Beyond Mobile Payments: Exploring the Evolution and Future of Fintech (BY IJISRT)

TLDR

FinTech has become ubiquitous, reshaping how people conduct financial transactions, yet users encounter challenges such as network instability, time consumption, and privacy concerns. This chapter aims to investigate the evolving landscape of FinTech challenges through a comprehensive survey of users. The authors surveyed a diverse group of respondents, identifying three primary obstacles—network issues, time consumption, and privacy concerns—that impede seamless FinTech adoption. The survey revealed that network‑related problems are most prevalent, while time and privacy concerns also hinder usage, prompting the authors to propose practical strategies and technological innovations to enhance FinTech efficiency and security, with implications for policymakers, industry, and educators.

Abstract

In today's digital age, FinTech’s have become universal, transforming the way individuals conduct financial transactions. However, with the convenience of Fintech also come challenges that users encounter. This book chapter investigates into the changing landscape of Fintech challenges, drawing insights from a comprehensive survey conducted among various respondents The survey finds three primary obstacles faced by users during Fintech: network issues, time consumption, and privacy concerns. Notably, a significant proportion of respondents reported encountering network-related problems, highlighting the critical role of stable connectivity in facilitating seamless transactions. Moreover, the chapter explores into the foiling experienced by users due to the time-and privacy nature of the payment process, shedding light on the need for streamlined and efficient payment mechanisms. Building upon the survey findings, the chapter offers valuable insights into potential strategies and solutions to address these challenges. By elucidating practical approaches and technological innovations aimed at enhancing Fintech systems' efficiency and security, the chapter equips readers with actionable knowledge to navigate the digital payment landscape effectively. This study's findings add to academic discussion and have practical implications for policymakers, industry practitioners, and educators.