According to business.com, FinTech is an abbreviation for “financial technology,” and it's changing how the world does business. While FinTech can be found in different business sectors, it has played a significant role in credit card development. If you're new to the world of FinTech, keep reading to learn how it's helped credit card development and the consumers who use it.
1 Virtual Credit Cards
Virtual credit cards are one way FinTech has been implemented to protect customers on the internet. Virtual credit cards can be assigned to be used one time or to be used at a single merchant. A spending limit can also be set up on the virtual credit card, and they can be attached to a digital wallet.
2 Rewards with Special Partnerships
An example of a reward system with a special partnership is Air Miles. When you spend money using your credit card, Air Miles accumulate, which can then be used to travel. A partnership such as this is not only beneficial for the person spending the money but also for the companies because loyalty increases, creating higher revenues in the process.
3 Easy-to-Transfer Rewards
Due to the global COVID-19 pandemic, people could not travel, which meant their Air Miles were not being used. Because of this, flexible reward programs were created by credit card companies to allow people to use the points they've spent their hard-earned money on to accumulate.
4 AI and Chatbots
The introduction of AI (artificial intelligence) has improved predictive analysis to make it easier to detect fraudulent activity. And Chatbots are capable of quickly answering questions and reporting fraudulent behavior. These innovations make people more likely to avoid credit cards or identity theft.
5 Credit Card Comparison Websites
One of the most significant additions to FinTech has been the introduction of credit card comparison websites. These websites, such as the iselect credit card comparison website, take your preferences and compare over 170 credit cards to find the one that best suits you. Having so many cards to choose from allows consumers to get precisely what they want in a credit card.
6 Bonuses and Cashback for Credit Card Applications
At times, the websites that compare credit cards also provide cashback bonus promotions for looking at the different credit cards they offer. These incentives make looking for a new credit card more appealing.
7 Digital Wallets
A digital wallet allows consumers to leave their cards at home while paying for their merchandise. Digital wallets are not only convenient, but they also enable the consumer to shop without the fear of having their information stolen.
8 Online-Only Credit Card Companies
These new credit card companies provide the same services as other companies, but all their business is conducted online. Online-only credit card companies save consumers money by not paying fees typically associated with branch locations.
9 Crypto Credit Cards
Crypto is a virtual currency used as regular money in stores and online. Crypto credit cards can be used as prepaid or typical credit cards that earn rewards.
10 Apple Card
Apple made a wise business decision when it made its credit card. The Apple Card enhances security and provides users with earning redemption opportunities and free spending.
The world is changing, and the future is quickly becoming the present. With FinTech opening the doors to new opportunities, consumers find it easier to shop in peace because they don't have to worry about their information getting stolen in the middle of a store. If you're interested in any of the products we discussed today, we recommend starting with a credit card comparison website to see what opportunities are available to you today.