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The world of banking has experienced drastic changes, especially in the past several years. The internet has opened new doors of opportunity that have both consumers and retailers excited. Of course, there will always be customers who prefer to handle financial issues in person, but today, an increasing number of people enjoy the benefits that go hand in hand with online payments and banking.
All someone has to do is look at the changes that have already occurred to see that more are to come. With growing consumer and retailer demand, fintech solutions will keep pushing forward. In particular, more reliable and robust strategies allow for better online banking and payment experiences for both consumers and retailers.
However, there are many additional changes coming in the near future, which include the following.
Advanced Mobile Payment Options
Of all the changes seen so far, mobile payment options are without question the biggest and most impressive. As a perfect example, a unique program launched by MasterCard uses advanced biometric authentication. In lieu of numeric and letter passwords, an individual uses a selfie as a way of gaining access to online accounts.
Beyond selfies, MasterCard is exploring a number of other options. This includes things like cardiac rhythm, facial identification, and voice recognition. Regardless of new strategies implemented, the goal is to ensure that consumers, as well as retailers, have a safer and easier experience when conducting banking and making payments online.
Already, several options for mobile payments exist. One is a mobile app that allows consumers to purchase items from a specific merchant. As a secure app, data are only stored on the user’s device, meaning that at no time are data stored on the merchant’s device.
Benefits of Mobile Wallets
From the time of introduction, mobile wallets have had a positive impact on the world of banking. For instance, monitoring and tracking customers’ behavior is something that retailers can do. This gives them a huge advantage for making necessary modifications regarding the types of products and services that they offer.
At the same time, mobile wallets are extremely beneficial for consumers. Many experts believe that this payment solution will drive more people to physical stores for in-person shopping. Not only does that improve store sales, it generates a greater amount of revenue for businesses.
Apple was the primary company offering mobile wallets in 2014, but a year later, others followed, including Samsung and Google. Soon, Chase, Amazon, Walmart, and a host of other companies launched their own mobile wallets. This eventually trickled down to social media sites, like Facebook, that started providing customers with unique payment options for purchasing goods online and sending money.
As the number of changes increased, experts started paying more attention. Based on the newly discovered insight, they now predict that a volume of $500 billion for in-store mobile payments will be reached by 2020. Another prediction is that growth specific to making payments online will reach beyond what was initially envisioned. The fact is that rather than carry cash, more consumers prefer to use their cards and smart devices.
Streamlined Digital Remittances
Sending money around the world has never been easier thanks to digital remittances. Xoom, along with other startups, has shown a tremendous amount of interest in this online payment option. Founded in 2001, this San Francisco-based company has grown so much that it now ranks bigger than MoneyGram, which is quite a feat.
Alternative Peer-to-Peer Lending
Peer-to-peer lending is another change that continues to make an impact on the world of banking. Having achieved huge growth, this lending solution allows people to bypass traditional lenders and go with an alternative solution, one that offers lower interest rates. With such great potential, this is something that a number of innovators are involved with. For instance, Lending Club has originated loans worth more than $20 million since first being founded.
Great Potential with Blockchain Technology
Cryptocurrency and blockchain technology present great potential for both online banking and payments, with many people believing that tokenization will have the greatest impact on the financial sector.
Several startups, including Movile, recognize the value of the blockchain technology. For that reason, they are tapping into its potential. This is done by incorporating bitcoin. Along with allowing in-game purchases, this provides a mobile payment solution that is already used in several developing countries like Brazil.
According to supporters, blockchain technology is not only trustworthy but also completely transparent. Overall, this technology helps streamline the process of making payments online.
Impact on the Retail Industry
Something else of importance to the banking world is that beacons, big data, and sensors are expected to make some major waves for retail companies. With these three options, retailers have a better method for reaching targeted customers using customization in the form of coupons, promotions, and flash sales. For both consumers and retailers, a nice benefit is that these options make finalizing purchases ahead of time a reality.
Transferring with P2P
For a long time, PayPal has been the payment industry leader. However, with new opportunities on the horizon, there is a good chance that various startups will give this giant some serious competition. For example, Ozan.com is a company that offers a line of online financial products. Even better, this company does not impose transaction fees. Venmo is also a viable option for P2P transfers.
Sometime in the near future, many more changes to the banking industry will join those already implemented. As a result, online banking, as well as online payments, will be better for consumers and retailers alike. At the top of the list of concerns is safety. Therefore, cutting-edge security will always be the main focus. However, increasing the speed of transactions is also important since it improves the overall shopping experience.
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When it comes to getting a great deal on a new or used car the best way to buy these days is online. Yet, how do you know which websites are the best sites to grab a great car deal? The best site will offer you comprehensive information on everything you need to know to buy, sell or trade a car. You’ll get all the trending advice on cars and car seat safety checks, as well as a handy app to get up to date pricing information and price drop alerts. When buying a car online you’ll want to arm yourself with the best website that helps you invest in what’s best for you and your family.
Learn How To Invest In A Car That Is Best For You
One of the best ways to buy a car online is to learn how to invest in a car that is best for you and your budget. Reading the blogs and expert knowledge on Cars.com can help you make great car buying decisions. For instance, their Car Seat Safety Checks help you learn which cars best fit car seats and offer optimum safety for kids: https://www.cars.com/news/car-seat-check/. You can find even more information on Cars.com to help you arm yourself with budget buying power. Things like videos and reviews, as well as a multi-car comparison tool that helps you put the models you like side-by-side to decide.
Download The Ultimate Car Buying App
Next, download the ultimate car buying app from Cars.com and take your budget buying power on the go. Cars.com helps you do more at the dealership when you download the app. You can scan the VIN number on any car and get pricing information right in the palm of your hand. The best part: when you use the app to scan a VIN and aren’t happy with the price, you can opt in for push notifications that tell you when the price on the car you love drops. That way you aren’t pressured to buy when it the price isn’t in your budget.
Be More Proactive With Your Car Knowledge
Learning about the true value of cars can really help you get a great deal when buying online. When you go to trade in your current car you also won’t get any hassle from a dealership, especially when you use the Cars.com app to sell your car. You can sell as fast as in one day with the Quick Offer app. You’ll even be able to compare up to four offers at a time from various dealers for your car. Of course, you don’t have to use the app. Cars.com can help you sell or trade online and even create a listing. That way you get the best value for your current car, so you can get a great deal on your next car.
Learn About Service & Repair
Cars.com doesn’t stop supporting you once you drive your new or used car home. They go the extra mile and help you maintain your car for years to come. One of the best tools they offer is their service and repair advice. You can maintain your car with ease by also searching for recalls and notices on your vehicle. If you’re looking for a reputable service station, Cars.com will also help you find one nearby with a fair price guarantee. So, you know you’ll always get a great deal for years to come with Cars.com.
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For decades, debates across the entire United States have raged on the issue of gambling. From nuanced changes in federal law to local initiatives, many people have advocated for the construction of new casinos and a liberalization of gambling laws in hundreds of jurisdictions. Throughout these debates, both sides have made allies that make for strange bedfellows in the lobbying process.
Online casinos are an entirely different animal and their rise has only appeared in the last 20 years or so. Many people who support gambling at-large argue that the reported issues with physical casinos are not present in online gambling and therefore these entities should be allowed.
We’ll take a look at some of the arguments and try to make heads or tails of the situation surrounding online casinos.
The Current Landscape
At the federal level, there is no actual legislation that prohibits online gambling. However, not every state has laws on the books that allow for online casinos to operate in their states. In fact, only a handful of states allow online casinos specifically: Delaware, Nevada, New Jersey (and the U.S. Virgin Islands).
Multiple other states have introduced bills in recent years that would change that, but none have thus far moved beyond committee and ultimately passed their state legislatures. These states include California, Mississippi, New York and Pennsylvania, among others.
With that being said, online gambling is common among players in all 50 states. This is because prosecution against online casino players is rare. At present, the major risk falls on the heads of those operating the casinos. However, we do not recommend you break the law if you’re not in a state that allows online gambling (click here for tips for where play is legal).
Arguments against Online Gambling
There are many persuasive arguments out there against the proliferation of online gambling.
One of the most common relates to how gambling is an addiction for many who do it. While physical casinos require you to travel and be on-site to gamble, online casinos can be accessed from virtually anywhere. This means that those without impulse control can more easily satiate their addictions and lose even larger sums of money.
Another argument against online gambling is based on who is likely to gamble. For the most part, poor and working-class people disproportionately engage in state-sanctioned forms of gambling like the lottery. Advocates against gambling say that making online gambling easier than buying a scratch-off ticket will only further fuel a trend of redistributing money from the poor to the wealthy.
Arguments for Online Gambling
Many individuals in both the business community and government have argued for liberalization of online gambling laws.
One popular justification is the added tax revenue each online gambling website can produce. Rather than outlaw the practice, states that legalize it can then tax the proceeds – in some cases, above and beyond that of a normal business – and use that money to fund public services (or just reduce tax burdens elsewhere).
Another argument relates to the logistics of the status quo: state governments (as already mentioned) cannot prohibit nor police end-users and keep them from gambling. While they may be able to keep casinos from operating in their states, those who wish to gamble will just do so anyway via online casinos in other states or countries.
Depending on who you ask, there are multiple arguments for and against legalizing casinos in all states. From business concerns to issues of morality, much debate has occurred and will continue as more states begin to look at their options.
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