Standing in line to buy my favorite beverage, as I was deciding my order ,the person ahead of me was paying for purchases, payment was made in Coins and the transaction completed. I of course decided to pay with my Credit Card tapping it to the cash register is how my payment got processed.
Just behind me were few Generation Z giggling and laughing, as they kept on showing each other screen of held devises ,and when came the time to pay they simply tapped the phone to cash register.
All three acceptable methods of payment ,the third would be creation of FinTech.
Today FinTech is the most popular subject in financial industry. TMX to BDC to Christine Legard of EU every one is talking of Fin Tech.Short for FinanciallTechnology, an industry on its own made up of businesses aimed at providing financial services.
Needless to say majority of Millennials rather do business on line and therefore trust and work with tech Giants such as Google, Amazon and PayPal.
However we do witness a great participation from Canadian Banks who have made Fintech part of their agenda and continue to grow in this regard.
As I look at this industry and as I see the many efforts made by our Canadian financial institutions, including capital markets and the other lending institutions which are embracing this technology, and
as much as consumers want choices we must adhere to regulations, Fintechs in Canada will continue to rise up to the challenge.
Therefore for any entrepreneur who looks to break into the market , it’ s Blue skies.
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