E-payment system (or online payment system) is one of the fundamental components underpinning any Fintech application. An e-payment system allows financial transactions or payments for goods or services to happen through the electronic medium, without the use of physical cheques or currencies.
Blockchain is a powerful and fascinating technology emerged in recent times which is perceived to have the potential to bring radical changes to the ways our financial systems (e.g. lending, mortgage, retail payments, stock exchange, leverage, risk assessment and underwriting, etc.) work.
Application of AI techniques to the Fintech arena facilitate predicting market trends, customized financial advices to enrich user experience, enhancing security, credit risk assessment, valuation modeling etc.
With the advent of IoT paradigm, the financial sector is also witnessing the enormous impact of the technology in terms of features like immediate support and personalization of service, smart bank branches and ATMs, improved spending visibility, enhanced security, risk assessment for insurance and loan etc.