Digital Payment and Small Businesses

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Dr Shaloo Bhasin

Digital Payment and Small Businesses

Authors: Dr Shaloo Bhasin

Unique Paper ID: 183428
Volume: 12
Issue: 3
PageNo: 1442-1448

Keywords: Innovation Disruption Accessibility Efficiency Customer experience Data analytics Payment processing Digital transformation financial inclusion Cybersecurity Peer-to-peer lending Artificial Intelligence (AI) and Machine Learning (ML) Blockchain and cryptocurrencies Regulatory challenges Collaboration and partnerships Automation Personal finance management E-commerce integration Mobile banking and payments Scalability

Abstract:
The rapid emergence and adoption of financial technology (FinTech) has changed the traditional image of businesses throughout the industry. This study aims to provide a comprehensive analysis of the impact of FinTech on businesses and their operations. The study looked at various dimensions, including changes in financial services, business models, customer engagement and overall competitiveness. This research uses mixed methods, combining qualitative interviews with industry experts and quantitative data analysis to gain a deeper understanding of the multifaceted impact of FinTech in business. This study covers established businesses and startups, exploring how they are adapting and integrating FinTech solutions into their strategies. Key findings show that FinTech has a significant impact on the accessibility, efficiency and cost effectiveness of financial services. Businesses have improved the speed of transactions, improved risk management capabilities, and improved financial inclusion, especially for underserved populations. However, this shift raises concerns about data privacy, cyber security and regulatory challenges. In addition, FinTech has catalyzed the emergence of innovative business models that drive the growth of digital platforms and ecosystems. Business incumbents and newcomers alike have leveraged FinTech to optimize supply chains, streamline operations, and create personalized customer experiences. Additionally, the integration of artificial intelligence and machine learning among FinTech solutions has enabled data-driven decision-making and predictive analytics, enabling businesses to make more informed choices. Customer interaction has also been transformed by FinTech. Enhanced user experience through mobile apps and online platforms has resulted in higher customer engagement and loyalty. Additionally, the rise of peer-to-peer lending, crowdfunding, and digital payment methods have democratized access to capital, fueling a new wave of entrepreneurs and small business growth. Despite the benefits cited, the study also highlights the challenges businesses face in adopting FinTech. These include the need for significant technology investment, data security and privacy concerns, and the potential for increased market competition. Overall, the study emphasizes that businesses must embrace FinTech as an integral part of their strategy to remain competitive and relevant in today's landscape. Proper risk management, regulatory compliance, and continuous adaptation to evolving technologies will be essential for businesses to fully harness the transformative power of FinTech while meeting the challenges associated with it.

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Cite This Article

ISSN: 2349-6002
Volume: 12
Issue: 3
PageNo: 1442-1448

Digital Payment and Small Businesses

Available:https://ijirt.org/article?manuscript=183428

26 Jul, 2024

Green supply chain management

Impact Factor
8.01 (Year 2024)

UGC Approved
Journal no 47859

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