Fintech refers to the integration of technology into offerings by financial services companies in order to improve their use and delivery to consumers. It primarily works by unbundling offerings by such firms and creating new markets for them. Whether it's our personal finances or investments, fintech helps to simplify how we manage our money.The possibilities that come with this 'decentralization' of financial services could create an ecosystem where banks and fintech companies can work more collaboratively in sharing resources, and therefore making it easier to keep up in our rapidly changing world.
Some of the most prominent applications of fintech are mobile payments,
Grab, Southeast Asia's everyday super app, has launched an e-wallet integrated in its mobile app – GrabPay. GrabPay powers all cashless payments for Grab services – from hailing rides to ordering food deliveries while earning GrabRewards points for every transaction.
Money transfer online or any other online financial transaction is convenient, saves you time from lining up from banks, payment centers or money transfer shops especially nowadays that as much as possible we would like to always practice social distancing when we go out to avoid virus infection, I personally tested GrabPay if there is really no convenience fee and I'm so glad of the result because there is really no fee charged when I tried it in a couple of my online banking (BDO, BPI) and e-wallet(GCash and Paymaya). Here's a sample: