5 “Fintech” Trends to Watch in 2021

Nowadays, fintech innovations are increasingly playing a role in our daily lives.

But it is interesting Fintech reports are growing rapidly during the COVID outbreak. The popularity of fintech has increased rapidly in recent years, with 96% of consumers worldwide agreeing to have received at least one fintech service in the context of everyday life.

Let’s take a look at some of the fintech trends expected to influence financial services in 2021.

Digital payments for social commerce: The global epidemic has had a huge impact on the way people shop. According to a recent survey, 67% of Thai consumers said they were more likely to use e-commerce.

The trend of online shopping will continue. The “Covid-19 Barometer” study shows that the current payment behavior will continue after the pandemic is over and that almost seven Thais will continue. Of the 10 people (69%) said they intend to stick to digital payment methods instead of converting back to cash, even if the current emergency has ended.

Give credit your way: lots of fintech start with debit deals. Now, see some interesting trends in corporate lending, such as the creation of a new category of responsible credit. It replaces the revolving credit feature with a personal line of credit that will be repaid in equal installments.
“Buy now, pay later” has become the norm in many markets.

Real-Time Payroll: If you’re wondering how the payroll is handled these days. Ideally, employees will lend their employers a loan from their salaries until the beginning of every month.

It is true that you have received your money. But it still remains on the company’s balance sheet. Let’s try to figure out if the payroll will become a real-time model. That is not limited to those who are self-employed only But also these regular salary workers who are familiar with waiting for their salaries to be credited to their accounts every other month.

Cryptocurrency Interconnection: Young developers are taking advantage of more modern ecosystems such as the public blockchain and stable coins. (stablecoins), which led to the creation of digital wallet products. And financial services of the new generation.

Since the launch of Visa’s Fast Track program, more than a third of the participating fitters are developing products that leverage cryptocurrencies.

Open the world of digital wallets: Digital wallet payments are becoming more and more popular all over the world. Along with the emergence of new platforms like Airwallex, Gojek, and LINE Pay, Visa’s focus is on partnering with digital wallet providers. To enable Visa to become a source of funds for every cryptocurrency wallet.

This means Different brands of digital wallets can be discussed. Because there is a visa as an intermediary for payment.

Source: BangkokPost, bangkokbiznews

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