The Future of FinTech: Ways to Earn Money in 2023
Financial technology has changed the way we manage our money and perform transactions, but many people think it’s going to transform how we earn money even more profoundly over the next few years. So what do you need to know about these FinTech ways to earn money? Which ones should you keep an eye on, and which ones should you jump right into? Here’s everything you need to know about earning money through financial technology in 2023!
What is finance technology
Finance technology, also known as FinTech, is a rapidly growing industry that uses technology to provide financial services. This includes everything from mobile payments and online banking to investment management and personal finance. With the advancements in FinTech over the last decade, it’s not hard to imagine what will be happening in the future.
IFTTT and Wearables
In the future, FinTech will be more focused on convenience and accessibility than ever before. IFTTT (if this, then that) services will become increasingly popular, as they allow users to automate tasks and connect different devices and services. Wearables will also play a big role in the future of FinTech, as they provide a convenient way to make payments and track finances. Here are some ways to earn money with these technologies in 2023
Mobile Payments
By 2023, mobile payments are expected to be the norm. In fact, they’re already widely used in many parts of the world. There are many different ways to make mobile payments, including NFC (Near Field Communication) technology, QR codes, and digital wallets.
Alternative Finance
Peer-to-peer lending, also known as P2P lending, is a type of alternative finance that allows individuals to borrow and lend money without the use of a traditional financial institution. These loans are typically used for personal reasons such as consolidating debt or buying a new car. To put it simply, instead of borrowing from a bank or credit union, borrowers borrow from individual lenders who can either be an individual or organization with extra cash on hand. These organizations usually provide loans at higher interest rates than banks do. But it has come to light that many peer-to-peer companies are scamming people by making promises they can’t keep about high interest rates and early repayment options.
Artificial Intelligence
In the next few years, we can expect artificial intelligence to revolutionize the financial sector. Already, AI is being used to develop predictive models, automate customer service, and detect fraud. As AI technology continues to advance, there will be even more opportunities for financial institutions to use it to improve their operations and better serve their customers. Here are a few ways that you could earn money from FinTech in 2023
Internet of Things
By 2023, it is estimated that there will be over 24 billion devices connected to the internet. This means that a huge number of everyday objects will be able to collect and share data. This data can be used to generate new revenue streams for businesses. For example, insurance companies could use data from connected devices to create usage-based insurance plans. The policies would be cheaper because the driver’s average distance traveled would likely be lower than someone who commutes long distances every day. Another way to generate revenue with IoT is through cryptocurrency mining. Individuals might pay for their cars or washing machines to mine cryptocurrencies, rather than relying on their computer’s CPU or GPU for mining as they do now. Cryptocurrency mining involves verifying digital transactions on a blockchain by solving mathematical puzzles; this process earns coins (or tokens) which are then exchanged as currency or power electricity bills. The Internet of Things has many other potential applications and will surely provide more ways to earn money in 2023!