World is embracing the gifts of FinTech as an emerging industry! The global contribution by the industry has changed the way money is perceived today. With the shift of money to mobile devices the ease of finding the ways to connect financially has been enjoyed.
However, while 2019 holds a lot of new trends to experience, it is actually 2020 which will turn out to be revolutionary for people! FinTech continues to grow in 2019 bringing in an unimaginable transformation in lifestyle of people during the 2020s.
Money is the new message!
We don’t need a pay-in slip to acknowledge a deposit or withdrawal today. It all happens with a notification received on the mobile device. With UPI based payment systems becoming more prominent the growth of the platforms has been tremendous. In December 2018 alone there has been more than 20% of growth in the transactions made through the use of mobile phones. With 2020 in line, the technology is likely to expand to make way for the quantum of transactions that can potentially rise.
Offline payments through QR codes
China has been the first to adopt a dynamic QR code system. Through the help of major apps like Alipay and WeChat the ease of using the codes across platforms definitely made for a high-quality experience. But the QR code transcend is fast channeling across as a permanent fixture outside the neighbourhood stores making it easier for people to channelize payments.
The era of SME banking!
SME or the MSME have played a pivotal role in uplifting the market segments of major developing countries like India. The contribution and development of these enterprises will soon drive the economic growth to a point where financial banking institutions designed by the SME will become a thing! FinTech startups are already revolutionizing the market by fast attacking the payment channels, new apps etc. The time if not far when the SME banking system brings in easy loan, mobile payments etc on a large scale basis.
Majority of the markets are credit starved today. There is need for the use of short term credit opportunities like Credit card but without the hassles of documentation and interest rates. Nadeem Shaikh has aptly highlighted the futuristic vision in this regard which stands as a crucial point of understanding in the FinTech industry. Helping the businesses design and distribute financial services in alignment with the growing technology – he has been an excellent guide to the 21st century digital entrepreneurs.