs: IoT systems cut back overhead and operational costs. This is especially true if that system is blockchain-based. This cost reduction is then reflected in reduced digital payment and transaction fees.

4. Boosted E-Wallet Popularity

While e-wallets existed before 5G, their popularity is sure to swell as 5G becomes more widely accepted.

An e-wallet is an application that allows you to make payments via mobile devices. A highly popularized example of an e-wallet is Apple Pay. This payment service securely stores your debit or credit card information. As a result, you can make on-demand purchases.

5G inherently enables mobile payments and m-commerce. For users of e-wallets, this means that the speed and security of transactions can be massively boosted when paired with a 5G network. In turn, we will see more individuals willing to embrace digital payment systems and open their own e-wallet accounts.

Here are three key ways 5G will positively affect e-wallets:

• Enhanced Biometric Security: With 5G, e-wallets will benefit from faster verification and multi-authentication. Enhanced biometric security measures enable more devices to handle digital payments.
• Increased Online Shopping: 5G enables e-wallets to provide seamless shopping experiences. From shopping to checking out, 5G helps streamline the entire process. This will likely result in a sharp increase in the use of e-wallets for online purchases.
• Enabled Wearable Devices: Wearable devices, such as smartwatches, will be even more helpful with the help of 5G. Your sensitive financial data will be securely stored all while being easily shared between all of your enabled devices.

Conclusion: When to Expect Widespread Adoption of 5G for Payments

As 5G becomes more widely adopted, the payment processing industry will undergo an equally significant evolution.

Experts in 5G promise that payments will be more transparent and efficient. This is possible thanks to the reduced latency of 5G. Additionally, 5G enables biometric authorization that boosts transactional security.

As for when we can expect to begin seeing these changes – the answer is now.

Rollouts of 5G by major cellular network providers have already begun. The shift from 4G to 5G cannot happen overnight. However, we are already seeing the benefits of this next-generation arising.

For payment technology, 5G will be an excellent enabler for mobile payments. 5G will provide consumers with the ability to make secure and on-demand purchases in seconds.

Finding success in the coming years will depend on each business’s willingness to adapt. Businesses and merchants that acclimate quickly will be the first to reap the many rewards 5G has to offer for payment processing.

The post How 5G Will Impact Payment Processing in 2021 and Beyond appeared first on ReadWrite.