The coronavirus pandemic has reshaped the fintech space, boosting digital payment and online banking across the globe. The mass population has shifted from currency notes to tap-and-pay modes, as it lowered the risk of virus transmission. From e-commerce giants to minuscule brick and mortar retailers, the need for digital payment systems is growing constantly.
Digital payments have been popularized as they allow consumers to quickly, conveniently, and inexpensively send money across the globe. Additionally, areas like business-to-business payments are bringing a revolution in payment methods. Companies like AvidXChange, MineralTree, and Billtrust target invoicing and payment processing. With the help of artificial intelligence (AI), fintech companies are helping even small-scale businesses to automate and remove labor-intensive paperwork. Rather than having employees manually process every invoice/payment, AI-based automated systems are handling these functions or routines all at once, and letting the staff take care of problematic transactions and concentrate on customer-centric approaches.