The fintech industry has revolutionised the way we live our everyday lives. From the way we invest, manage, and spend – fintech will continue to dominate and grow in the global financial industry.
When fintech emerged in the 21st Century, the term was initially applied to the technology employed at the back-end systems of established financial institutions. Since then, however, there has been a shift to more consumer-oriented services and therefore a more consumer-oriented definition. Fintech now includes different sectors and industries such as education, retail banking, fundraising, and investment management.
What is fintech?
Financial technology, also known as fintech, is an economic industry composed of companies that use technology to make financial services more efficient. The fast and innovative progresses such as Mobile Payments, have changed the way we manage our finances and process payments.
The growth of fintech for mobile payments
Most of us still remember the world without digitialised money transactions. At the time, cash and standard banking operations seemed to be quite convenient ways of paying for goods and services. Today our fast-paced world dictates new rules and technology has played the biggest role in this transformation. Fintech has redefined modern financial services bringing ease and immediacy to the concept.
In 2014, Apple launched their first mobile wallet app, followed by Samsung and Android a year later. By 2022, it’s estimated that the transaction value of mobile payment apps will reach nearly $14 trillion illustrating the fast-pace of the industry.
In a recent study, experts uncovered that the fintech adoption rate in Australia had surged to over 58% in Australia, accounting for 1.04 Billion in investment value.
The mobile Digital Revolution has been re-shaped in the height of the COVID-19 Pandemic. With the rise in popularity of Digital Payment Wallets (eg. Apple Pay, Google Pay) during the pandemic, MicroGifts exclusively utilises these widely accepted mobile payments platforms.
Ultimately, our goal is to provide our clients with the best ROI in the Rewards & Recognition industry, while at the same time, providing the ultimate in customisable digital products that maximises the recipient’s engagement with the client.