In a world where payments are evolving as swiftly as technology itself, fintech innovations are at the forefront of revolutionizing the way we pay.
As cash takes a back seat, digital payment methods are driving the future. With blockchain, AI, and biometrics playing pivotal roles, Volt payment solutions are at the forefront. But what exactly is Volt, and how are fintech innovations powering this emerging payment method? Let’s dive in.
What is Volt?
Volt is a payment platform that aims to unify the global payments landscape by creating a seamless, single gateway for transactions worldwide.
Founded by Tom Greenwood, an entrepreneur with significant experience in the financial sector, Volt seeks to dismantle traditional payment barriers in eCommerce through its innovative approach.
The platform’s core technology revolves around open banking payments or account-to-account transactions, eliminating the need for intermediaries and enabling faster real-time payments.
With a mobile-optimized user interface and sophisticated bank search capabilities, Volt ensures a swift and simple checkout process tailored to those who prioritize convenience.
As of now, Volt has successfully integrated with seven networks and covers over 680 million accounts, thanks to its collaborative efforts to enhance API connectivity and develop a proprietary payment orchestration model.
Volt’s commitment to smart route optimization and fraud prevention further positions it as a cost-efficient solution in the rapidly expanding open banking payment sector, predicted to reach $116 billion in value.
Volt is slowly becoming everywhere – in the hands of shoppers and retailers, and now there is a rising number of Volt supported casinogaming sites.
What Is Financial Technology (Fintech)?
Financial technology, often called fintech, is at the heart of a quiet revolution reshaping how you handle your finances.
Imagine the days when banking meant visiting a brick-and-mortar branch. Today, a few taps on your smartphone can perform tasks that used to require in-person visits—thanks to fintech.
Emerging from the back offices of banks in the early 21st century, fintech has moved front and center into our daily lives.
At its core, fintech employs specialized software and algorithms designed to optimize and automate financial services. Whether you’re transferring money between accounts, investing with an online platform, or using cryptocurrencies like Bitcoin, fintech makes these processes more seamless and efficient.
But the reach of fintech doesn’t stop there—it spans sectors like retail banking, education, gambling and even fundraising.
While you may associate fintech most readily with consumer-friendly apps like Venmo or Robinhood, it’s also transforming massive industries such as the trillion-dollar global banking market.
With millions worldwide opting for digital solutions, it’s no surprise that two-thirds of consumers today use at least two fintech services daily, integrating them into the routines that keep personal and professional life running smoothly.
But what are some of the specific ways fintech is powering Volt payment solutions and making it a viable option for online transactions?
Fintech and Volt Payment Solutions
- Account-to-Account Payments (A2A): Seamlessly bridging the gap between sender and recipient, A2A payments allow for instantaneous transfers between bank accounts without relying on traditional payment networks.
- Payments as a Service (PaaS): PaaS allows businesses to outsource components of their payment processing to specialized third-party providers. This system enables companies to rapidly expand their payment capabilities without substantial infrastructure investment.
- Open Data Initiatives: By granting third parties access to specific types of consumer data through open APIs, open data initiatives are paving the way for transparency and personalization in financial services.
- Biometric Payments: Integrating biometric authentication like fingerprints or facial recognition into payment processes brings both enhanced security and user convenience. As mobile devices increasingly incorporate these technologies, biometric payments promise a future where transactions become not only safer but also more intuitive.
- Contactless Payments: Redefining the payment paradigm, contactless technology allows for quick and secure transactions using cards, mobile devices, or wearables. Its proliferation is evident in the anticipated surge in contactless card usage, which is projected to grow significantly by the end of 2024.
- Artificial Intelligence (AI): AI revolutionizes the payments sector by enhancing customer experience through chatbots and streamlining operations via automation. Predictive analytics also allow businesses to foresee customer behaviors, enabling more targeted marketing strategies, improved service offerings, and fortified customer loyalty.
Volt Is Building a Global Network of RTP Providers
Volt is setting a new standard in the payments industry by constructing a pioneering global network of Real-Time Payment (RTP) providers.
Unlike the traditional card networks like Visa and Mastercard, which rely on multiple intermediaries, Volt harnesses the power of open banking and RTP to facilitate direct bank-to-bank transactions in real-time.
This approach drastically reduces transaction time and costs, as exemplified by the Pix system in Brazil, where a 28-day settlement time can be shortened to mere seconds.
By integrating with Faster Payments in the UK, SEPA in the EU, and Pix in Brazil, Volt is building an orchestration layer that aims to unify these domestic RTP systems under one accessible framework.
With recent Series B funding, Volt is gearing up to expand its RTP ‘network of networks’ to include new entities like FedNow in the US and UPI in India.
By leveraging these advances, Volt positions itself to offer diverse revenue streams and performance boosters for merchants.
Benefits of Using Volt at Online Gaming
There are more and more gaming sites accepting Volt as a payment option.
So why should online gaming consider offering Volt as a payment option to their players? And why should players opt for it?
- Instantaneous Transactions: With Volt, gamin deposits and withdrawals are executed almost immediately, minimizing wait times.
- Security: Volt prioritizes your safety with robust security measures, ensuring your personal and financial information is protected during each transaction.
- No Hidden Fees: Unlike traditional banking methods, Volt transactions come without hidden fees, offering transparency and saving you money.
- Global Accessibility: With Volt’s extensive network, your deposits and withdrawals can be managed from virtually anywhere.
Is the Future of Volt about Fintech?
As we look to the future of fintech and companies like Volt, it’s evident that the landscape of digital payments is undergoing a transformative shift.
Fintech continues to break barriers traditionally imposed by conventional banking, offering seamless access to financial services while overcoming issues like high commissions and entry barriers.
Volt is at the forefront, leveraging blockchain technology and open banking to foster growth and accessibility in the payments sector. This progress is particularly significant for populations previously underserved by traditional banking systems, allowing for more inclusive economic participation.
In the coming years, we can expect Volt’s innovative approach to real-time payments to enhance global connectivity, making transactions swifter and more cost-effective.
With digital innovation disrupting user preferences, the integration of advanced technologies such as AI and machine learning will redefine how we interact with financial services, enhancing personalization and efficiency.
While fintech stands as a dynamic alternative, it also serves as a catalyst for the evolution of traditional banking, driving them to adopt customer-centric solutions. In embracing change, both fintech and conventional banks have the potential to form a seamless ecosystem that meets the diverse needs of users worldwide.
So, is the future of Volt about fintech? Yes – but it’s also about collaboration, progress, and inclusivity.
DISCLAIMER: Cryptocurrency is unregulated in the UK. The UK regulator, the Financial Conduct Authority, has repeatedly warned investors that they risk losing all their money if they buy cryptocurrency, with no possibility of compensation.
