Technology keeps advancing year after year, improving the way we live and do business.
One of the best things that technology is changing is the financial element of the online world, most notably ecommerce.
What used to be unavailable is now more reachable and available than ever.
Ecommerce platforms have contributed in no small measures in making this very feasible and possible.
Fintech and payment innovation have greatly affected the world – they brought mobile payments, online payments, shopping online and digital money.
Here is how they will continue to affect ecommerce:
Targeting unbanked
The Central Bank of Nigeria (CBN) reported in July 2018 that Nigeria’s unbanked population stood at 37%, with the majority from rural areas.
Interestingly, developments in digital money and fintech have enabled the kind of financial inclusion that banks can’t.
Fintech offers safe and simple alternatives to regular banks and it powers a good financial inclusion in these regions.
It also facilitates money transfers between users, mobile payments, increases the popularity of digital currencies etc.
Improving digital payments
Online payment process used to be much more complicated. For a user to purchase something online, they had to stand in lines at the bank to complete the payment and everything was much slower.
Now, because of fintechs, people can pay for products and services from the comfort of their home with just a few clicks.
New payment companies breaking through
Along with big and popular payment companies, there are some new payment companies finding their way and their customers.
These young companies have discovered their own way of doing things. They have all made payment for online transactions less stressful.
Driving technology advancements
Most of the impact of fintech and payment innovations can be noticed on ecommerce platforms.
However, they have changed and developed in the past decade from simple websites to vehicles of modern trade.
Promoting collaboration
Given that countries are not always at their best when it comes to global transfers, syncing and finding payment solutions, fintech greatly improves the relationship between them.
Ecommerce companies that intend to work with locally based suppliers have to understand the basics of how the local economy works and what the preferred payment options are.
They have to understand the laws, keep up with quality technological platforms and all in all, stay on top of things that happen in that country.
This is one of the ways fintech improves the world – by helping it bridge the differences.