What Do you know about FinTech?

💳 What Do you know about FinTech?💳

FinTech (financial technology) is a catch-all phrase that refers to software, mobile applications, and other technologies that help organizations and consumers enhance and automate traditional forms of financing. FinTech can range from simple mobile payment apps to complicated blockchain networks that store encrypted transactions.

Fintech may appear to be a new set of technology developments, but the core notion has been around for a while. Early credit cards, which were available to the public in the 1950s, were the first fintech goods since they eliminated the need for users to carry actual currency in their daily lives. Fintech expanded to incorporate bank mainframes and online stock trading services after that. PayPal was formed in 1998, making it one of the first fintech companies to focus only on the internet – a breakthrough that has since been further accelerated by mobile technology, social media, and data encryption. We now use mobile payment apps, blockchain networks, and social media-based payment choices as a result of the fintech revolution.

 

Any organization that uses technology to improve, extend, or automate financial services for businesses or consumers is referred to as a "fintech company." Mobile banking, peer-to-peer payment systems (such as Venmo and CashApp), automated portfolio managers (such as Wealthfront and Betterment), and trading platforms like Robinhood are just a few examples. It can also be applied to cryptocurrency development and trading (e.g., Bitcoin, Dogecoin, Ether).