Definition of Fintech

What does the term "fintech" mean? What is the definition of the term "fintech"?

The term "fintech" comes from combining the words "financial" and "technology". "Fintech" refers to financial services that rely heavily on technology, such as a service that allows you to send cryptocurrencies as payment instead of traditional payment methods, mobile banking systems or P2P loan services.

For instance - let's say that your bank releases an app that allows you to pay bills, send money or check your account via your smartphone. This would qualify as "fintech", as it combines financial services with technology.



Or, let's say that a company comes out with a way to pay your rent with Bitcoin. The Bitcoins get exchanged into fiat currency and then the landlords are paid. This would also qualify as "fintech".

"Fintech" is going to change the world, as one day it will allow practically everyone on the planet to have a bank account and/or a way to store money.

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