Tag: #finance

What is the Future of Payment Cards?

Cryptocurrencies have seen an increase in the number of users in recent years. The increased adoption of these cards is thanks to their ease to use and remarkable dependability. Unlike most other payment methods, these cards are highly convenient and reliable.

These cards have recently exceeded the popularity of conventional payment options like cheques and cash. According to a 2017 report by Global Economy, over 44% of people worldwide were using payment cards. And there is no doubt that this number has skyrocketed over the few years. 

The use of payment cards has increased recently due to certain events. For instance, the Covid-19 pandemic resulted in increased payment card users. People avoided handling cash during this time, fuelling the explosive usage of payment cards.

In the 1950s is when the development of payment cards began. Financial firms started creating debit and credit cards at this time. These cards have been essential to the banking system up until this point. These cards include convenience and security that make them the preferred payment option.  

Other characteristics of these payment cards are simplicity, reliability, and adaptability. 

Most payment card issuers have partnered with global payment processors like UnionPay, Visa, and MasterCard. This partnership allows unlimited card usage and easy withdrawals from most ATMs worldwide. 

Not only have these processing companies partnered with banks but also crypto card institutions. For example, Club Swan, a crypto membership platform, has partnered with MasterCard. This means you can spend your crypto to purchase either online or in-store worldwide. In addition, you can freely withdraw in most parts of the world.  

Road to a cashless world

Some nations had already begun implementing cashless economies before the Covid-19 outbreak. This entails using only advanced payment methods. China and Australia are the only two nations that have eliminated cash payments.

The majority of nations, however, are far behind, while some are still attempting to catch up with these countries.

According to statistics, most consumers prefer using cashless payment options since they are more practical and secure. The concern about contracting Covid-19 has also aided the promotion of these payment methods. 

As a result, the number of ATM users has also grown immensely. Also, not to mention the number of mobile users. This is no surprise since most institutions issuing payment cards have also started integrating their services with mobile money. 

For instance, popular companies for issuing crypto cards provide the user with a specific app where you can manage all aspects of their card. For example, you can manage your budget and even the security of your card on these apps. And this has marked the transition from physical cards to digital payment cards. 

Most institutions have begun transitioning to digital payment cards after physical payment cards have been in the picture for over 70 years. This shift has boosted the number of debit and credit card users.

So what motivated card issuance corporations to switch from physical to digital payment cards? Although there was a surge in the usage of payment cards during the Covid-19 outbreak, these cards faced severe transmission issues. As a result, most organizations chose to create and distribute digital payment cards.

Additionally, the growth of eCommerce has increased the usage of payment cards to its maximum capacity. This made card issuers realize the necessity for digital virtual cards.   

Virtual cards are a copy of your physical card, but you can only access them with your smartphone or a smart device. Virtual cards have proved beneficial due to their security and availability. 

In short, with a virtual debit card, forget about carrying your physical card around. This prevents loss and even theft of your physical payment card. Also, you can generate multiple virtual cards if you want to assign regular transactions to a specific card. This is a security step to preventing fraud-related cases.  

Evolution of payment cards

The development of credit cards is one of the many fascinating developments in the fintech industry. The evolution of credit and debit cards has led to their integration with mobile technology. Digital wallets are now linked to payment cards, and even virtual cards result from this.

Using your smartphone, you can handle any card function because most payment cards are now mobile-centric. You may control elements such as budgeting, withdrawals, and even the security of your credit or debit card through your phone.

For instance, the Club Swan platform provides you with an app where you can manage different aspects of the card. These aspects include your finances, traveling destinations, lounging, dining, health, and wellness. 

Also, on these apps, you can report a lost card, freeze your payment card, and reset your PIN. In addition to this security feature, certain well-known card issuers have integrated some top-notch security measures. These security features include biometrics, passcodes, passphrases, and two-factor authentication.

Despite their infancy, digital payment cards have gained much popularity since their introduction to the market. It’s safe to conclude that developers will seek to make this technology more friendly as time passes. Our understanding of payment cards may radically shift as these cards develop further. 

For instance, Apple Pay has altered how most people view credit and debit cards. As a result, it has emerged as one of the most coveted types of cashless transactions. To create your Apple Pay account, you must have an Apple ID. Also, thaks to its technology, you enjoy contactless, cardless, and cashless transactions using the app.

There are various types of digital payment cards besides Apple Pay. These cards have been so widely used that it’s accurate to state that they are now the foundation of payment cards.

Although most payment cards are still in use today, there is no denying that digital wallets have increased the efficiency, convenience, and security of payment cards. 

In addition to developments in the payment card industry, we are yet to see the rise of other cashless payment methods. Artificial intelligence (AI) and bots are two possible future payment techniques that people will use to complete transactions.

We already have AI assistants, but not in the fintech space. These AI helpers are Amazon Echo, Google Assistant, and Siri. The marketability of this technology will depend on how quickly it will complete transactions. 

The feel and look factor of payment cards

Despite being tools of convenience and security, fiat and cryptocurrency payment cards still have a long way to go. The security and convenience of these cards are likely to reach a new level with ongoing developments.

This is not to argue that consumers cannot access these features through their payment cards. However, since fraudsters still succeed in tricking cardholders into providing their information, there is still space for improvement.

Over 6000 fraud instances totaling over £34.5 million in losses were reported by the BBC, indicating a considerable increase in the number of fraud cases. It’s a huge time credit card industry to include advanced security elements in its redesign to reduce these scams. 

Additionally, analysts think plastic will have to disappear with the ongoing innovation in the credit card industry. This promotes environmental preservation and sustainability. Plastic simply holds the chip connecting to the POS machines to enable the payment. Payment card companies can replace this plastic with other environmentally friendly and sustainable materials.

The annual production of plastic payment cards is equivalent to the weight of 150 Boeing 747 aircraft. This absurdly large plastic volume hinders the current effort toward sustainability and environmental preservation. Alternatively, experts are exploring recyclable and biodegradable materials to make payment cards.

Radio Frequency Identification (RFID) and contactless chips are grain-sized, meaning crypto card issuers can easily be implanted into watches, rings, and other wearable devices. This also means we’re likely to get a scenario where the contactless chip will remain permanent.

When dashing out of the house for quick shopping, all you need is your keys and ornamentation. This technology allows for near-field communication, which increases convenience and reduces the hassle of pressing buttons. 

Preparation for Change

To handle upcoming changes to debit and credit cards, banks and other payment card providers must quickly adapt their business practices. Payment providers will need to work together to offer personalized customer experiences. This collaboration could result from a new feature or loyalty program that makes shopping safer for cardholders. 

Future payment methods

The fintech landscape is growing at an insane rate. Due to this, we a likely to see complete advancement of payment cards or even replacement by other payment forms. 

Here are some up-and-coming payment forms in the fintech industry. 

1. Digital Wallets

The digital wallet is one of the most recent developments in the fintech industry. They are also referred to as smartphone wallets. These digital wallets include Square Cash, PayPal, and Google Wallet.

You can use these wallets to connect to your crypto debit card or bank account. Thus encouraging easy and contactless transactions. Also, with these digital wallets, its easy to make payments with NFC (Near Field Communication). 

2. Voice Recognition

Voice recognition is not a new idea in technology, but it will likely enter the financial industry.

Developers are leveraging the voice recognition feature to enable voice control of transactions and payments.

This technology will immediately recognize the distinctive feature of your speech using the predetermined algorithm. 

3. Biometric payment

Fingerprint recognition is currently a new security feature on the majority of smartphones. However, developers also attempt to automate transactions and payments using this biometric technology.

They are also considering incorporating pupil scanning in addition to fingerprint scanning. This technique will probably raise the bar for security. 

Conclusion

It’s expected that new and sophisticated payment mechanisms will emerge as fintech technology develops further. New security enhancements that will lessen cyber fraud are also on the horizon.

Revolut launches responsible Pay Later instalments product in Ireland

Revolut, the global financial superapp with more than 20 million customers worldwide, has launched its responsible pay later product, ‘Pay Later’ in Ireland, where 1.9m adults have a Revolut account.

The rollout of Pay Later commenced at the end of June 2022, with a select group of customers, and over 1,000 have already purchased products and services using the Revolut instalments product.

Revolut Pay Later is the first pay later product in Ireland that uses an approved credit limit, designed to focus on affordability. Revolut puts the customer in control of when they want to use Pay Later rather than being restricted to certain merchant partnerships.

Qualified customers can use Pay Later for purchases up to a maximum of €499, with any of their Revolut cards, including when paying with a Revolut Disposable Virtual Card, which provides an extra layer of security for online transactions.

The fee of 1.65% per purchase is repaid as part of the final two instalments. Fully integrated within the Revolut app, once approved, customers can activate Pay Later on-the-go with one tap in their Revolut app. Customers can view their Pay Later balance in the Cards section and in the Pay Later hub. If a customer would like to repay the instalments early, there are no additional fees to do so.

Whether it’s a new washing machine, hotel booking, or a birthday gift, customers can use Pay Later at any merchant that accepts Revolut online or in store. Unlike other pay later products, merchants do not sign up to Revolut Pay Later, and Revolut does not charge them for Pay Later transactions.

Data from the rollout of Revolut Pay Later shows that customers are using the service at a variety of retailers, with some of the most popular being clothing, sports, and electronics stores.

Martin Higgins (35) is a Revolut customer who was part of the rollout of Revolut Pay Later in Ireland. Working as a mechanical engineer and project manager, Martin is a keen shutterbug and takes a variety of photography, including adventure and outdoor, as a side pursuit. He used Revolut Pay Later in August to purchase new photography equipment at a local shop in Dublin.

Martin Higgins Photography

Martin said: “I wanted new flash equipment to support my photography, but I needed a specific brand to work with the rest of my specialised setup. My local store didn’t have what I needed at the time, but it was ordering the correct items in. Six months later, it was unexpected when the store finally had everything I needed, and it didn’t seem responsible to pay the full cost before my payday came around. 

“I had seen Revolut Pay Later recently become available to me. I decided to give it a go to purchase the flash equipment comfortably and pay the instalments over a couple of months. I’m delighted with the decision as I’m booked to photograph a wedding in the next couple of weeks.”

Revolut checks customer affordability by linking to customers’ existing bank accounts through Open Banking. Revolut will assess customer suitability and affordability for ‘Pay Later’ through an underwriting process. The current maximum credit limit is €499, but each customer will have their own bespoke limit as decided by Revolut’s credit assessment.

The new product also features built-in safeguards to check that users can afford their Pay Later limit. Unlike other pay later providers, Revolut is able to offer a more robust assessment as it approves the credit limit before the transaction rather than offering an instalments payment method at the point of sale.

Pay Later is another tool to help customers manage their spending all from one app. Revolut’s ‘Pay Later’ offering meets the growing consumer demand for this personal finance tool, while offering it in a responsible way, with a heavy emphasis on customer affordability and suitability. Pay Later joins the suite of innovative products Revolut will be delivering to solve for all of its customers’ credit needs.

Joe Heneghan, CEO Revolut Europe, commented: “We’re delighted to add Revolut ‘Pay Later’ to our financial superapp to give our customers more control and flexibility over their personal finances, in a responsible way, by enabling them to spread the cost of purchases over three instalments.

“From assisting budgeting, to managing cash flow, we’ve had great feedback and stories from our customers who have used Pay Later as part of the early rollout, and we look forward to hearing more.”

Common Misconceptions about Digital Yuan

Digital Yuan came with the support of the central bank of China – PBOC. Its idea came long back. They took seven years to investigate and make them feel that the currency would remain ample in the market. PBOC can help gain digital Yuan, and then they can transact by taking many more places in the world to give the cash. Also, the government has many more options for managing the digital currency program. They quickly released the currency, leading to several types of myths surrounding the market. Now, we will discuss the top and common misconceptions about the digital Yuan. We will discuss the same in the following paragraphs, while for details, you can visit the site – digital yuan. 

Digital Yuan will crush the apps – WeChat and AliPayn.

There is a digital currency-based market that would help crush the payment option with the payment apps like WeChat and AliPay. It helps in thinking about making the cash digital over the PBoC. It helps reinstate China’s commercial banks’ primacy, bringing this platform into the market. Also, these two apps have different features and requirements, which remain perfect examples of electronic money. They are here to stay under the M-Pesa categories that will help stop the users and many more services from complying with the company’s platform. Also, the digital Yuan is cash, which works like a fiat currency in the market. Again this is a myth, and it will take some time to elongate and enjoy the show. 

Digital Yuan is only limited to interbank or wholesale channels. 

As of now, we see a good impact on digital currency that is coming along with the little idea, and it comes with the central bank of China declaring it as CBDC. Firstly, you can find the entire market as a foundation. The PBoC has not ruled out the idea of making digital currency for every individual in China. The central banks are structuring virtual currency like digital cash, which remains vital. The central bank’s liability can help add up the digital currency in the market. How much can you form the digital currency in the market that has remained on the bank’s balance sheet of the bank? All these things can now define how digital cash can allow you to gain payments. You need to check the other technical details that can impact the currency’s use and achieve a quick interbank settlement in the market. Also, you can find many more policy details in the market. Also, many more accounts come along from the central bank. 

Digital Yuan will not matter to cryptos like Bitcoin. 

Several enthusiasts of Bitcoin feel that they should go ahead with Digital Yuan and felt the need to have it over the wholesale market will not impact the crypto market. Also, there is no other mistake that will impact the central bank and will help in designing the system. Even if you find the objective of central banks is now playing with physical cash and encouraging payments through electronic currency, it can help gain Bitcoin in some poor-based nations. The CBDC cannot remain traceable, making Bitcoin the most affordable choice for users. Also, it is not required for the payment to claim that the currency will come along with the best idea. Even with the central bank’s objective, we can see many more options with physical cash. Also, encouragement is seen with the payment of any e-currency in the market. Also, you can use Bitcoin to work in many more developing nations; CBDCs are now becoming more traceable, which can help make Bitcoin the most preferred choice for users. Also, there is no need to carry out the payment to connect the traditional world in the market. 

China is the first to bring the CBDC. 

It is a myth and most common misconception, which should go away in the market. The first digital currency came in other nations before it came to China. For example, one of the central banks is from a place called Uruguay, which helps deploy the lives of e-Peso that helps use mobile phones and bring the government into the market. Also, you can gain the idea of adding the pilot program to achieve the CUBE of 20 million pesos which can work wonders in the market. So, it should be clear here that Digital Yuan is not the first centralised digital currency in the world, as others have taken similar initiatives earlier. 

Revolut launches online checkout feature with one-click payment – Revolut Pay

Revolut, the global financial super app with over 20 million retail customers, today launched Revolut Pay – a new secure online checkout feature which allows EEA and UK merchants to present ‘Revolut Pay’ as a payment method across product, cart, and checkout pages.

Revolut Pay aims to disrupt the payments ecosystem by making shopping online even easier as it facilitates direct payments, while providing best-in-class security for Revolut users: payments will be validated via secure features such as Face ID, or fingerprint unlock, and no account number will be shared. This in turn will help to prevent fraud and keep users’ funds safe while shopping.

Revolut Pay is a fast, frictionless and secure method to checkout online or on mobile. Consumers can pay with just one click and earn cashback on purchases as they spend. Existing Revolut users can use Revolut Pay and pay via saved cards or directly via their Revolut account balance. Non-Revolut users can pay just as easily by using saved Mastercard or Visa cards issued by any other providers.

Revolut Pay will solve problems for vendors as well as shoppers: online merchants lose up to 80% of their sales due to customers abandoning their shopping carts. Shoppers often cite long and confusing online checkout processes and limited choice of payment methods as reasons for leaving a website before they purchase. Revolut Pay will reduce cart abandonment with its fast and frictionless checkout.

Revolut Pay merchants can accept payments with low fees in more than 20 currencies. Revolut Pay follows the launch in July of Revolut Reader, a card reader payment terminal, as well as the launch of Revolut’s payment acceptance platform in 2020 for businesses to accept payments easily.

Since launching Revolut Business in 2017, Revolut has developed 20 products designed to empower businesses looking to increase conversions and more effectively manage finances. Revolut Pay is already being used by merchants including Shopify, Prestashop, WH Smith and Funky Pigeon, and will become available on more vendors in coming months, including DID Electrical, and the flight booking company, FlyGo.

Revolut Pay is powered entirely by Revolut’s payment technology and is a move towards building Revolut’s payments ecosystem, whereby Revolut enables transactions between retail and business customers. Revolut’s new direct payments solution will also deliver lower fees for its business customers.

Nikolay Storonsky, Founder & CEO of Revolut said: “With its speed, convenience, security and low pricing, Revolut Pay gives merchants a competitive advantage in a rapidly growing e-commerce market. At Revolut, we constantly strive to make it faster, easier and cheaper for merchants of all sizes to accept payments, wherever they are, and to make it more convenient and secure for customers to pay. That’s why we’re launching Revolut Pay.” 

Revolut Pay features include:

  • A new way to pay that’s fast and frictionless

  • Best-in-class security, leveraging two-factor authentication when needed

  • Low transaction fees with no hidden or monthly charges

  • With Revolut Pay, funds will be settled directly into a merchant’s Revolut Business account within 24 hours at no extra cost (compared to businesses typically receiving funds settled to their account in up to seven days and having to pay for quicker funds arriving)

  • SMEs can can add Revolut Pay to web and mobile checkout pages and be up-and-running in minutes via our easy-to-install plug-ins

  • For larger businesses and start-ups, Revolut Pay has a set of easy-to-integrate plug-in API and SDKs (Software Development Kits) that allows enterprises to go live in a matter of days

  • Option to incentivise customers with cashback on their purchases

Revolut Business is a borderless financial superapp for businesses – rapidly improving how start-ups, scale-ups, and large-scale businesses accept and make payments, control spending and empower their teams. Our mission is to help companies do business globally, from day one, from anywhere. Launched in 2017, today hundreds of thousands of businesses rely on Revolut Business as their platform for growth. revolut.com/business

Review of the Mobiletrader Application From Major Financial Broker Roboforex

Every experienced trader knows that time is the most valuable resource in this business. It is very important to be able to track any fluctuations and make transactions at any time. Mobile applications such as MobileTrader: Online Trading are an easy solution to this problem. In this article, we will analyze how convenient this application is and whether it will help you in your work.

Availability to Users

Before you can start interacting with any application, you need to install it on your device. MobileTrader: Online Trading has no problem with this, as it is publicly available on Google Play and offers free downloads. So you can access the market in just a couple of minutes, which is all it takes to install and sign up for the app.

Convenience First

The applications focus on a wide range of users is evidenced by its interface. It was developed by a specialized team of designers and mobile application developers. As a result, the application has an intuitive and simple interface. This makes a new user possible to adapt to the system in a matter of minutes.

Variety of Possibilities

MobileTrader: Online Trading will be a great choice for those who want to cover several areas of trading at once. The app allows you to exchange currencies, trade stocks, invest, and much more at the same time. In addition, you can try demo trading through the app, where you can test your tactics and assumptions.

Useful Tools
A user-friendly platform should have tools that will help the trader in his business. This applies to MobileTrader: Online Trading. Through this application on your phone you will have:
 Many charts are updated in real time
 Fourteen trading indicators
 Tools for chart analysis
 Open news portal

Security
Trading is built entirely on finances and their flow. That’s why every user worries about the safety of their account. With MobileTrader: Online Trading you have full control over your account in the app. You can perform any operations with it at any time, as well as view the history of its manipulations.

How can we use technology to improve our financial performance?

We live in a technology era. As time goes by technological advancements provide humans with a plethora of advantages. Nowadays in the global financial markets, including Forex and stock markets, people use technologies to get the most out of their trading process. Financial markets are becoming more open, accessible, inclusive, and efficient as a result of digital disruption. Regulators also benefit from this information since it provides a clearer picture of the risks that participants generally accept.

The forex market has been profoundly altered by technological advancements and forex traders must adapt or risk being left behind. Tech-related challenges for forex traders are examined in this piece, along with how tech-savvy traders might benefit from these challenges.

The fact that technology is always changing means that people have access to greater opportunities. With better and quicker internet connections, better trading platforms, and more sophisticated software available to the public, forex trading has never been simpler. In this article, we’ll provide you with information on how technologies can be used for making our financial performance more efficient.

How technologies affect the financial markets

In the finance world, there are various ways in which technology is changing things, from automating long-term activities to creating a completely new monetary system known as cryptocurrency.

Investment in the stock market is now more accessible than it’s ever been. Fintech startups like Robinhood are making a splash by providing commission-free stock and other asset trading through smartphone applications. As a result, a large number of new investors signed up for the Robinhood app to participate in the pandemic’s stock market, only to lose money when GameStop’s stock price collapsed.

By using AI and predictive intelligence, consumers and financial professionals may make better-informed judgments about cash flow. The advent of digital systems, as written on the page of Axiory.com, has made previously unavailable data sets readily accessible. When it comes to data-backed prediction judgments, these systems and algorithms provide a neutral, impartial forecast based on the facts.

Companies have access to a new world of possibility because of technology, which eliminates waste and streamlines procedures. For example, mobile banking applications allow clients to access their financial information while on the move, eliminating the need to visit a physical branch and freeing up staff time to concentrate on other customer requirements.

COVID-19 “further boosted the already exponential growth of fintech applications in 2020,” according to the Mobile Finance Report 2020, a worldwide standard for banking, payment, and investing apps. To put it another way, if you want to keep track of your money, chances are there’s an app for it. Financial technology start-ups are receiving investment from venture capital firms, many of which promise to simplify and make financial services more accessible to the general public.

The forex market and forex traders are being transformed by new technology. Using a smartphone app, you may trade forex from the comfort of your own home or on the road. This may have boosted the number of forex brokers. All you need now is an internet connection!

Data, data analysis and decision-making go hand in hand with technology. Using technology to gather data has profoundly changed the financial environment.

How traders use technology to become more successful

When it comes to financial markets, many technologies can be used to make your trading process more efficient. There’s no denying that the foreign exchange market has changed dramatically in the twenty-first century. Internet and electronic devices have had a significant influence. With modern technology like “point ‘n click” algorithmic forex trading systems are providing an easy-to-use interface to execute transactions without the need for human participation. As a result, it’s easy to observe how contemporary technology influences the judgments and strategies of forex traders and you can use a fintech software development company 

Currently,brokers are using fiber-optic connections and are putting up their computers in the same data centers as liquidity providers to maximize bandwidth. Another advantage of direct market access is that it eliminates the need for dealing desk involvement, allowing for faster execution of deals without the need for a delay due to market makers’ checks.

Traders who can anticipate market shifts have the greatest advantage. Traders may now benefit from predictive analytics thanks to artificial intelligence-backed solutions. Moreover, trading strategies may now be formed based on data that robots can provide, rather than wasting time hunting for patterns and trends. Artificial intelligence (AI) in foreign currency trading has led to the development of more effective trading strategies that have the potential to generate higher profits.

You may use forex arbitrage software to assist you to find the greatest trading chances in the currency markets. Additionally, forecasters may utilize the daily and weekly data on key currencies and commodities, as well as macroeconomic factors like the Growth of GDP and inflation, to make educated selections when investing in foreign currency assets.

New research reveals Ireland is leading the way in digital banking

Circumstances over the past two years have accelerated the drive towards digital services across all industries, from financial services to the public sector. But despite a greater number of online interactions, Irish consumers are still not sold on the benefits of digital IDs, according to newly published research of over 12,000 consumers, including 1,000 in Ireland, from Okta and Statista.

Almost three-quarters (72%) of those in Ireland feel their data wouldn’t be protected in a digital ID, more so than their British counterparts (58%), while nearly half (48%) would prefer a physical ID to a digital one.

However, digital scepticism is not rife in all areas. More than two-fifths (42%)of Irish citizens trust their government’s digital services, such as government websites and log-in portals for public sector services, far more than in Germany (32%), the UK (33%) and France (37%). Ireland is also most supportive of government-led vaccine passport technology in comparison to other countries, with two-thirds (66%) in favour of this, while the UK (51%) is one of the least supportive nations.

When it comes to data regulations, Irish citizens are more supportive of GDPR (69%), the EU’s data protection and privacy law, than any country surveyed. Four-fifths (79%) say that this is because they feel that governments, states and institutions should be responsible for data privacy initiatives.

“Despite confusion over the benefits of digital IDs, the vast majority of Irish consumers feel that the state should be responsible for data initiatives, which highlights a big disconnect between the two,” comments Ian Lowe, Head of Industry Solutions EMEA at Okta. “Clearly, if digital IDs are to be rolled out more broadly across Ireland, more work needs to be done to educate and communicate the benefits this could provide – from convenience to ease of use, to better security through a centralised, standardised and compliant approach. With data the largest concern around this, technology like customer identity and access management (CIAM) allows individuals to control what organisations know about them and how their data is used, whilst ensuring it is kept in one safe, secure place.”

Pioneering digital banking

Irish consumers are leading the way when it comes to digital banking, with two in five (40%) currently holding an account with a digital challenger bank, such as Monzo, Starling or Revolut, rising to half (50%) of those aged 18-29. This is more than double of most other European countries, including the Netherlands (6%), Spain (13%) and the UK (17%).

Many prefer the ease of banking or making financial transactions online (54%), and the convenience of not having to visit a physical bank branch (53%).

Three-quarters (75%) also admit to interacting with financial services and banks more digitally than physically over the past year – some (42%) because the pandemic made it inevitable, and others (33%) because they found it more convenient. As a result, a third (32%) are more trusting of digital financial services.

“Ireland shows the biggest uptake of digital banking, but interestingly, some of the highest hesitance when it comes to the adoption of digital IDs,” adds Lowe. “It’s evident that Irish citizens see the benefits of digital financial services; they regard it as easier and more convenient. By following the examples set by challenger banks, and establishing digital IDs in a similar manner, Ireland could emerge as Europe’s leader in the rollout of digital services. But in order to make this successful, trust is imperative. Governments and organisations have a key role to play in demonstrating the privacy and safety of these initiatives in order to win over the trust of the public and pioneer the move towards digitisation.”

Learn more about the recently launched Okta Ireland and how Okta is growing in Dublin here.

Things you should consider before buying mining hardware

Cryptocurrency has become one of the unique trading assets in the global digital market. Today, most investors and commoners want to invest their money in cryptocurrency in the hope of enormous profit. Numerous people made millions of dollars by investing in popular cryptocurrencies like BTC and ETH. The virtual currency sector’s popularity is increasing internationally because of its numerous use cases. Visit website to obtain specific details about mining hardware. 

Furthermore, cryptocurrency offers decentralized networks to their users where no third party can get involved. You can also use these virtual tokens as a medium of exchange in return for numerous services and goods. Many merchants across the international borders accept BTC for offering their services because it is one of the most secured networks in which there is no fear of theft. Investors are also using BTC for trading, mining, etc. It is a fact that you can generate the new crypto token in circulation through mining. 

Mining will not work in the case of every crypto-token, but some of them developed on the blockchain can be generated. For mining, you must purchase sophisticated machinery and software that are truly expensive. Digital platforms offer a wide variety of ASIC or mining rigs to miners, and you can choose any of them by focusing on your budget. The below-mentioned portion will discuss some factors that can help you choose the most efficient mining hardware. 

Price of hardware

Price is the most prominent factor you should consider while choosing mining hardware. It is a fact that the price of mining hardware is directly related to its effectiveness, and it will lead to providing more power for solving complicated problems. Hardware or computer power plays a significant role in mining, and high-powered hardware increases the chances of creating a new block by finding a hash. 

Regardless of its efficiency, you should focus on your pocket and purchase mining hardware you can easily afford. A tremendous amount of power is required to decode complicated math problems, and a powerful computer will make your work easy. Furthermore, as the competition in the mining field is inclining, finding a new hash is getting more and more difficult. Therefore, once you make your pocket tight while buying mining hardware, you can make more money through mining. 

Productivity

You can also choose mining hardware based on its productivity. You might know that high productivity leads to more electric power, which can be expensive. If you are in shortage of resources, you should use only that hardware that can help you save energy. So, you can continue mining for an extended period with the same efficiency. As you will generate more cash, you can increase the use of power to make more money. 

Generation of hash power

If you know a bit about BTC mining, you might be familiar with ‘hash power.’ It refers to the ability or power of mining hardware, which shows whether it can solve complicated math problems. Reaching the required hash power level is necessary to create a new block and verify it in the blockchain. 

So, you are required to choose that hardware that has the potential to generate the necessary amount of hash power, but not everyone can afford it. To overcome this complication, you can join a mining pool that can help you in mining with limited resources. A mining pool refers to a group of miners with a similar goal of creating a new block. 

Every mining pool member combines their resources, which makes mining pretty affordable. Yes, it will decrease the per head amount of reward, but it offers you affordability. The amount of minted BTC will get distributed similarly in which resources are combined. Some of the most popular mining ASICs are mentioned below. 

Antminer S5

Developers of Beijing developed this technology using advanced mining technology, which is worth your money. But, on the other hand, Antminer S5 will consume a minimal amount of electricity, approximately 115 voltage power. 

Antminer S7

Antminer S7 is one of the most efficient Chinese mining hardware, which offers you the facility to modify the amount of power supply while mining. In addition, a cooling chamber is pre-fixed in this hardware which can prevent the overheating problem.   

Why Is Crypto Education Important For Effective Trading?

Developers introduced the technological concept of cryptocurrency in 2009 through the formation of BTC. Initially, some people were aware of the potential of these digital tokens. According to developers, the foremost motive of building a digital and decentralized currency network is to use it as a medium for daily transactions. Due to its decentralized network, anyone can access this monetary system from any point across the world without any interference from the government. For effective trading, you should go for Bitcoinx.

The development of cryptocurrency leads to building a unique branch of the digital market that you can use for many different purposes. The crypto market offers you trading opportunities and uses them as a cryptographic asset. People are generating a tremendous profit by crypto trading in these virtual currencies, which don’t have physical existence. Because of its highly volatile nature, you can also change for the short term in the crypto trading market. 

You will be able to make a significant profit by taking the benefit of short-term fluctuation in the value of cryptocurrency. However, firstly, you should learn about the concept before investing your money because it involves significant risk. Today, plenty of platforms are offering crypto education which can help you in the best way to make a profit through crypto.       

Solution of existing financial system’s problem 

As mentioned before, the concept decentralized cryptocurrency network was invented by developers to fix the centralized economy of fiat currency at the global level. This concept of cryptocurrency is based on blockchain technology, which is one of the most secured networks in which data is stored within the computer network. In addition, a virtual currency offers tons of unique features, which makes it far better than the traditional banking system. 

Some prominent drawbacks of the traditional banking system are slow transaction fees, high commission fees, and lack of privacy. On the other hand, the crypto network will only consume a few of your seconds for validating the transaction is a minimum brokerage fee. Stealing information from a blockchain network is impossible because every transaction will be conducted using a wallet address. It is impossible to track your ID by using your wallet address. 

So, this network provides you privacy with every transaction conducted within the network. According to investors’ opinions, cryptocurrency is the future of the global monetary system.  

Crypto payments are becoming a mainstream payment mechanism. 

As the use of technology increases at the international level, the popularity of cryptocurrency is inclining in every economic sector. As a result, thousands of multinationals and local companies around the globe have successfully adopted this network as their payment mechanism. Plenty of famous companies like Microsoft, KFC and many more accept crypto tokens in return for their services. 

Crypto networks have the potential to develop a decentralized payment mechanism which can be accessed by everyone at any time regardless of their locality. You might wonder that El Salvador has successfully named cryptocurrency as fiat currency, and every merchant in that particular country accepts payment in the form of cryptocurrency. 

Crypto education will help you learn the potential of crypto tokens, which can also help you effectively trade and make more money. Even centralized authorities like the government and banking system know about the decentralized payment network. 

Why invest money in crypto?

Crypto education will also explain why you should invest your surplus money in this market. According to the developers, investing cash in the crypto market is genuinely advantageous because of its potential at the global level. In addition, some international traders consider cryptocurrency one of the most prominent and influential ways of making international transactions because of its decentralized network. 

With a decentralized network, any country’s central authority cannot raise any conflict regarding crypto transactions. The volatility of cryptocurrency in terms of value can help you generate a significant profit with short-term trading, also known as day trading. Day trading will prevent you from the extra cost of holding investment because you will buy or sell the asset within a day. So, there will be no overnight holding charge in this type of trading. With the help of crypt education, you will understand and analyze the market chart, which will yield fruitful results in your future crypto investments.