✍Aenco Academy #21 What is Paytech?
𝐸𝒹𝓊𝒸𝒶𝓉𝒾𝑜𝓃𝒶𝓁 𝑒𝓈𝓈𝒶𝓎𝓈 𝓈𝓊𝓈𝓉𝒶𝒾𝓃𝒾𝓃𝑔 𝓉𝒽𝑒 𝒜𝑒𝓃𝒸𝑜 𝒞𝑜𝓂𝓂𝓊𝓃𝒾𝓉𝓎 𝒶𝓃𝒹 𝐸𝒸𝑜𝓈𝓎𝓈𝓉𝑒𝓂
During the covid-19 situation, the prevailing ‘work from home’ policy has rendered many resorting to online shopping — from daily necessities to garments and electronic gadgets. Universally acknowledged is the thriving development of cashless shopping on the Internet amid the pandemic. We can sift through the bulk of commodities, just by a few clicks to set the filter, pay the amount and then sit and wait comfortably. You start to forget how good the leather of your wallet feels, because for the last couple months all these have been done without touching it, except when you forget your credit card number.
𝓣𝓱𝓮𝓸𝓻𝔂
The convenience of e-commerce attributes to the different parts in its ecosystem, one of them is ‘paytech’. Payment technology, or ‘paytech’ is a broad term which refers to methods enabling the transfer of value in an electronic manner with technology.
Tech-savvy as they sound, we are definitely not new to them: credit card payment, electronic wallet and token systems which are already developed some 15 years ago. 20 years ago, we use SMS and MMS to buy digital commodities like ringtones and wallpaper for our phones. One-Time-Password is still very common for making payment online by credit card. They are safe, convenient, simple and fast.
Then what is it so hyped in ‘paytech’? What are the new features emerged in recent years and eventually, how does it change our life? In this essay, we argue for two main streams of paytech development: digital wallet and mobile payment.
A digital wallet refers to storing payment information by an electronic mean, mostly on your smartphones or laptops. They store credit and debit card information so that you can use them to pay both online and at a brick-and-mortar shop. You can transfer payment in a Peer-To-Peer (P2P) manner like splitting your lunch bill or rent with your friends. Some digital wallets can also hold cash, coupons and loyalty cards, ID card and even transit tickets. As technologies advance, it is gradually replacing our real-life wallet with limited durability and larger chance to be left at home.
As for mobile payment, the emergence of Near Field Communication (NFC) technology enables immediate payment from our phone to the terminal. The payment can be made by pulling the value directly from the credit or debit card instead od the cash balance stored in your digital wallet. Individuals and merchants can also generate QR code to transact. Banks are launching immediate payment system (MPS) and net electronic fund transfer (MEFT) which help customers and merchants to transact securely and conveniently through their websites, applications and devices. Mobile payment nowadays allows payment to be made in a much more efficient and at the same time, secured way.
However, solutions like Apple Pay and Google Pay is blurring the line. Digital wallets with mobile payment functions are not uncommon. Both merchants and individuals are looking for a both safe and simple way to transact, and they cannot be achieved without the incremental but rapid development of smart personal devices. Can we pay for bills without the constraint of them, just by tapping our finger on the terminal device? Let’s wait and see.
𝓒𝓵𝓸𝓼𝓲𝓷𝓰 𝓣𝓱𝓸𝓾𝓰𝓱𝓽𝓼
We know our community has high hopes on the updates being made on the AENX v2.0, and we are working tirelessly to ensure future upgrades can be launched timely and suiting the community’s expectation. As we are launching our AENX v2.0 version soon, we encouraged our potential users to complete the KYC forms not just to enhance account verification, but to enjoy maximum benefits and discounts, too! Stay tuned for more updates, and we will be back next week for a new topic!
𝓕𝓲𝓷𝓭 𝓐𝓮𝓷𝓬𝓸:
✔𝘛𝘦𝘭𝘦𝘨𝘳𝘢𝘮: 𝘵.𝘮𝘦/𝘈𝘦𝘯𝘤𝘰
✔𝘔𝘦𝘥𝘪𝘶𝘮: 𝘮𝘦𝘥𝘪𝘶𝘮.𝘤𝘰𝘮/@𝘢𝘦𝘯𝘤𝘰𝘪𝘯/
✔ 𝘐𝘯𝘴𝘵𝘢𝘨𝘳𝘢𝘮: 𝘪𝘯𝘴𝘵𝘢𝘨𝘳𝘢𝘮.𝘤𝘰𝘮/𝘢𝘦𝘯𝘤𝘰𝘪𝘯/
✔𝘓𝘪𝘯𝘬𝘦𝘥𝘐𝘯: 𝘭𝘪𝘯𝘬𝘦𝘥𝘪𝘯.𝘤𝘰𝘮/𝘤𝘰𝘮𝘱𝘢𝘯𝘺/𝘈𝘦𝘯𝘤𝘰
✔𝘛𝘸𝘪𝘵𝘵𝘦𝘳: 𝘵𝘸𝘪𝘵𝘵𝘦𝘳.𝘤𝘰𝘮/𝘈𝘦𝘯𝘤𝘰𝘪𝘯
✔𝘍𝘢𝘤𝘦𝘣𝘰𝘰𝘬: 𝘧𝘢𝘤𝘦𝘣𝘰𝘰𝘬.𝘤𝘰𝘮/𝘈𝘦𝘯𝘤𝘰𝘪𝘯
✔𝘋𝘪𝘴𝘤𝘰𝘳𝘥: 𝘥𝘪𝘴𝘤𝘰𝘳𝘥.𝘨𝘨/𝘕𝘟𝘱𝘍𝘤𝘒𝘘
✔𝘠𝘰𝘶𝘛𝘶𝘣𝘦: 𝘠𝘰𝘶𝘛𝘶𝘣𝘦.𝘈𝘦𝘯𝘤𝘰𝘪𝘯.𝘤𝘰𝘮
✔𝘝𝘪𝘣𝘦𝘳: 𝘈𝘦𝘯𝘤𝘰 𝘝𝘪𝘦𝘵𝘯𝘢𝘮
✔𝘡𝘢𝘭𝘰: 𝘻𝘢𝘭𝘰.𝘮𝘦/𝘨/𝘷𝘷𝘨𝘭𝘮𝘫886
