The Spontaneous Growth of Fintech:
Everything continuously undergoes a transformation. For every new revolution, there comes a bunch of questions to which solutions have not been offered yet. One of these revolutions is what occurred with Fintech.
Fintech, as a word, is what would be called a portmanteau by linguists. This is the integration of two diverse words. For Fintech, these words are apparently finance and technology.
Nonetheless, as a sector or an industry, Fintech is what experts would call the future.
Basically, when technology is integrated with financial services, we have Fintech.
We are speaking about ICO fundraising, cryptocurrencies, and mobile payments among a host of other applications and services. Practical examples include sending money via PayPal or paying with Bitcoin to reserve a flight through Expedia.
Also, the traditional sector of finance felt intimidated by Fintech even though it aided in liberalizing the entire financial system and putting power back in the hands of people.
There are a few reasons why the Fintech sector developed fast. One of them was the boom of app and smartphone markets. With more individuals becoming smartphone owners, all sectors saw a chance of developing applications which provide users with the opportunity to carry out activities straight from the smartphone at any time they desired.
Fintech introduced this probability to the financial sector, although it had a slower reaction in comparison to other countries but started meeting up during the previous years.
Fintech is still a trending topic even till now. But, the initial Fintech was conceived by the Federal Reserve of the United States in 1918. It took a long period of time to come up until PayPal was launched in 1998. Today, the movement of Fintech has grown tremendously.
To become equally amazed as we are, the infographic below shows some amazing facts about the outstanding speed at which Fintech has grown in the past years.
Infographic URL: https://www.16best.net/blog/
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