Technological advancements are creating revolutions in almost all traditional systems. While industries such as media, for example, have quickly embraced cutting-edge developments in technology, the financial system has, by and large, stayed relatively unchanged up until a few years. However, they could not have stayed untouched for long. Financial technologies, or fintech, are challenging traditional financial systems to be more inclusive, seamless and hassle-free.
Digital technologies helped create a system that allows electronic transfer of funds and e-payments, along with a host of other activities that could be done through any digital device. Later, fintech allowed the creation of an all-encompassing “e-wallet” that takes its name from the ubiquitous wallet that every person carries and entrusts his or her money, IDs and cards with. An e-wallet performs a similar function but offers a lot more as compared to a physical wallet.
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