5 Technologies That Are Currently Changing Business Transactions

Today, thanks to technology, our world has become smaller and there are no physical boundaries or time zones to limit our business transactions. Instead there are new and faster ways of doing business with each other, distance notwithstanding.

It’s not news anymore to say that technology serves to reduce the cost of operating and managing business. Most folks are aware of that and it will continue to achieve that function. Technology is channeling new access to business opportunities and allowing us to overcome limitations and barriers in business transactions.

With technology, business transactions are advancing at a tremendous speed. How often have you looked at some technological innovations and asked yourself, ‘’How did I miss that?’’

It’s time companies and individuals took a well-planned and strategic approach to examining these advances, carefully considering what they are, what they are not and most importantly how they can be maximized to achieve better quality products and services. Such companies and individuals should also come up with innovative ways to transact business without fear of losing hard earned money.

Here are 5 technologies that are currently changing business transactions and how we can maximize them.

1.Bitcoin

Many have described blockchain as one of the most important inventions of our time. Bitcoin is a cryptographic virtual currency that is based on the blockchain technology. It offers a new payment system which aims to ease the burden of carrying out cross country transactions in a most secure and free manner. For the first time ever, anyone can send or receive any amount of money from anyone else, anywhere on the planet, conveniently and without restriction. Businesses will find the Bitcoin technology useful.

Bitcoin will also protect your money from being affected by inflation. This is because, it is not affected by government regulations and cannot be taxed or printed, therefore, its value is fixed. Here’s more: the European Union recently recognized the Bitcoin as a currency.

2. Wirecompare

Wirecompare is a form of peer- to-peer exchange that allows individuals and businesses to send money or transact businesses both locally and across borders at the cheapest and fastest way. The technology provides you with the platform to compare the best providers or options to send your money.

Peer-to-peer exchange and similar technologies, allow you to keep the cost of transferring money abroad down. Your transfer will cost you far less than what banks will charge you for a similar transaction.

You don’t pay Wirecompare or the company you select for your transaction any hidden charges. The company only gets quotes from top and most trusted providers, which makes it easy for you to compare such important details as cost and time of delivery. I think it is safe to say that the quotes you get from this service are the best quotes you can find today.

3.iBeacon

iBeacon is a form of location technology that allows for interaction between business and customers in order to facilitate easier mobile payments and faster business transactions.

iBeacon uses the Bluetooth low energy wireless technology that is proximity based. This means they send Bluetooth signals to a customer’s smartphone once they are within 50-100 feet of the device. This can help businesses maximize the opportunity for promotions and can help users transact in a contactless manner through their smart devices.

This technology has also revolutionized the way financial transactions are made through mobile. It enables contactless payments, which facilitate faster checkout in stores and malls.

It is available on iOS and Android devices.

4. Facial Recognition

Facial recognition systems in China now authorize financial transactions or payments. One of the first adopters of the technology is Alipay, a China based payment platform used by more than 120 million people. It allows for payment using only the face as credentials.

The Chinese e-commerce giant owners of Alipay believes that payment could be done with a smile and dubbed their facial recognition system, ‘smile to pay’.

5. Biometrics

The subject of biometrics as a secure means of authenticating mobile payments has generated a lot of controversy. Research shows that two thirds of Europeans are now welcoming the idea of biometrics for secure payment.

Jonathan Vaux, Executive Director of Innovation Partnerships at Visa Europe, puts it this way, ‘’Biometric identification and verification has created a great deal of excitement in the payment space. It offers an opportunity to streamline and improve the customer experience.’’

According to Vaux, biometrics is increasingly recognized as a trusted form of authentication as people become more familiar with using its capabilities on their devices.

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