In recent years the global payment landscape has undergone a seachange. Gone are the days where financial transactions impacted only core and branch banking. In the last few years, fintechs have opened previously unimaginable avenues for individuals and businesses alike. Fueled by the mobile revolution, the financial vocabulary has grown to include tablet banking, mobile banking, e-wallets, micro-ATMs, virtual cards, value-added services and more.
Regulatory interventions and innovations by fintech startups have paved the way for a cashless ecosystem. Many nontraditional players have introduced cutting-edge, disruptive products into the market that aim to enhance the customer experience.
