The rapid transitioning of virtual banking and online payments have made a seismic change in the fintech space globally, posing a real threat to the traditional brick and mortar model of banking. But better yet is the innovations like Paypal that is revolutionising the financial industry.
PayPal allows customers to send and accept money in all types of currencies, with the ease to convert foreign currency to local currency and transfer the converted currency directly to the bank. This ease of transaction has seen the global financial sectors – using PayPal – grow significantly and is expected to boost the investments in the FinTech space.
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The FinTech Revolution in Banking
The FinTech Revolution in BankingPremium
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The UK government Department for International Trade in association with Livemint presented ‘The Era of FinTech: Ushering a New Age in Banking’. The session brought together top leaders from India and the UK to delve into the role of FinTech firms in reimagining banking and opportunities for cross-border collaboration between India and the UK.
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Financial Technology, or FinTech, has already started to revolutionalise banking. An industry report pegs the FinTech industry in India to grow up to 150 billion dollars within the next five years. Already over 2,000 FinTech strong with a majority of them having set up shop in the last five years alone, this industry has grown undeterred by the pandemic, and has gone on to produce at least 8 Unicorns since January last year. But, realizing this potential opportunity will need investments estimated to the tune of 20-25 billi
Mastercard said before the outbreak of COVID-19, around 90 percent of India's retail payments were conducted in cash. It has now partnered with Razorpay