Our world is in constant digital transformations and these are going faster day after day. Fintech or financial technology companies such as PaynoPain currently have a high demand and their prestige has increased considerably in recent years. The objective of these companies is to create innovative financial products through the latest technology to make life easier for citizens.
Did you know that financial technology started more than a century ago?
Although currently the fintech sector represents the future of the economic and financial industry, the truth is that we can find the origins of the sector back in 1918, when the Federal Reserve Banks of the United States included the first electronic system of funds transfer in their system (which was based on the telegraph and the Morse code).
The history of financial technology continues in the fifties when the first credit card “Diners Club” was created and later in the sixties with the launch of the first ATM. These facts are followed by the invention of electronic commerce in the seventies, the creation of TradePlus in the eighties and the foundation of PayPal in the nineties.
It was in 1997 when the first mobile payment was made via text message, which curiously was to buy a coke in a vending machine. Over time, mobile devices began to be used to buy food, movie tickets or even organized trips.
But it was with the arrival of the 21st century that financial technology began to advance much faster, especially from 2009, when Bitcoin v0.1 was put into circulation. When the year 2018 arrived fintech’s global financing reached 111.8 billion dollars (source: KPMG International Cooperative NL).
All these data are even more impressive when we discover that Spain is the fifth world power in financial technology and the second in Europe. Not in vain Spanish fintech companies are among the most valued in the world.
Do not stay behind: take advantage of fintech innovations
The traditional financial companies have already realized that to avoid being left behind, they must bet on financial technology. Classic banks have the challenge of adapting to new technologies in order to remain competitive in the new ecosystem or could lose their position in the sector in the short term. Not in vain at present 54% of banks have already begun to collaborate with Fintech companies.
The goal is to make financial services more and more easy to use, in terms of resources and time. And if one thing is clear is that both in Spain and globally financial technology begins to be essential to meet the needs of end customers, so virtually all companies should consider later or earlier a collaboration with a fintech company so they don’t lag behind their competitors.
At PaynoPain we can assure you that we work with great enthusiasm to make online payments easier every day and save time and effort for your customers. If you want to know more about our solutions, ask for more information through this form.