Fintech originally grew from electronic banking and bill
paying but the rapid expansion of the financial technology field has given rise
to cryptocurrencies and a host of apps and services adopted by consumers as the
most convenient way to conduct all types of personal and commercial
transactions.
One area that is being driven by Fintech is the independent
online seller community.
Websites like eBay and Etsy depend on Fintech services like
PayPal, Apple Pay, and Google Pay for ease of transactions between buyers and
sellers.
But with the current pandemic recession, many are turning to
the online used market to sell unneeded possessions, collectibles and to find
bargains on new and used items on their holiday list without spending top
dollar. And Fintech is right there to facilitate the transaction.
Buyers and sellers are increasingly using mobile apps like
Venmo and Zelle for small business and person to person transactions like those
posted on Craigslist or Let Go simplifying cashless transactions connected to
bank accounts.
The COVID-19 pandemic has increased the usage of Fintech
payment apps dramatically in 2020.
According to Apptopia, The number of sessions in payment
apps increased in 2020 by 49% on average from 2019 across the countries in
their worldwide survey.
With PayPal now accepting Bitcoin, and the mobile-only stock
trading app Robinhood bringing stock investing to a new generation, the Fintech
Revolution continues to grow, offering a more personalized and democratized
financial landscape.
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