As the world is heading towards the
era shaped by Internet of Things (IoT),
a massive transformation is observed in the life of people. The evolution
produces new technologies and paradigms open way to numerous opportunities and
chances to shift towards smart things and services.
IoT is a one of the key
building blocks of this era.The things that are connected to the Internet are
smart enough to connect each other and other things. In addition, IoT provides
many applications and services, enabling ubiquitous computing. To be sure that
IoT is not really a new concept, the technology industries have been talking
about it since a decade now and financial technology is one among them.
Numerous financial institutions have
invested huge amounts of resources for developing both internal infrastructure
and consumer-facing technology capabilities.With these emerging technologies, smart
platforms have also come to the fore and people are increasingly becoming
dependent on them. The widespread use of these systems and applications for
online shopping, banking, e-education, etc., have given rise to its popularity
among consumers.With the secure electronic payment solution, it has become convenient for consumers to buy products
and services from the comfort of their home and make payment online.
Benefits of financial technology:
- Managing transactions very easily
- Security from fraud methods of transactions
- Quick processing and less resource needed for administration
- Processing cost is minimum
- User-friendly portals
Electronic payment solution has
made money transfer very easy. As compared to cheques, money orders or bank
transfers, they function efficiently. It is not only fast,but also secure method
of transferring money.
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