One of the best ways to fight against Covid-19 is getting contactless. World is now quarantined to avoid contact. Fintech or Financial Technology has a bright opportunity in this scenario. Because Financial technology is based on contactless payments, which saves time and limit the exposure to pathogens. Given below are the opportunities for using Fintech during and after this pandemic.
Everything is getting contactless
During this pandemic, International authorities and Central governments advised all to move out of the crowd and avoid contact with others. Fintech companies can boom in the coming years. The use of Internet is increasing day by day and so are contactless payments. WHO and Central banks have advised people to move into contactless payments. This is a good move for Fintech companies.
Digital economy era
Post Covid-19 will see the rise of Digital Economy. Everything will go digital and usage of Internet and smartphones will see an increase in the coming years. This will make more people to go for card payments and using mobile wallets. Fintech companies already started their race after the introduction of 4G technology back in 2015. Now there are more Fintech companies and competition is getting higher which will only increase in the coming years.
Rise of E-commerce
E-commerce is going to see a big growth in the coming years. E-commerce giants like Amazon, Walmart, Alibaba are already prepared to set their race after Covid-19 subsides. In India, new competitors like Jiomart are also getting ready to provide a better E-commerce experience. Fintech can be considered as a part of E-commerce. In order to enhance the use of mobile wallets and card payments, e-commerce companies are now providing offers and EMIs. When e-commerce surge, use of fintech will also surge in the coming years.
Promotional activities and Marketing Fintech companies are spending millions in marketing and promotional activities. The ads of these companies can be seen in every part of the Internet. This enhances their reach to the potential customers. Smartphone use is increasing and users prefer new experiences. Fintech is a new technology and therefore has the potential to reach more people. Social media giant Facebook is also going to enter in this field using their social media platform WhatsApp. The Fintech market is going to get hotter in coming years with other tech giants are also in the race like Googlepay, Amazonpay, Paypal, Paytm, etc.