How Fintech Has Changed the Nature of How We Make Payments

Here are a few ways fintech is changing the way we make payments and manage our money.
Technology has always been a force for change, but in recent years it's really taken off. That's why fintech (or "financial technology") is the way of the future. Fintech isn't just about mobile apps and online payments—it's also about how we use credit cards and how banks operate. 

In the past, it was difficult to send money to someone you didn't know. Nowadays, we can receive payments from anyone with just a text message. This has led to more online payment options than ever before—which means it's easier to pay down your bills in one fell swoop. In this article, we'll explore some ways that fintech has changed the way we make payments and how it’s going to continue to evolve.

Faster Payments

Speed. That's the biggest change in how we pay each other. Now, it's possible to pay almost anyone with just a text message.

Speed has made it possible to pay someone you've never met before, and even someone you don't know very well. Once upon a time, you would have needed cash or a checkbook to pay a stranger—but now all you need is your phone and the right app. This is huge!

More Efficient Options

With the advent of mobile payments, it's easier than ever to pay down your bills in one fell rush.

You can use a variety of cashless payment methods, from Venmo to Apple Pay, and even PayPal. You can text someone money or transfer funds from your bank account into theirs. There are also biometrics-based payment systems like Samsung Pay that allow you to make purchases by simply waving your phone over the scanner at checkout—no card required!

Ease of Use for Small Businesses

Fintech has made it easier for small businesses and freelancers to get paid.

Not only have fintech companies made it possible to pay bills online, but they’ve also created new ways of getting paid without having to wait for a check in the mail, or a big payment provider like Visa or PayPal. In fact, many people prefer using fintech services over traditional banks because they don’t have high fees, they offer 24/7 customer service centers, and they allow you to access your money when you need it—even if there isn’t enough in your checking account at that moment (although this is not recommended).

Apps for Money Management

You can also use mobile apps and services to help you quickly understand your finances and make better decisions about spending or saving money.

If you’re interested in tracking your spending habits, the Mint app is a good option for keeping tabs on what you spend money on each month. It also has several other features that make it easy to manage your personal finances, like analyzing how much debt you have, setting budgets and reminders for bills, creating financial goals, and planning for retirement.

Acorns links directly to customers' bank accounts so they can round up purchases made with their debit or credit cards by 1% (or more) automatically into an investment portfolio of ETFs based on their risk tolerance level determined by answering some questions during setup. It also has features like automatic deposits into savings accounts when balances drop below a certain threshold or investing any spare change at the end of each day via credit card purchases made during the previous 24 hours. Additionally, it allows users to connect their social media profiles so they can see friends' results as well. Cool stuff!

Easier Access to Credit

Fintech has made it possible for people from all walks of life to get access to credit or loans when they need them the most.

The traditional banking system is still very much dominated by large financial institutions that are able to provide limited services based on their own risk assessments. Yet, fintech has changed the game for consumers and small businesses alike. Thanks to better technology and new ways of assessing risk, fintech is able to serve customers who would otherwise be unable to obtain financing from traditional lenders.


Fintech is the way of the future. It's a multibillion-dollar industry that encompasses several different sectors, including financial technology, banking, and payments. The industry has grown from a $1 billion market in 2012 to more than $19 billion by 2021, according to research from Transparency Market Research.

Fintech is changing the way we think about money and the world, and it's all thanks to innovative startups. As fintech evolves and grows, we'll see more ways to easily integrate various financial tools and apps into our lives so that we can spend less time worrying about finances and more time doing what matters. We're living in an exciting time when technology is making banking as simple as texting or swiping right on your phone. If you’re looking for help designing or developing your next fintech product, look no further! Our team at Camber Creative can help you optimize your product or bring a new idea to life.


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