Digital currency is a king now and the most popular way to send and receive money. It‘s modern, accessible, cheap or free, user-friendly, and much easier than keeping track of dollar bills. More and more Americans are using computers and smartphones for our banking needs. About 75 percent of Americans are expected to bank online by 2023.
As technology progresses in the fintech space, peer-to-peer (P2P) payment apps like Cash App have become the go-to payment option for many consumers.
Such mobile app allows individuals to quickly receive and send money to other people from their mobile devices. In addition to mobile banking, it also offers the possibility to buy stocks and bitcoins through its platform.
Businesses adapt to the fast-paced environment as technology continues to evolve. Keeping an eye on transactions remains an integral aspect of growth and capacity. Today, cashless payments provide more convenience, transparency, and efficiency. Everyone is turning to virtual cards and e-payment apps from debit and credit cards.
At the height of the pandemic, online payment apps have become a go-to option for many. E-commerce has flourished as more businesses and consumers shop online. Moreover, financial markets have seen a dramatic increase in capital inflows. For instance, most crypto transactions go through e-payment apps.
Because of these developments, the fintech market expanded to $7.3 billion last year.
You will be able to get to know such giants of virtual money better Google pay, Apple pay, Chime, etc.