With the constant growth and development of technology, the traditional method of banking is slowly going out of fashion, mostly because it is time-consuming and people are always on the lookout for a faster alternative. Every day, more people tend to explore other non-conventional methods of banking, as these new methods offer the same services, with little cost and effort. people tend to lean towards them, besides, why spend so much time handling your banking issues, when you can handle them faster from the comfort of your home or office.
What is Financial Technology
Financial Technology (FinTech) can be defined as technology that simplifies the banking process, thus making it less time-consuming. Financial Technology Companies are organizations dedicated to doing the above; such companies include GTPay, Flutterwave, Remita, Interswitch Webpay, etc. Financial Technology is relatively new, although, it has been around for a while. But like every other thing, it has continued to evolve and get better. Notable technological inventions, such as the development of artificial intelligence, 5G networks, the internet of things, etc have made Financial Technology more efficient and effective.
Benefits of Financial Technology
Financial technology is a term that is revolutionizing the banking scene, thus, it has numerous benefits, hence its popularity. The services of FinTech range from opening a savings account, to making financial transactions. These services are not just available; they can be easily accessed by clicking a button. Below are a few benefits of FinTech;
- Cost-effective: financial technology offers banking at a reduced cost, as most fintech platforms take little commissions, compared to traditional banks
- Accessibility; anyone with the internet and a smartphone can access Financial technology
- Time-saving; Banking online does not take nearly as much time as traditional banking, in most cases, it takes a minimum of 10 minutes
- Variety of Services; fintech offers a variety of services at the click of a button, etc.
Interswitch WebPay
Interswitch Webpay is a FinTech company that was founded in the year 2002, with its headquarters in Lagos, Nigeria. Unlike most FinTech companies, Interswitch has a national focus and is a leading African integrated payment and digital commerce platform company. This company has continued to develop since its launch in 2002, incorporating financial services, with its successive launch of Quickteller (a retail payments ecosystem linking merchants with customers) and Verve (a homegrown EMV- certified payment card scheme). Interswitch has a wide array of interconnected data centres in Africa and over 11,000 ATMs on its network. Beyond just payments, Interswitch users enjoy an easy connection to the activities that empower their modern lifestyle, like fights, events, and global shopping.
Interswitch makes everyday digital payments such as bills, subscriptions, transfers, etc an easy task. Interswitch enables digital payments, digital commerce inclusion, digital ecosystem, and enablement. This company facilitates the electronic circulation of money, as well as the exchange of value between individuals and organizations on a timely and consistent basis. Interswitch has a very strong privacy policy that keeps the information of all its clients confidential. This payment gateway supports multiple currencies, multiple payment options are secure, and has a fraud and risk management system.
Unlike most payment gateways, Interswitch Webpay charges a one-time fee of N150,000, for set up. Interswitch takes a fee of 1.5% for transactions below N133,333 and an N2,000 flat fee for transactions above N133,333.
SmartSMSSolutions and FinTech
SmartSMSSolutions also offers you a way to save time, while making payments for our services. We are not left out when it comes to FinTech. Since we are an organization that focuses on efficiency with as much comfort as possible, we have features that make working with us exceptionally easy and less time-consuming.
As an organization passionate about the development and improvement of our client businesses, SmartSMSSolutions recognizes the benefits of FinTech, in that it simplifies the financial process, making bills easier to pay and purchasing, more convenient. This is why you can fund your SmartSMS wallet, using our Flutterwave platform, this means you do not have to leave the comfort of your home or office to do it.
Get to learn more on how to fund your wallet here.