Although not obsolete, traditional banking can be said to have become old. As the attention span of man continues to reduce as a result of technological advancement, people begin to look for ways to simplify every task; banking is one of such tasks. Why spend so much time handling your banking issues, when you can handle them faster from the comfort of your bed.
What is Financial Technology?
FinTech is an acronym for the term Financial Technology. FinTech is relatively not a new concept, as it has been around for a while now, but just like most things, it has continued to develop. The development of artificial intelligence, 5G network, internet of things, etc has solidified its place in our world today. Just as the name implies financial technology is the act of using technology to make banking services more effective and efficient, Financial Technology Companies, are entities dedicated to doing the above, companies such as GT Pay, Flutterwave, Remita, etc.
Benefits of Financial Technology
FinTech offers a variety of services, ranging from opening a savings account to making financial transactions. Not only are these services available, but you can also access them with the click of a button. There are certain benefits of FinTech that cannot be ignored, they are;
1. Cost-effective: financial technology offers banking at a reduced cost, as most fintech platforms take little commissions, compared to traditional banks
2. Accessibility; anyone with the internet and a smartphone can access Financial technology
3. Time-saving; Banking online does not take nearly as much time as traditional banking, in most cases, it takes a minimum of 10 minutes
4. Variety of Services; Fintech offers a variety of services at the click of a button, etc.
GTPay
GTPay is a Financial Technology Company. It is an internet-based solution that allows online banking, with the use of local or international cards, like Visa or Master cards. GTPay allows businesses or individuals to receive money/ payment from their customers globally, through their website. GTPay is a secure way to make and receive payments online, using debit cards given by banks on the Interswitch network. GTPay works with the websites of customers, acting as a connection between the customer website and the bank. GTPay is an easy purchasing solution, as with GTPay, one can purchase goods and services from the comfort of their homes or offices, by simply using the details on their local debit or credit card. GTPay ensures that all transactions are completed, between 10 minutes, to 24 hours.
GTPay accepts a wide range of cards; locally and internationally issued cards, VISA and Master cards, Transactions on GTPay are timely, businesses can view transactions as they happen, and the sign-on fee is little. GTPay is also a very convenient means of making payments, it has a global reach, it promotes cashless transactions, and it leads to increased patronage and sales. Ultimately GTPay makes the idea 'the world is your business’ marketplace', a reality.
GTPay, unlike Remita or Pay U, is not free to set up. Its setup costs N75,000. This platform charges 1.5 % of the transaction amount for local transactions, it also takes a monthly charge of N5,000 for international transactions. You also need a website to use this payment gateway.
SmartSMSSolutions and FinTech
SmartSMSSolutions is a business, dedicated to building up the businesses of our clients, through effective communication. As a current business, SmartSMSSolutions has packages for all types of businesses, including financial institutions. This is referred to as the ‘bank route for bulk SMS’ on the website. SmartSMSSolutions are also dedicated to making your experience with us stress-free, this is why you can fund your SmartSMS wallet using our Flutterwave platform. You can do this using a bank deposit/ transfer or your debit card.
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