Australian Fintech Trends: Impact on the Online Industry

Meta: Here is a closer look at how certain new fintech trends are having an impact on the online industry and improving things like online security. 

The fintech industry is constantly adapting to change and is helping to improve things like online security, simplifying payments, and much more. 

In Australia and around the world, many new fintech trends are emerging, so let’s dive straight in to discover some of the biggest new fintech that are impacting the online industry in various ways. 

Australian Fintech Trends: Impact on the Online Industry

What does fintech mean?

Fintech (financial technology) is a term that encompasses online firms that deliver a range of digital financial services across the internet by using new technological devices, online platforms, networks and systems, as opposed to traditional financial methods and services. 

In other words, fintech is the ability to carry out financial and banking services for businesses and consumers using things like computer software and computing devices (e.g., smartphones, tablets, smartwatches, laptops and desktop computers). 

The fintech industry is now one of the fastest-growing sectors for venture capitalists, and the key areas are the following:

  • Artificial Intelligence (AI)
  • Blockchain technology and cryptocurrencies
  • Cloud computing
  • Big data

Some of the other major categories include payments and digital wallets, personal finance and wealth management, ‘insurtech,’ lending and crowdfunding. 

What are the biggest fintech companies in 2023?

There are hundreds of thousands of fintech companies out there, many of which you will likely never have heard of. However, there are some that you will already be familiar with by now. Examples include the following iconic brands:

  • PayPal
  • Cash App
  • Venmo
  • Coinbase
  • Klarna
  • Western Union
  • Adyen
  • POLi
  • BPAY
  • Flexepin

Other leading fintech companies you may already be familiar with by now are Wise, Skrill, Payz, Neteller, Stripe, Apple Pay, and Samsung Pay. Some of these companies are used to pay for goods and services on websites. 

For example, there are now numerous fully licensed and regulated betting sites with PayPal In Australia where registered members over the age of 18 can use this market-leading digital wallet (aka web wallet, electronic wallet, or eWallet) to deposit and withdraw to and from their accounts with relative ease. 

In recent years, PayPal has become the number one choice online payment solution for millions of Australians. Companies like PayPal have made transactions quicker, easier to process, more secure, and super convenient. 

PayPal can also be used to send and receive money to and from any other PayPal account holder anywhere in the world. In other words, it can be used as a tool to pay people or be paid by an employer, not just for paying for goods and services at the checkout on websites. 

Additionally, PayPal users can use their accounts to buy, hold, and sell a growing number of legitimate cryptocurrencies. 

Which fintech trends are helping to shape our lives for the better in 2023?

Some of the biggest trends in the fintech industry that are helping to shape our lives for the better in 2023 are things like Machine Learning (ML) and Artificial Intelligence (AI), the Internet of Things (IoT), Embedded Finance, Open Banking (or BaaS, Banking as a Service), Gamification, and Buy Now Pay Later (BNPL). 

Other key fintech trends happening right now, which are also expected to be even bigger over the next few years, are Neobanking, Regulation Technology, and Alternative lending (or P2P lending). 

What does the future of the fintech industry look like?

It’s hard to say what the fintech industry might look like in the next two to five years, let alone in ten years’ time because it’s constantly evolving at such a rapid rate. What’s new and exciting in the fintech industry today may be irrelevant and obsolete in just a few short years. 

However, experts predict that the total value of the world’s fintech industry is expected to climb to an incredible $305 billion over the next two years (by 2025). 

The country with the most significant growth in the fintech area is India, which is expected to become the world’s third-largest fintech market over the next few years. In 2021, it was valued at around $50 billion; by 2025, it’s expected to reach a whopping $150 billion. 

Final note

The next big trend in the fintech industry is expected to be the exponential growth of CBDCs (Central Bank Digital Currencies), meaning the development of currencies but in digital form. One of the other key areas to keep a close eye on will be the intersection of AI and financial technology. 

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