Fintech refers to the technology innovation that offers financial payment in a revolutionary way to compete with the traditional financial payment and it gradually took on the traditional method of payment transfer. When Paypal emerged in the 1990s it disrupted the payment market by introducing one of the biggest e-commerce electronic payment transfer revolutions.
The concept of Fintech came from there and gradually it became a trend. After the launch of Paypal, these days you can see a lot of Fintech organizations such as Paytm, Phone Pay, Google Pay, Amazon Pay, Revolut, Apple, and more that are based on Fintech. In the last decade, we have seen rapid growth in digital payment transfer. There are various other digital wallets that offer digital payment transfer nationally and some of them offer global payment transfer.
During the past decade, we have seen the complete revolution in digital payment in India and after the demonetization, we saw that the digital payment transfer increased drastically. After the shortage of hard cash in India, the digital payment and mobile wallets got a sudden boost and after that, the mobile wallet and digital payment trend in India are increasing day by day.
There are a lot of benefits of digital payments as I am mentioning a few of them in a brief. Have a look at it
After the evolution of various mobile wallets and digital payment gateways, payment transfer became very convenient and easy. Every single thing like shopping, receiving money or transferring money worldwide is just on your fingertip. You can easily make payment for your everyday essential grocery items to food, medicine, healthcare billing, travel ticket booking, making international transactions have never been this much convenient.
Due to the rapid growth of digital payment and mobile wallets now eCommerce website development company are making the M-commerce sites because most of the users find it more convenient to shop on their smartphone in comparison to desktop or web browsers.
So the companies which are running product-based services are looking for mobile app developers to make dedicated e-commerce shopping apps for them. Companies are trying to make their website and app user friendly and trying to offer a nice UI to their users.
Nowadays we are seeing that a lot of online shopping sites and e-commerce sites are collaborating with fintech companies to provide the various payment options to their customers to provide them a happy shopping experience. You can see lots of companies are offering payments using Fintech companies like Paypal, Amazon Pay, Google Pay, Phone Pay, Paytm, and more. So mobile wallets and digital payments have completely revolutionized e-commerce.
As for now, every one of us is witnessing the popularity and ease of digital payments. In a few decades, we will be seeing a new era of digital payment using RFID ( radio frequency identification ) chips. These chips will be implanted in our palms and all the identities including digital payments will be stored in this chip. Every single information like your identity, your nationality will be stored on this nanochip implanted by the Govt by your will or forcefully and there will be almost no hard cash left on this earth and that will be the dawn of the new digital payment era.