Fintech Today curates the latest news and trends in the financial technology industry. In this roundup, we’re covering the latest news surrounding paytech including the launch of RingPay, the increasing demand for hospitality tech, and the possibility of a revamped, as well as upgraded and streamlined, Paycheck Protection Program (PPP).
RINGPAY MAKES PAYMENTS FAST, SECURE, AND INVISIBLE WITH WEARABLE TECHNOLOGY
Pioneers in wearable banking technology, McLEAR, recently announced the launch of RingPay. “The payment wearable is packed with new features and exclusive benefits, including; RingPay Rewards, RingPay+ and RingPay Giving. RingPay makes payments fast, secure, and invisible. Users can make contactless payments and top up their ring by adding their preferred credit or debit card onto the RingPay app. The app allows users to track their spending in real-time, control their budgets, set automatic top-ups, respect physical distancing guidelines, and in case of loss, instantly freeze their Ring.”
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MOBILE ORDERING AND PAYMENT TECHNOLOGY TAKES OFF FOR RESTAURANTS
Traditionally, restaurants have lagged behind other facets of hospitality including airline and retail sectors. But, as a result of today’s public healthcare crisis, this is changing. “Then came the Coronavirus pandemic and the immediate need for reduced interaction between waiting staff and guests, for minimal contact with menus and for customer details to be taken for the purpose of track and trace and mobile and ordering technology, was suddenly pushed to the forefront of restaurateurs’ minds. And with it came the unlikely return of the QR code. ‘The pandemic has completely propelled the demand for new hospitality tech,’ says David Bull, senior marketing executive at mobile order and payment solution Yoello. ‘Before the pandemic, the sector was just starting to look ahead to digital innovations such as mobile ordering to improve efficiency and the customer experience.”
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A MORE SEAMLESS AND UPGRADED PPP MAY BE COMING SOON
A revamped PPP may be on the horizon for small businesses. And, ultimately what will be needed to deliver a successful program the second time around are upgraded digital solutions. “Moving toward digital processes helps to better organize, ingest, and streamline information,” explained Jack Leach, commercial banking practice leader at Cognizant. “This doesn’t necessarily mean eliminating all traditional and manual processes, but digitization is critical as both banks and businesses work to navigate, another PPP process and effectively compete in the post-COVID-19 environment.’ Post-pandemic, the need for modernization – which comes as result of upgraded digital solutions – to benefit workflows and the customer experience will remain of the utmost importance.”
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