1. Payment Gateways

Payment gateways or payment processing services are the ones that enable users to make online payments using credit and debit cards. They act as a secure intermediary between clients’ bank accounts and merchants. Gateways are responsible for checking the card details and verifying the availability of the funds, sending the data to banks, and then enabling the transfer as per the card holder’s request. Besides this, payment gateways can be integrated with any type of software that handles online payments. And because of this, the global payment gateway market profited by around $17.2 billion in the year 2020 and has expanded a CAGR of 16.43% says a survey.

There are companies like Stripe that are leading the payment processing market. By offering the best services to businesses who want to move online. And here one of the main drivers to make the payment gateways so popular and powerful is FinTech.

2. Accounting Systems

Accounting systems are mainly used by businesses. They use financial software to track the revenue and expenditures of the firm. And because of the increasing use of the accounting systems, the accounting fintech market is expected to grow and reach up to $20 billion by the year 2026. Some of the main shares of the accounting systems are – Enterprise Resource Planning (ERP) systems, Core accounting software, Payroll Software, and Billing and invoicing software.

3. Investment Applications

In the last few years, investment applications have gained a lot of spotlight in the market. For instance, the app called Robinhood gained a lot of publicity during the COVID lockdowns. It is an application that combines simple features, extensive gamification, and innovative technology to enable investment for clients easily accessible. Besides this, investment apps are those that come with personal finance advisors, rapid stock trading apps, and real estate crowdfunding platforms. Basically, investment apps offer an easy-to-use platform to users who want to invest their money in the long and short term.

4. Blockchain & Cryptocurrency

Blockchain is one such technology that stands at the forefront of FinTech innovations. And with time, the use and acceptance of this technology are increasing in the financial sector. Because of this, the total market is projected to reach $36.04 billion in the year 2028. And this will grow the annual rate of the usage of blockchain and cryptocurrency by 59.9%. Some of the top blockchain and cryptocurrency trading platforms are Tokocrypto and Binance. These platforms enable users to trade coins anonymously.

5. Crowdfunding’s

Crowdfunding is a very popular financial concept in the market. The websites of crowdfunding represent FinTechs that work outside the traditional banking ecosystem. Basically, crowdfunding is a very simple concept. It means creating an online platform that enables the users to pitch their ideas to a larger amount of audience. And in this way, the users can get funding from thousands of individuals. The crowdfunding industry has seen a more than 15% growth level since the debut of Kickstarter in 2009. And by each passing day more and more companies have started embracing the new business model and this has replaced the traditional loan system with crowdfunding.

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