InstaForex

What is Fintech and its Benefits

 


The word 'fintech' is increasingly spoken in this era. What exactly is fintech and what are the benefits provided by fintech?


Fintech is an abbreviation of financial technology. As the name implies, fintech is a technology-based financial service company or institution.


The purpose of fintech is to provide convenience and comfort for the community, while helping businesses. ShopeePay is a payment system that provides convenience for online transactions. Using digital transactions is not only easier and safer, but it also drives the digital economy.


Here are the most common fintech benefits:


1. Efficient

Most of the fintechs often provide a sense of security and efficiency when users make transactions or payments. Moreover, during the pandemic, people no longer need to carry cash or use the EDC machine that many people use.



2. Increase productivity

With fintech, everything can be done easier with just one app. In addition, cashbacks and promos are often given to give users more enthusiasm.


3. Business advantages

Not only attracting consumers, fintech can help business actors to gain access to capital. Another advantage is the opportunity to conduct campaigns with partners to get maximum goals (awareness or even sales).


4. Financial inclusion

Fintech can accelerate financial inclusion. That way, the public has access to formal and secure financial services.

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