Artificial Intelligence makes cashless payments seamless and simple.
Undoubtedly, artificial intelligence has turned out to be the backbone of the Fintech revolution. From the high yielding ROI to an added hand at cybersecurity and judging fraudulent activities before they happen, AI has multi-faceted uses that is helping fintech grow exponentially.
While traditional banks always relied on looking at the credit score of an individual before approving a credit transaction, Artificial Intelligence has enabled a more strengthened and trustworthy 360 degree credibility evaluation system which helps the financial institutions and banks take better decisions. Besides, the disruption of AI in Fintech has been a blessing for small entrepreneurs and business because they too can secure their loans faster leading to a boost in the start-up economy and overall economic growth for the country.
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2020 has already assumed and observed a strong relationship between Artificial Intelligence and Fintech and as we are on the threshold of 2021, we can anticipate this relationship to unfold much more opportunities. Digital banking, cashless payments etc. have made the lives of the businesses as well as the laymen easy. Let us look at the top AI powered Fintech platforms enabling cashless payments globally.
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Stripe
Stripe is a popular Fintech platform for start-ups and Fortunate 500 companies alike. The app is available for free. The companies are charged only when they transfer or receive the payment. Stripe allows a seamless payment flow through all the major debit and credit cards across desktop and mobile platforms. Users can customize their own checkout.
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PayPal
Besides digital goods, PayPal is also used for online donations, education payment processing and political fundraising. PayPal is a good payment platform for cashless transactions and it is a good pick for personal as well as business payments. PayPal is being used in more than 200 markets and by millions of websites.
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Square
Square is used for all kinds of cashless transactions along with point of sale transactions. The company’s AI tool, Square Reader, helps companies accept payments with the help of a mobile credit card processor. There is no need to maintain any traditional point of sale system and thus, it helps businesses to set-up fee-less transaction service.
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Aero Pay
Aero Pay is popular because it can save credit card processing fees for businesses. All the customer needs to do is to buy a coffee or a shirt and sync their bank account with Aero Pay app. The app will automatically connect the customer with the particular store.
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Circle
Located in Boston, Circle was initiated for exchanging payments between friends. Later it became one of the popular crypto investment and trading platforms and today, it is available in 29 countries and allows individuals to exchange their dollars, Euros, and British pounds in a jiffy.
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Remitly
Remitly is a well-known Fintech platform designed to ease international money transfers and payments. The Remitly users are enjoying the app’s tracking capabilities of sending money online. They have more choices for price and speed of transfers. Remitly has its tie-ups with thousands of global banks and cash pick up partners.
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Yapstone
It is a dedicated payment platform for businesses and it simplifies international transfers for specific niche purposes. Along with streamlining the cashless payments, Yapstone powers many leading marketplaces such as HomeAway, RentPath and Evolve Vacation Rental Network. It offers features like better margins; customized payment flows with an increased revenue.
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Q2EBanking
It builds Fintech platforms for credit unions as well as banks. It offers precise and personalized platforms with the help of which banks can accept loans and credit card payments easily. Additionally, the company utilizes its analytics dashboard that further helps the banks to know about their users payment habits.
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Headnote
A popular Fintech platform for the legal industry where the lawyers and attorneys can accept payments from credit cards, eCheck and more easily. Headnote too is featured with an analytics dashboard that helps the law firms to automate their payments and understand the accounts receivable. It is observed that the firms using Headnote get paid 70% faster than the ones who do not.
Every country today, loves the idea of making their economy completely cashless. Not only does this help in reducing cash frauds, but it also eases out payment challenges.
