We had to go to a financial institution or bank to apply for a loan, mortgage, deposit fund, or simply transfer money from one bank to another until a few years ago. However, times have changed. Today, Fintech, also known as Financial Technology, is at the forefront of the global digital revolution. It has made it possible to transfer money, borrow, save, and invest via digital platforms staying at home. The service has turned us into digital citizens where different sectors like educational, industrial, and organizational activities are performed online. 


What is Fintech?

Fintech is a financial technology that provides financial services from various software like cryptocurrency, mobile payment applications, and online banking. Fintech’s major objectives are to replace traditional financial services and change how entrepreneurs and customers access their finances. This service has been helpful for companies, industries, and consumers to manage their financial operations and process from specialized algorithms and software installing on smartphones and computers.


Difference between traditional banking and Fintech

  • Traditional banks are generally focused on the interest of their shareholders
  • Fintech is more focused on solving customers’ problem
  • You can do your financial activities from your smartphone from Fintech
  • In traditional banking, you need to visit to deposit, send, and receive money.


Benefits of Fintech:

  • Fintech operates websites in various languages to make it easier for consumers to carry out global payments. 
  • It enables customers to take financial services 24/7 providing faster and more efficient services 
  • Fintech is beneficial in maintaining more transparency. It provides all transaction history online. This service also helps to track your everyday income. 
  • You can make contactless payments from its “Scan QR & Pay” service particularly amidst COVID-19
  • Financial technology offers you multiple options for securing your payments like SSL, encryption, and tokenization
  • From this service, you can make instant payments online from home. 
  • It helps to create new opportunities for businesses to manage their money more effectively.
  • Financial technology is useful in bringing accuracy, simplicity, and efficiency to complex and inconvenient processes. 


Types of Fintech


Mobile Banking 

One of the largest parts of the fintech industry is mobile banking. From the digital platform, you can easily have access to your bank account, buy services and make direct payments from your smartphone with this service. 



Cryptocurrency is digital money based on blockchain technology. The major objective of this technology is to make customers able to buy goods and services from digital platforms and pay online. It is useful particularly for reducing fraud. You can use this service to easily transfer money from one bank to another and pay a variety of bills from the comfort of your own home.


Payment Gateway

Sending and receiving money online is a major objective of Fintech. It helps to make online payment accessible, faster, easier, and more convenient. This service is much more secure and it protects users by encrypting sensitive information. In Nepal’s context, a leading Digital Wallet and Payment Gateway, Khalti, has been helping all kinds of businesses to accept money online and expanding their reach by connecting to customers from across the globe.



Fintech has made it possible to raise funds for your businesses, organizations, and institutions from all over the world online. Crowdfunding networks facilitate you to receive and send virtual currency via mobile apps. You can also donate money online via Khalti Digital Wallet from all around the globe. With this service, individuals no longer need to reach out to people individually for fundraising programs. 


Mobile Payments

Khalti, which was founded in 2017, is a well-known Digital Wallet and Payment Gateway in Nepal.Currently, it has more than 1.7 million active users throughout the country. This app helps you to easily transfer funds and pay all types of bills using your smartphone from anywhere in Nepal. 


Business (B2B) Users

Before Fintech’s invention, startup business owners had to visit a financial institution to conduct their financial transactions.  A business had to accept credit card payments and have a good relationship with a credit card provider company to have all necessary systems installed. However, with technological advancement, the hassle of visiting banks has decreased. In addition to this, it has also increased B2B engagements. Now, fintech B2B services help any company leverage your financial transactions to optimize your productivity. 

In Nepal, a leading online payment service provider company, Khalti Digital Wallet, has also won Tintech Innovation Fund from the United Nation in 2019. Currently, it has more than 1.7 million active users throughout the country. From Khalti, users can recharge their phone, TV, pay their internet bill, insurance premiums, Government Revenues, Waste Management Bills, buy domestic flight tickets, and many more.