As technology becomes more advanced, so does the amount of insight and information we can glean from it. Even the most basic payment processing startups will offer some sort of analytical service that would be of some tangible benefit to the merchant.
The Internet of Things walks hand in hand with Big Data and the larger financial institutions are actively seeking ways to harvest and analyse that data.
Analysing vast amounts of data will have obvious benefits to the banking industry such as customer experience, anti-fraud protection, and optimized experience.
Seven out of ten financial firms around the world believe analytics give them a competitive edge, whilst there will be a 26 per cent increase in Big Data expenditure between now and 2019, according to data from Aureus Analytics.
The infographic below provides a breakdown of how financial institutions are using Big Data.
Mastercard partners with Apple on Apple Pay’s Spain launch and rolls out selfie payments in Latin America
The American tech giant has launched its mobile payment service, Apple Pay, in Spain, partnering with Mastercard, Carrefour and American Express.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.
ING has announced that it is scrapping Twyp, its peer-to-peer payments app, in the Netherlands following negative feedback from its customers.
Stripe, the biggest fintech company in the US, is about to consolidate its position at the top by almost doubling its valuation to $9.2 billion following Series D funding.