Open banking, or “open bank data,” utilises APIs to grant third-party financial service providers access to customer banking and transaction data, revolutionising the financial sector. Open banking simplifies access to tailored services and promotes service centralisation, enhancing user experience and enabling informed decision-making. Concerns regarding safety and customer trust arise due to data sharing apprehensions and challenges for major financial institutions. Open banking provides...

Buy now, pay later (BNPL) allows consumers to make purchases and pay for them over time, often without interest, providing a convenient short-term financing option. BNPL programs offer fixed payments and no interest, typically with a down payment at the time of purchase and subsequent interest-free installments over several weeks or months, making it a popular choice for budget-conscious shoppers. Leading BNPL providers, including Klarna, PayPal, and Affirm, offer consumers diverse payment...

China stands as a pioneer in the adoption of cashless transactions, driven by industry giants like Ant Group and Tencent Holdings, with Alipay and WeChat Pay leading the charge. While a cashless society offers benefits like reduced money laundering and enhanced convenience, concerns over privacy and inclusivity must also be addressed. Ultimately, the journey towards a cashless society necessitates a delicate balance between innovation and safeguarding individuals’ rights and access to...

Quantum computing poses a potential threat to bitcoin security by potentially compromising private keys, decrypting encryption through quantum algorithms, and initiating quantum attacks on bitcoin mining. Ongoing efforts are dedicated to creating quantum-resistant algorithms and encryption standards. At present, the current state of quantum technology does not immediately endanger bitcoin’s security. In recent years, academics and industry experts have speculated about the potential...

NFT, short for “non-fungible token,” denotes uniqueness and irreplaceability. Initially prominent in the digital arts sector, its utility has recently expanded to encompass tickets, data preservation, fashion, and music. Various industries are exploring tokenisation and NFTs to innovate and enhance user experiences. NFTs are proving to be versatile, with emerging use cases that extend into preserving the cultural heritage and facilitating virtual experiences. The evolution of non-fungible...