What is Bitcoin
When you talk about the innovations in the financial sector, the conservation turns to Bitcoin now. Bitcoin is not playing an enormous role in people’s daily life, as it doesn’t increase the number of retailers. But there are some companies and products that are transforming the financial world, even for the average person, to small businesses, to the improvisers doing their finance. Check some of these:
1. Nigerian Mobile Payment Service – Page
The change in the financial service, that provides you with a fast, convenient, and secure way to transfer and receive payments. It’s the best alternative to carrying cash or using checks or ATM cards, traveling to
banks, and waiting for a longer time to complete the transaction process payments. The electronic payment – Paga was found in Nigeria, publicly launched in 2011 but discovered in 2009 by Tayo Oviosu.
2. M-Pesa Bitcoin
It’s a mobile-based money transfer, micro-financing service, a Kenyan version of Paga. Over 50% of country adults use these mobile payments to pay for shopping, utility bills, and taxis. M-Pesa has branches around the world like India, South Africa, and Afghanistan as well.
3. Venmo By PayPal
You might hear about Venmo, a mobile payment app owned by PayPal. The headquarters is located in New York City, it’s an easy transfer funds app for Venmo account holders, both the parties have to live in the U.S. It allows painless payments through your phone by just texting. Splitwise also works the same, it splits the bill the easy way when you are planning for a trip with your closest friends.
4. Ripple Bitcoin
Ripple is the most ambitious firm, a U.S-based technology company that works on currency exchange and remittance networks. It created a cheaper payment “rail” digital currency transfer which can replace the current bank transfer.
5. Stripe Bitcoin
An American technology company specializing in San Francisco, California. Helps startups to build user-friendly payments by their websites or mobile apps. Now expanding their commercials across Europe.
6. Paying with your Face
A large camera takes your facial recognition technology and secures your financial transactions. Rather than using an ATM pin or any other cards could transform security during traveling and many other industries.
7. Investment crowdfunding
Investment crowdfunding is a way to source to allow individual retail investors to invest in their passion projects and/or connections for a small sum. Micro-loan providers are the source of investment that provides a large group of individuals to invest in a small piece of a larger loan.
8. Remittance
Remittance is another financial innovation that helps to transfer money worldwide, often by a foreign worker to an individual in their home country. The World Bank in the early 2000s released a database, where people can compare the rate of transfer services in different companies.
9. Mobile Banking
Mobile banking made major innovations for retail customers. Many banks offer apps with options to deposits, payments, transfers, or find an ATM instantly. Importantly a customer should have a secured connection before logging into a mobile banking app, as many cyber scams that are noted, to avoid his/her personal information being stolen.
10. Funding Circle
Funding Circle is based on peer-to-peer financial innovations, also known as social lending. It is a platform, connecting organizations with available money to lend to a small business or creditworthy businesses seeking finance.
