How Fintech Is Helping Entrepreneurs

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Fintech originally grew from electronic banking and bill paying but the rapid expansion of the financial technology field has given rise to cryptocurrencies and a host of apps and services adopted by consumers as the most convenient way to conduct all types of personal and commercial transactions. 

One area that is being driven by Fintech is the independent online seller community.

Websites like eBay and Etsy depend on Fintech services like PayPal, Apple Pay, and Google Pay for ease of transactions between buyers and sellers. 

Related: How PayPal Became an Online Payment PowerHouse

But with the current pandemic recession, many are turning to the online used market to sell unneeded possessions, collectibles and to find bargains on new and used items on their holiday list without spending top dollar. And Fintech is right there to facilitate the transaction.

Related: What Is Fintech? Uses & Examples in 2020

Buyers and sellers are increasingly using mobile apps like Venmo and Zelle for small business and person to person transactions like those posted on Craigslist or Let Go simplifying cashless transactions connected to bank accounts.

The COVID-19 pandemic has increased the usage of Fintech payment apps dramatically in 2020.

According to Apptopia, The number of sessions in payment apps increased in 2020 by 49% on average from 2019 across the countries in their worldwide survey.

With PayPal now accepting Bitcoin, and the mobile-only stock trading app Robinhood bringing stock investing to a new generation, the Fintech Revolution continues to grow, offering a more personalized and democratized financial landscape.

For more resources on E-commerce and tools for Entrepreneurs, see practicalecommerce.com

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