Which digital payment systems are booming in 2021? Which exchanges can provide the quickest transactions with cash advance?
Last year was such an influential year that it completely changed many aspects of our everyday lives. Social distancing and working from home due to the pandemic have since become the new normal. Marketplaces have seen the number of online shoppers sky rocket. This flood of online shoppers has created a demand for improvement in the way online payments function. Now that it's 2021, let's take a look at all the different digital payment systems that are making waves, and how they're working to improve e-wallets for the cryptocurrency and fiat money worlds.
3 Digital Payment Systems Worth Mentioning
Security is the always the number one priority when it comes to making digital, financial transactions. Thankful we now have biometric technology. Biometric authentication works by verifying user identity through biological features unique to the user, like fingerprints, voice and facial structure. This authentication system stores the sensitive biological data in order to allow access to those who match the biological data required, without needing to enter a passcode or password. The technology is incredibly secure, so it's no surprise why it's become so popular. It can be beneficial for everyone, from regular citizens to employees working for companies that deal with sensitive information or require high levels of security.
AI or artificial intelligence is increasingly becoming a staple in the lives of people around the world. But when it comes to security, AI has more or less revolutionized the tech industry. AI helps by adding a second layer of protection to already existing forms of authentication like biometric authentication. AI can provide keystroke authentication. According to Shufti Pro, "keystroke dynamics can identify people with the help of dwell time, speed, and fight time. Dwell time refers to the duration of a key being pressed whereas fight time is the interval between releasing key and pressing another key." And by using the same technology, AI can further help to authenticate previously authenticated biometrics safety measures, like scanning muscle movements unique to each person.
Contactless payments are becoming an extremely popular option as they provide extreme ease of use. Simply wave your phone or card across a a reader and payments are processed in seconds, thanks to NFC (near-field communication) technology. Users dont even need to enter a pin or code. Not only is this payment method quicker, it's also more secure. In the UK, it is predicted that 36% of total payments will be made through NFC powered contactless cards by the year 2027.
All three of these options are being used today in order to fully utilize the convenience and speed that e-wallets and digital wallets offer.
How Do Digital Wallets Work?
According to Merchant Maverick, "These wallets take advantage of the NFC chip in your device, so you can tap/hover your phone (or paired watch) at the payment card terminal to activate the payment app. Others use QR codes (Walmart app) or bar codes (Starbucks app) to send payment information.
"If you're paying online or inside an app, sometimes, there will be a Pay With Apple Pay or Pay with PayPal button at the checkout, and you can fast-track your payment by using the button. Other times, even without the special button, a digital wallet, such as Google Pay, can automatically pop up when you're at the checkout page to populate the payment information for you."
The benefits of digital wallets include fast check out, convenience and ease of use and most of all, security, as mentioned before.
But how do e-wallets function in crypto currency world? The answer is that "Cryptocurrencies rely solely on digital wallets to maintain balances and make transactions, for instance with Bitcoin or other digital currencies" according the Investopedia.
There are many different cryptocurrency wallets that work on the digital wallet technology, in order to safety store their crypto currencies of choice like Bitcoin, Ethereum and Monero.
Digital Wallets Work with Exchanges and Advance Cash
Working in the same fashion as e-wallets, crypto exchanges operate on a high level of security and trades and sales can happen in seconds. Thanks to e-wallets, and exchanges like Evonax,com you can take the cryptocurrency from your digital wallet, and sell it buy it or trade it for a number of different cryptocurrencies and also fiat currencies.
Advance Cash is, "is a universal payment system, founded in 2014, in which everyone can create a multi-currency e-wallet for free, enter and withdraw various e-currency, make exchanges and make quick money transfers around the world."