The Raise of Digital Payments

Digital payments are an increasingly expanded modality in the world market, and during the mandatory quarantine days due to the covid-19 pandemic, they have seen accelerated growth, mainly driven by online commerce.

That means that more and more people are getting used to making their purchases and activities through digital payments, a field that makes use of technological advances to expand the possibilities of businesses and consumers.

Below, FinTech executive Ferhan Patel, lists some of the trends that are already taking the market.

The use of QR codes has advanced notably in recent years from different areas, and the case of commerce is no exception, as indicated by Canadian entrepreneur Ferhan Patel.

“Users see digital payments as an easy, safe, comfortable and agile option to carry out their transactions. In this paradigm shift, the average consumer has been taking giant steps and we are surprised to see how each month surpasses the previous one in terms of electronic transactions, QR codes being one of the most used options”, says Ferhan Patel.

One of the things that stands out about the payment of QR codes is the simplicity with which it can be done, at the same time in which it dispenses with the use of dataphones and reduces the steps to make the transaction.

For its use, the user must download the application, scan the code and choose which payment method, whether it is a debit or credit card.

“What businesses must do is register on the platform and it generates a code for their products, which is printed to locate it on the premises. This is a good substitute for what a dataphone is, everything is done by cell phone ”, Patel details.

Another modality that is growing with great momentum is the use of applications, either from the banking entities in which the account is held or from a ‘fintech’, to make transactions, deposits, payments of services, among others. It's a fast, reliable, and secure way for people to identify themselves or authorize a transaction while moving smoothly through the day.

“It involves bringing the client's virtual card to the establishment's cell phone and then the application does everything, the transaction is authorized and then a 'bauche' arrives at the store, with the confirmation of the sale and another to the client with their purchase. This allows physical contact to be reduced and biosafety standards are met "says Mr.Patel.

Cell phones have become the main tool used to bring digital payments closer to users, but in the long term, there are initiatives that go further.

“There are other trends globally exploring fingerprint or retina scan payments. They are technologies that are being tested and show that anything is possible. The human being is very creative and later on we will see things that we haven’t even dreamt of”, Ferhan Patel details.

5G Television

One of the advantages of 5G is that its antennas can carry a speed equivalent to a fiber line. Fintech professional Ferhan Patel indicates that if this is applied to the rural Internet, the benefits are obvious. There are small populations in the rural areas, with a higher density of inhabitants where it is very expensive to install a fiber cable. However, the costs are drastically reduced with the new connectivity, as it is enough to place base stations to cover wide areas.

According to Ferhan Patel, one of the applications that will benefit from the improvement of the rural Internet thanks to 5G will be television. Television content can be served over the new telecommunications network. This network has enough transmission capacity to do it and the latency is minimal, so it will not be noticeable on the screen.

“5G is very capable of providing television services. What’s more, it also has the advantage of trying to make its coverage as wide as possible, due to its potential as an economic stimulus. Hence, in places where now the DTT signal does not reach quite well, the new telecommunications network could do so,” says Ferhan Patel.

A more robust rural Internet

As shared by Patel, 5G can cover several populations with a single antenna, always depending on the distance they are from each other. And the fiber optic only has to reach this antenna. With this scheme it is possible to provide coverage, not only to mobile devices, but also to homes.

5G provides more speed, while reducing latency by between 1 and 5 milliseconds. Its specifications make it suitable for a wide range of Internet services, including video (even the heaviest such as 360-degree images) or live television. Another of the aspects that will be favored will be the activity in industrial estates. Factories and warehouses will be able to improve their systems thanks to the new connectivity.

Television, one of the applications of rural 5G

Among the possibilities being considered for the rural Internet strengthened by 5G are television services.

One of the most prominent benefits of rural internet with 5G may be its ability to deliver an ultra-high resolution television picture. For now the best resolution found in DTT is full HD, which offers 1920 × 1080 pixels. According to the Fintech profesional, Ferhan Patel, with the new connectivity, 4K (3840 × 2160 pixels) could be reached.

The benefits of broadcasting

5G will not only benefit viewers. The experienced Fintech professional claims that the recording and retransmission of the images can also be facilitated. Television crews that record live will not need equipment like they use now. 5G chips allow a simplification of technical resources, with its consequent cost savings.

Covering a sporting event or going to a remote location to record a newscast involves the deployment of mobile units. Sometimes even a satellite transponder is needed to send the video signal. At the same time, the cameras that record have several SIM cards, to multiply the possibilities that the transmission is carried out correctly. All of this will be minimized with 5G. 

Find more articles about Fintech on Ferhan Patel's website.