FinTech solutions are designed first and foremost to make payments easier to complete, and remove any friction associated with the process. Building a new payment platform on its own is not enough, as devices can discover each other automatically if the proper technology is used. P2PKit could be a valuable asset to the FinTech ecosystem as this platform allows devices to discover each other without limits.
P2PKit – Add A Physical Dimension To Your FinTech App
At its core, FinTech solutions are all about making payments more convenient, with as little human interaction as possible. Contactless and mobile payments are gaining popularity all over the world, which removes the need to talk to other people during the checkout process. At the same time, humans crave that personal connection, which is where P2PKit comes into the picture.
As the FinTech and payment industries evolve, it will become increasingly important to allow for direct communication between devices and users. Achieving this will be no easy feat, especially when taking into account how user privacy has to be respected at all times. P2PKit has come up with a solution that respects privacy, while making applications understand what type of devices – and which users – are nearby.
But that is not all, as P2PKit-enabled applications can verify the identity of these devices and users, as well as exchange information with them in real-time. This puts the entire FinTech ecosystem in a completely different spotlight, as applications can communicate with one another, regardless of location or access existing financial services.
When venturing into the world of app discovery, it is key to be scaleable. P2PKit checks the box on that front, as the platform is not limited to discovering just a few devices, unlike Bluetooth. Instead, the entire P2PKit solution can be scaled exponentially, and more importantly, it will keep track of when peers leave the proximity.
On the topic of exchanging content between applications, P2PKit is not limited by available connectivity. Information and content will be shared between applications regardless of cell reception or Internet availability. This is exciting news, especially for those FinTech companies looking to bring financial services to developing countries, where connectivity can be an issue.
To make P2PKit, even more, appealing to companies and developers, there is cross-platform support. This effectively removes the market entry barrier, as P2PKit is compatible with all major platforms and operating systems. Keeping in mind how smartphone usage is growing all over the world, supporting all mobile operating systems can be the key to success in the FinTech industry.
Perhaps the most impressive feature of this platform is how the exchange of information and data will continue, even when users put away their mobile devices. As long as they remain in [close] proximity, the exchange process will continue. This is quite remarkable in this day and age, as most applications will stop working “actively” once the user switches to something else.
Last but not least, there is the topic of battery efficiency, something a lot of mobile solutions are struggling with these days. P2PKit is battery-efficient, as it does not drain the battery unlike nearly all of it counterparts. This is of particular interest to FinTech companies as well, as there is no point in developing payment solutions that drain one’s battery.
Existing Use Cases and Integration
P2PKit is a platform designed for real products used by real people, and several companies have integrated the technology already. HEET, for example, is a real=time party guide that lets users discover events based on their location and proximity. A very useful mobile solution, especially when travelling abroad or to places one has never been before.
HERE! On the other hand, is something completely different, as this app focuses on hyperlocal people discovery. When walking down the street in your own neighborhood, you see a lot of people you have never met. HERE! Makes the process of meeting new people that much easier by using P2PKit\s proximity technology.
But there are also use cases for aspiring entrepreneurs and startups. Take Startup Day, for example, which is an application developed specifically to promote the Swiss Startup Day event. Users of the application can find each other conveniently, and devices will exchange information such as contact details.
Potential Impact On FinTech?
The peer-to-peer aspect of finance is often overlooked, even in the FinTech industry. More convenient payment methods leave little to no room for human interaction, and it is time to change that. Humans need some form of interaction with other people, and the devices we use on a daily basis are a great way to break the ice.
It will be interesting to see whether or not FinTech developers decide to make use of the P2PKit SDK, and add a physical dimension to their applications. With a 90-day free trial period, there is no reason not to check out this SDK and what it has to offer. After all, peer-to-peer interaction is a part of human nature.
Header image courtesy of P2PKit