Development of the Fintech industry in 2022

The industry of modern financial technologies is gaining strength every year and its development is extremely dynamic. More and more new solutions are used every day and the range of available options is increasing. Today it is possible to make purchases without having your traditional wallet in the pocket of your jeans, smartphone or even a watch on your wrist, and this is just the beginning of the advantages offered by manufacturers of intelligent implants.

The COVID-19 pandemic has shown us, that safe solutions that improve comfort of quick payments are a great opportunity for the financial industry, and even a necessity. This is due to the changing needs of consumers, for whom ordinary, personal grocery shopping is no longer the most important thing. It also becomes important how we make these payments, both online and offline. Safety and comfort are the most important elements that the industry will have to deal with in 2022 in order to continue to effectively meet the needs of its customers and successfully acquire new ones. Filling the gap in the field of mobile contactless payments is an important element in the coming months. Already today, many grocery chains are developing modern formats of self-service, autonomous stores, in so-called modern convenience formats. In their operation, paper money or coins will be limited or even impossible. This is a field for Fintechs to show off. And thanks to innovative and unconventional solutions, banks can offer their clients (both ordinary consumers and franchise networks) products and services tailored to the changing reality.

For many contactless payment users, comfort is the most important element that determines the final choice of the solution they use. Along with the ease of use, new technologies, such as implants for contactless payments, also bring huge time savings and greater control over personal finances. The period in which only access to the mobile application of the selected bank was important for customers is slowly passing and it is replaced by solutions from the highest technological shelf.

The digitization process of the Fintech industry has been significantly accelerated, which brings many opportunities and challenges. The undoubted challenge will be to minimize cash transactions through which (among other things) the potential spread of the COVID-19 virus occurs.

The possibilities offered by new technologies will certainly allow for the development of various branches of the economy and everyday life. At this point, one of the most common problems is collecting more and more data in one, accessible and secure place. In such a place one could easily add information about necessary vaccinations, diseases or various contraindications regarding medications.

- All information that we want to share with appropriate, safe medical or banking institutions can be stored in implants installed just under the skin. When we have such an application, we are just a step away from keeping a lot of different information on such an implant, such as health data, COVID passport, lists of past diseases, contraindications for taking some medications or food - says Wojciech Paprota, founder of Walletmor Ltd. The popularity of technologies developing the financial sector is increasing, and the coming year will certainly help in the standardization of such solutions, not only among a limited number of technology enthusiasts, but also among a much wider group of users.