According to analysts and top executives, fintech has changed the game for telecom companies aiming to enter the digital banking and cross-border transaction space in order to capitalize on their large customer base, data insights, and pre-existing payment infrastructure.
Prominent company executives in the telecom sector believe that fintech has expanded their revenue streams and opened up new business options. By working with banks, exchange houses, and retailers to provide more cutting-edge goods and services in the near future, they believe telecoms will play a big part in promoting financial inclusion and bolstering the digital economy.
Fintech-telecom fusion, according to industry analysts, significantly boosts mobile money services by leveraging the shortcomings of traditional banking and filling in the holes in the financial system. They notably noted that the integration of NFC technology, QR codes, and contactless payments into mobile platforms has resulted in notable advancements in payment systems.
Experts claim that telecom companies have turned smartphones into banks by utilizing their wide reach to provide consumers with access to financial services and payment tools including peer-to-peer payment systems and mobile wallets.
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