While global fintech funding only reached $24.7 billion in 2016, compared to a record $46.7 billion in 2015, it continues to be a fast-growing and innovative industry whose partnership with eCommerce looks set to boom in coming years. With new payment options available, from credit to mobile, the eCommerce space has already begun to experience the benefits of modern financial technology, and there is only more to come.
With more customers able to reach online shopping on an annual basis due to more payment options, it is forecast that online global sales will reach $4 trillion in 2020 and fintech will be the driving force behind this rapid increase.
What started as offering merchants and customers a secure form of online selling and purchasing has now grown into offering more and more options. From mobile stores to a variety of alternative payments, fintech has advanced to the point where merchants can now open up their businesses to more customers around the world who may not have had access to their stores before. In recent years, fintech has brought more to the eCommerce industry with a number of developments, proving an even stronger partnership between the two industries. In collaboration with PayU, here are some of the biggest trends in fintech at the moment, proving that the connection with eCommerce is only getting stronger.