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Financial Tech and Digital Wallets: Innovative Approach vs Security Concerns

Blockchain offers an excellent approach to uplift the security arrangements for all kinds of transactions made with digital currencies.


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Juned Ahmed

3 years ago | 2 min read

We are increasingly being equipped with newer and better payment methodologies. At the latest 2017 chapter of Consumer Electronics Show or CES, we have seen a few of these new approaches. While all these financial technologies and innovative methods of payment are likely to proliferate and grow, there is an equal level of security concerns. Just because we are in the middle of the first wave of Fintech adoption across the financial institutions, there are too many gaps visible in relation to security and compliance. New app developers and IT companies harbour a similar opinion. Juned Ghanchi of IndianAppDevelopers company leading mobile app development company in India recently told “delivering financial tech at the cost of security is the last thing we can think of. This is why the adoption is still slow across banks and financial institutions”. Before we evaluate these concerns let us have s look at the emerging Fintech, digital payment methods and the possibilities they offer. IndianAppDevelopers

New Fintech at CES 2017

This year at CES 2017 MasterCard offered some nifty innovations banking upon the connected environment and home IOT. It came with an app using which people can order their required groceries right from the Samsung made family hub refrigerator. The smart refrigerator which is supposed to arrive I the market later this year will remain connected with the app and allow users to create, manage, and share their list of required grocery items all through the week accordingly place orders as and when they need. It is needless to say to pay for the required items you can pay with your MasterCard. MasterCard also has taken positive steps to make payment easier through all kinds of wearable devices including fitness bands and smartwatches by partnering with Coin.

New integration of smart pay

In CES 2017  Samsung has announced that its Gear 2 will be equipped with Samsung Pay, the digital wallet app of the company. In the coming time, we can see more device manufacturers integrate digital wallet services. The increasing integration of smart pay services with new devices and interfaces will push towards more digitization of retail, money handling and finance. Rabin Dsouza of app development company SushMobile when asked about the future of digital wallet said that “the integration of digital wallet with headsets, smartwatches and other wearables will bring new twist to the scene of smart money”. He also said that this is a perfectly timed decision on the part of Samsung to integrate its smart pay solution with Gear 2.SushMobile

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