The fintech
industry, whose solutions are now dominating the payment domain, is an
amalgamation of the financial and technology sector. Innovations that change
our lifestyle and the way our society operates are being introduced every day.
This post will explore one such development.
One of the biggest trends to look out for in this particular
sphere is ‘Platforms as a service’ or
PaaS. This technology will enable solutions to move beyond the cloud computing
arena. It will give companies the opportunity to implement systems that are
different from conservative ones. They will also be able to add smart
customisation to meet the diverse requirements that are emerging with an
increase in customer expectations. The future of the financial industry will
greatly rely on advanced payment services, infrastructure building and
enhancement and innovative user experiences. This will be a result of
collaborations between various firms.
Statistics reveal that, across the world, a large number of
the population are unbanked consumers. As such, companies need to
introduce non-traditional settlement channels that cater for these individuals.
This will drive change, fuel growth and will have a positive impact on the
economy. Moreover, it will promote financial
inclusion which is an important development. As such, fintechs
ensure that this the payment industry will keep progressing.
Innovative services promote economic growth
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