The evolution of technology and the rise of technological innovations continuously change the way we function and interact with the world around us. Whether it’s in the gaming industry, the healthcare sector, entertainment, and more, technology is there. One sphere where technology has made a massive impact and has shifted the norm is banking and finance.
Gone are the days when you had to go to a physical bank in order to make a deposit or withdrawal, simply to check your balance, or to request a bank loan. Now with technology, that’s all possible with specialised fintech mobile apps and other software that make these errands a breeze.
Fintech Technology in E-Commerce
E-commerce is one sector that has been the most significantly and positively impacted by all the fintech innovations and technologies. This is mostly due to the fact that fintech technology streamlined and simplified the online shopping process to an unprecedented degree, allowing you to buy and sell with just a few taps.
Some of the most notable and significant innovations in the fintech sphere are the digital wallets, also known as e-wallets, including PayPal, Apple Pay, Google Wallet, and many more. These handy platforms have become essential for countless people by offering safe, secure, and fast ways to pay online. They also use top-notch encryption technology and fraud detection systems to protect user data. According to research by Statista, 81% of the people surveyed use PayPal for their online purchases.
This trend of fintech for digital commerce also extends to platforms like Klarna, which offers a buy-now-pay-later concept. This has streamlined the purchase process, allowing users to split their payments and pay over time, usually without interest.
Fintech Technology in Banking
The banking sector is not exempt from technological innovations, and curiously, it is also one that has benefited a lot from them. Fintech continues to evolve, and innovations, such as blockchain technology, provide a transparent and secure way to process transactions. Overall, fintech apps and platforms are continuously on the rise, making managing finances a much more simple process.
“The number of fintechs in the United Kingdom grew sharply between 2012 and 2024, though the growth rate slowed down after 2018. As of March 2024, there were a total of 3,168 fintech companies in the UK, a slight increase compared to the previous year.” – Statista
You can also take advantage of many alternative payment methods, such as Trustly, which facilitates fast payments directly from your bank account without the need for third parties or cards, adding a layer of security.
Fintech in the iGaming Sphere
Payments and transactions are an integral part of the iGaming world, without which the casino experience would be pointless. Naturally, it also adopted fintech innovations to support fast and secure transactions for instant access to funds. Today, these alternative payment methods have become an essential part of the iGaming industry, with PayPal, Skrill and banking with Trustly at casinos very popular for players in the UK.
Trustly is a modern payment solution that has reshaped the way transactions are being processed at online casinos. As mentioned above, this alternative payment method allows you to transfer funds directly from your bank account while not compromising security. It is an excellent blend of speed, convenience, and safety that can not only enhance the experience but also increase the players’ trust.
To sum up, fintech technologies and innovations are on the rise, and they continue to reshape the way digital payments are carried out. Many sectors and industries are adopting these new platforms – from e-commerce to banks and even the iGaming industry, with each one seeing an improvement because of them. Such advancements will undoubtedly continue, potentially leading to an even better and more secure digital economy.
