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PayPal
In 1998, PayPal came online and instantly gain a status as an end-user friendly money transfer service. Today, you can pay bills, send money or even receive money using their system. All of which can be tied directly into your checking or savings account. All transactions are real-time and the company strives to improve their services each year. The security of PayPal ensures your critical information is always protected. -
Mobile Point of Sale Devices
Companies started investing in ways to make sales and banking more mobile and convenient for their customers, especially smaller businesses. This allowed the businesses from pizza delivery to even the Girl Scouts of America to conduct digital transactions with customers that allowed the profits to be placed directly into their account. Today, many businesses offer these services as a convenient way for their customers to pay without sacrificing profits. -
Facial Recognition Technology
In 2011, the government designed and implemented the first facial recognition systems. The banking community integrated these systems shortly after to enhance customer security and to better help detect potential threats. Today, banking institutions now utilize 360-degree cameras in conjunction with their facial recognition technology. -
iPhone & Apple Pay
Even though the iPhone was first introduced in 2007 as a marvel of innovation by Steve Jobs, Apple did not get involved with mobile payments will the creation of Apple Pay in 2014. This allowed payments to be used at most locations using the encrypted payment card information of the end-user. -
EMV Chip Shift
Since the introduction of the EMV chips in 2015, banking has never been more secure. When critical customer information is transmitted, the chip ensures the data is encrypted and tokenized. Security will always need to be enhanced as technology grows and more payment methods become integrated.
