New payment solutions knock on the door – how industry leaders can stay competitive


Gazmend Selmani is a technology solutions architect and the founder and chairman of the board of directors at PBC group

The era of fintech (financial technology) is thriving everywhere. Every country has its pioneers in creating banking ecosystems and providing financial services at almost no cost in a fully automated technology. According to the International Trade Organization: “The UK is the third largest destination for FinTech investment, after the United States and China. The UK’s FinTech sector is made up of more than 1,600 companies and that number is expected to double by 2030. The sector is estimated to contribute $9.18 billion (£7 billion) and more than 60,000 jobs to the UK economy .” Southeastern Europe is also investing heavily in the digitization of financial transactions and payments in instant lending; for example, 49% of a Greece-based e-wallet was recently purchased by JPMorgan.

The disruption of traditional banking has thus undoubtedly begun. But what do fintechs do? I would like to explain that they have optimized and simplified digital payments and money transfers in particular. Some have also started making loans for payment purposes. The principle of opening digital bank accounts through the know-your-customer (KYC) option has facilitated much in the hedging of unbanked people and increased the digitization of financial transactions. The ease of getting loans has helped economies by increasing costs and helping people finance their needs and wants. But that’s probably not all fintech companies are going to deliver.

As a technology solutions architect with 18 years of experience designing advanced software solutions for various public sectors – driven by digital transformation, cost reduction and performance optimization and business intelligence – I have a great passion for research and development and inventing solutions that benefits for stakeholders.

New payment solutions

Recently, many new payment solutions have been knocking on the door in fintech. Now toolless payment solutions are not a reality seen only in science movies. Some solutions are replacing tools such as maps, phones, smartwatches, wearables and similar options with: biometric signs – where they may be used. Some in the industry, including my company, IBAS World, are working on solutions that make digital payments even without the biometric characters.

Buy now, pay later is another solution that seems to be thriving everywhere. This is a suitable solution for buyers to get financing at any price with few installments. There are many providers worldwide that offer this service, including PayPal. New payment options also help merchants by increasing their sales.

How Industry Leaders Can Stay Competitive

In my opinion, we should be grateful for such tremendous progress in the financial world. Thanks to these solutions and the people behind them, millions of people around the world can make their digital payments simultaneously, even if they forget their wallet, card or smartphone – or if the battery is empty. New payment solutions are expected to shrink the number of plastic cards produced and have a positive impact on the environmental and sustainability objectives, in addition to contributing to cost reduction.

For the business leaders and entrepreneurs in fintech who want to stay competitive, I recommend that you start by coming up with eco-friendly solutions that will suit your customers in terms of cost and practicality.

Building solutions that offer more for less in end-to-end digital transformation will also be beneficial in the future. In addition, it is important for fast-growing fintechs to attract passionate and experienced employees and make them happy – this can help you overcome any obstacle that may arise during day-to-day work.

The financial world is in flux. The “invisible hand” moves things forward, bringing innovative banking and attractive solutions to the world. For the most part, I’ve found these solutions to be very welcome because they’re secure and benefit consumers in a variety of ways. Digital banking within the fintech world can provide the same level of security as traditional banks. In addition, fintechs are required to strictly apply the same legislation as banks, including technological security standards. Whenever a certified independent auditor concludes that an institution complies with PCI DSS standards, I believe there is no doubt that the technology security level is in the class of an established bank or institution. Business Council is the leading growth and networking organization for entrepreneurs and leaders. Am I eligible?


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