Fintech or financial technology is the amalgamation of technologies such as software and mobile payments for financial services, enabling them to create ‘offerings’ that will improve their delivery of service and improve overall customer satisfaction for banks and financial institutions.
A mobile payment is a monetary transaction that has been made for a product or service through a portable electronic device such as a tablet or cell phone. Mobile payment technology can also be used to send money to other bank accounts or payment services.
Mobile payment solutions enable financial institutions to increase profits, boost customer engagement levels and develop brand identity. You can efficiently issue transactions via your mobile device in branch giving you instant purchasing power.