Fintech. There’s no denying that it’s completely changed the way people do business, opening up a whole world of opportunities, improving the customer experience and honing payment systems to make payments faster and easier.
It’s even had a hand in making the world a better and fairer place, bringing money transfers and payment tech to places that, in the past, didn’t have proper access to traditional methods with big banks.
Leading the fintech charge? E-Wallets. Also known as ‘digital wallets’, e-wallets like the ones offered by SWiM PAY are challenging the status quo of traditional banking, revolutionising the way businesses conduct transactions worldwide. They’re instant, cost effective, efficient, easy to use, and can prevent your payment from getting tangled in financial red tape.
But can fintech replace banks? What is an e-wallet? And how are they making instant international money transfer a reality?
Here’s the low-down.
How is fintech disrupting traditional banking?
Make no mistake: even the biggest, slowest banks in the world have started moving into fintech, which is why you can now check your bank balance with a few taps on your phone – but that doesn’t mean they’re doing it well.
By ‘traditional banks’, we mean the big names that are taking up real estate in your local high street or shopping centre. They’re great if you’d like to visit a local branch and shake someone’s hand, but for businesses dealing with a ton of daily transactions, potentially crossing borders and continents, big banks often don’t have the agility or flexibility.
That’s where digital wallet companies come in. When it comes to how fintech has been disrupting traditional banking, the change has been seismic. Where once it was ‘banks or nothing’, now you have the option of digital wallets for sending and receiving payments, which don’t need to be tied to any large banking corporations. This freedom marks a historic change, giving business owners unprecedented freedom over how they make and process payments.
How do digital wallets work / What is an e-wallet?
In a nutshell, digital wallets are online platforms that let you store money and make payments. There are many different types of digital wallet, but in the case of SWiM PAY, ours aren’t governed by traditional banks rigid or antiquated systems that often carry unnecessary red tape – instead it’s all independent, fully governed by relevant regulatory authorities in all areas we operate, and enables the Instant transferring of money from one wallet to another locally or globally. The question of how to transfer money from one bank to another instantly has been answered in the form of digital wallets and digital payments.
In the past few years, e-wallets have taken off in a big way, and it’s not hard to see why:
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A 100% online platform enables faster and instant local and global payments, especially when not attached to any or multiple major banks.
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You’re in control of your money, leading to a greatly improved customer experience.
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E-wallets make it so that people and businesses without access to large banks can still access financial services, making them a great method of financial inclusion.
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Your automation options are almost endless, meaning you can cut down on hours spent pouring over numbers and do business more efficiently.
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More control also means more data transparency, allowing you to get key insights from your business transactions and make more informed decisions.
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Digital wallets are opening up borders, allowing you to do business on an international scale with greater ease than ever before. Instant international money transfer used to be a distant future aspiration; now it’s an option for almost anyone.
Can fintech replace banks?
It’s a broad question, but we have a bold answer: for many business types, yes, it can. The question of ‘how is fintech disrupting banking’ is only really the beginning, as financial technology keeps improving.
Digital wallets aren’t going to offer you loans or financial advice, so traditional banks are always going to have their ‘niche’. However, people are starting to realise more and more that fintech innovations like e-wallets are giving them the power to break away from big bank bureaucracy and take full control over their finances.
Some may still choose to trust banks because of perceived security, but to use SWiM PAY’s digital wallets as an example, security for fintech has never been stronger. We understand that you need top-notch encryption and peace of mind when making modern global payments, and that’s what we provide with our e-wallet service, with state-of-the-art security services designed to protect our customers.
If digital wallets are offering advanced security, flexibility, the ability to make instant local and global payments and a smooth customer experience, then there’s every reason to migrate away from big banks and see what fintech has to offer. All businesses now have the chance to break away from slow, clunky and costly traditional payment methods and start using e-wallets, for a faster and more versatile way to send and receive payments.
Want to know more about digital wallets?
Check out our digital wallets page and see how SWiM PAY wallets are revolutionising global payments!
