When the 5G network comes online on the 2020s, a smartphone with an ultra high speed download of 1 Gbps or more is displayed. Due to the popularisation of 5G, the download speed reaches 20 gbps, the upload speed reaches 10 gbps and it may rise exponentially.
However, 5G will be ultra low speed and faster.
Being able to become instantaneous experience banks to consumers is a payment transaction device. 5 G means zero wait time. In the short term, third-party application programming interfaces (API) are used in the bank and third-party applications are bank
databases However, at the moment the two buzzwords of FinTech are crypto currencies (peer-to-peer electronic digital currency ) and blockchains (which can not be tampered with without evidence of content). Neither it is not a big concern to the bank.
5G is three different technology stack, 5G main usage will definitely benefit from it, but the encryption currency and block chain is especially 5G. This is the number of connected devices, smartphone, Wearable, and sensors from the appliance, public infrastructure,
and objects all this is Internet (IoT).
As IoT is introduced and grows, payment technology will soar on the back of wearables and IoT will promote Internet penetration at the same time. The only dense concentration of wearable devices in the geographic area unite them.
Currently, there are Bluetooth, RFID and many other short-distance communication standards, devices are disconnected from each other, 5G brings uniformity. Mobile phones, smartwatches, activity bands, vitalisation / augmented reality headsets, flexible sensor
smart coordination and smart glass, glasses and other glasses like glasses exchange of other data.
By doing so, I will issue edges from payment. Also, all these devices are a powerful feature of FinTech cloud of shared data of biological capture data. Wearing person 5G multilayer certification also creates new ears of high frequency mobile trading that
will revolutionise stock market trading.
However, it is an attractive securities company to combine current computer, reduction of automated trading, 5 G delay with 1 ms. Reasons to use, 5G super high speed data rate and FinTech's ultra low latency, other than creating a faster user experience.
All smartphone products were present, but the real-time link to the cloud, more detailed equipment security. Furthermore, future devices will not only download applications, photos, documents, and other files, but also all multi-application data related
to payment and geographical location.
Building a mobile network is not the sole responsibility of the mobile network operator. This is even more important as expectations for coverage grow and 5G builds are expected to be more complex than last.
For example, banks can use artificial intelligence, cognitive computing, and machine learning to develop a personal banking assistant that scans all data in the cloud about someone's life and financial behavior to create daily spending limits.While such
"roboadvisor" services are already done in a bluntly way in areas like portfolio management and investment advice, a properly personalised private banking experience may have to wait until the 5G era.
Micropayments are possible if the 5G network is well established.This is not a dull way of paying now, but a concept of paying depending on what is being used.For example, drivers pay for parking spaces, purchase admission tickets to museums, use Wi-Fi hotspots
for a certain period of time. The same is true for Web pages, which are full of ads.
With the proliferation of sensors and devices when 5G is launched, 5G's real-time connectivity to the cloud, and ubiquitous payment technology and crypto-currencies, real-time micro payments can be a very big business.
Slovakia, town Banská Štiavnica. Author: SITA, Braňo Bibel