Term of the Day
“Fintech”
Definition — What is Fintech?
Take the simple example of a bank. A few decades ago for any cash transactions, like depositing or withdrawing cash we need to visit the bank and have to spend several hours. In today’s digital era, people are not keen to go for services provided by traditional banking sectors. Instead, they prefer services that are digitized, quick, and safe. Fintech has paved the way for several mobile apps which include banking apps too, that can take care of all our banking transactions at our fingertips from the comfort of our homes or workplaces. This is the important reason why fintech is gaining popularity and causing disruption in banking and other financial services. The global fintech market is expected to approach $310 billion by the end of 2022. In the wake of the COVID-19 pandemic, more and more businesses are turning to fintech to enable features like contactless payments or other tech-fueled transactions.