If you are using online wallets, transferring payments through the help of an app or seeking a loan online- you are already a part of a million dollar industry called Fintech. Fintech stands for Financial Technology. This industry has changed the way people use money today. Unlike the traditional man-to-man approach to purchase products, seek loans etc everything happens through the help of technology in your hand.
FinTech is known to be one of the most powerful business industries to evolve. And in the coming times it is only about to grow multifold.
Introduction of UPI payment systems
Cash is an old term for money now! With the growth of the digital world people shifted fast from cash to plastic money and now to the online payment systems. It is rare that we come across a pile of cash kept anywhere. Today technology has brought the use of UPI IDs the unique IDs used by some applications to connect your bank account with. With the UPI based payment systems people can transfer money to other’s accounts straight from an app. Unlike the online wallets these don’t require a wallet balance to be kept!
QR codes – a way of payment!
QR code is the new terminology of making a bill payment. This ubiquitous coding system comes in the form of an image which is easily scanned through a mobile phone to pay the bills. What was launched as an easy means to create Unique IDs for payments is now a household name. Majority of grocery stores, salons, departmental stores etc have their QR codes on their stores for easy payments to be made by the customers.
Online instant loans
It’s not just about the fluidity in payments. Fintech has made it possible to access banking with the help of mobile devices. One can seek loan and apply for it through the help of their mobile devices. The filling of forms, identity proofs etc are all scanned through technology and the loan amount too is disbursed without the need to meet any bank executive in person. Now that’s a thing to rejoice for millions of users who found banking difficult.
FinTech is opening new doors to the future market. And with more then $2 billion people still about to take the plunge with their bank accounts – it’s a ready market to tap business opportunities.
Nadeem Shaikh is a financial service and futuristic entrepreneur guiding companies through the evolution of FinTech and its impact in the coming years. His advise has been valuable in tapping new business opportunities and making the most of the underlying benefits of Fintech industry!