Confidia AG a company based in Switzerland and its subsidiary HowToPay are now expanding globally to include Australia in payment provider solution global strategy.
Financial technology (Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones. Fintech, the word, is a combination of financial and technology
When fintech emerged in the 21st Century, the term was initially applied to the technology employed at the back-end systems of established financial institutions. Since then, however, there has been a shift to more consumer-oriented services and therefore a more consumer-oriented definition. Fintech now includes different sectors and industries such as education, retail banking, fundraising and nonprofit, and investment management to name a few.
HowToPay are leading the way in the global market with this new technology
Across Europe, where Confidia AG and HowToPay have a strong presence, contactless payment is widespread and will continue to grow. However, this payment method still has a way to go before it is commonplace in the global marketplace.
With these apps, consumers link their credit and debit cards to their app of choice. When it comes time to pay, they hold up their phone to the NFC terminal, which makes an instant payment. This is a lot faster than payment via a traditional credit card, which can take 15-20 seconds to process.
Mobile payments such as the ones HowToPay provides also gives increased security for merchants and consumers alike.
Many devices have their own level of security further enhancing this product making it appealing to those seeking peace of mind when purchasing goods, digital wallet users do not expose their cards to skimmers, which can steal credit card information. This sort of information is stored in their phones instead.
