Emerging Technology Trends That Could Transform the Way Financial Transactions Occur

Abstract

In this paper, we present the application of new Information and Communications Technology (ICT) trends in the financial industry, focusing on the advancement of value exchange through the use of Near Field Communication (NFC) technology and Mobile Point of Sale (POS) applications. We focus on their current impacts on the changing nature of money, the characteristics that make these recent ICT trends suitable to further influence the changing nature of money, their transactional models of exchange and project their future role as bedrocks for the emerging trends in the financial industry. We also briefly discuss the history of financial transactions, highlighting the different changes in trends that led to the present age and the stimuli that precipitated these changes

Keywords: Financial transactions, Contactless technology, Near field communication (NFC), Mobile point of sale (POS) applications, Electronic payments, Mobile payments, Electronic wallet, Mobile wallet