With the constant growth and development of technology, the traditional method of banking is slowly going out of fashion. Every day, more people tend to explore other non-conventional methods of banking, as these new methods offer the same services, with little cost and effort. People tend to lean towards them, besides, why spend so much time handling your banking issues, when you can handle them faster from the comfort of your home or office.
What is Financial Technology?
Financial Technology (FinTech) is simply technology that simplifies the banking process. Financial Technology Companies are organizations dedicated to doing the above; such companies include GTPay, Flutterwave, Remita, etc. Financial Technology is relatively new, although it has been around for a while. But like every other thing, it has continued to evolve and get better. Notable technological inventions, such as the development of artificial intelligence, 5G networks, the internet of things, etc have made Financial Technology more efficient and effective.
Benefits of Financial Technology
The services of FinTech range from opening a savings account, to making financial transactions. These services are not just available: they can be accessed easily by clicking a button. Below are a few benefits of FinTech;
1. Cost-effective: financial technology offers banking at a reduced cost, as most fintech platforms take little commissions compared to traditional banks
2. Accessibility; anyone with the internet and a smartphone can access Financial technology
3. Time-saving; Banking online does not take nearly as much time as traditional banking, in most cases, it takes a minimum of 10 minutes.
4. Variety of Services; fintech offers a variety of services at the click of a button, etc.
PayU
PayU is a FinTech platform that provides advanced e-commerce payment solutions for thousands of merchants and businesses globally. This platform operates in over 43 different nations and is a global fintech investor as well as one of the leading providers of customer credit solutions. PayU’s vision revolves around demolishing all financial boundaries, making it easy for anyone to prosper, by offering local payment processing across markets, through connections to banks and alternative payment methods. Since its launch in 2002, PayU has managed to grow to reach many countries, its basic products are PCI-DSS certified payment gateway, an anti-fraud system, and an online Master card acquirer. This helps merchants around the world buy, sell and operate comfortably online. Furthermore, PayU allows users not covered by traditional banks access to credit.
PayU is a platform that guarantees a secure payment process through various payment methods such as credit cards, debit cards, net banking, etc. this gateway works for both registered and unregistered businesses, it can also be used by individuals as an independent digital payment tool. PayU also offers an online dashboard, where companies can view and track payment information, report, etc.
PayU, unlike most payment gateways, does not differentiate between local and international transactions, in that it takes a 2% charge on all transactions, including local and international. Again, the cost to set up a PayU account is totally free. You do not need a website to use PayU.
SmartSMSSolutions and FinTech
SmartSMSSolutions is not left out when it comes to FinTech. Since we are an organization that focuses on efficiency with as much comfort as possible, we have features that make working with us exceptionally easy. As an organization passionate about the development and improvement of our client businesses, SmartSMSSolutions recognizes the benefits of FinTech, in that it simplifies the financial process. This is why you can fund your SmartSMS wallet, using our Flutterwave platform, this means you do not have to leave the comfort of your home or office to do it. To learn more on how to fund your wallet, click here.