Toward a cashless society

Financial technology is the future


Advances in technology have transformed industries, which have become more efficient, convenient and accessible. We don’t shop, interact, learn, play or work the same way we did 10 years ago.


We depend on financial technology, or fintech, for our daily activities from paying bills, shopping and sending money to loved ones to managing our finances, such as monitoring our bank accounts and investments.


Businesses now rely on fintech to operate – from mobile point-of-sale systems and taking orders from customers to managing their bank accounts.

Fintech is sometimes considered a separate industry in itself.


Broadly, fintech encompasses cryptocurrency like Bitcoin and Blockchain, mobile wallets like Apple Pay, investment apps like Robinhood and cashless payments for services like rides, food delivery and online and retail purchases.



Even loyalty programs are now leveraging fintech to provide more convenience to users, such as the PacificPoints app. PacificPoints is a loyalty program that allows users to earn points when paying their IT&E bill and purchasing fuel at Shell and products from Foody’s. From there, users can use the app to view their points earned and redeem points for discounts on their IT&E bill and free items at Shell and Foody’s. Points can also be converted to United MileagePlus points right from the app.


Fintech is largely driven by start-ups and innovators that share the goal of making financial services like loans, money transfer, business transactions and other banking services even more accessible and rapid.


Industry leaders imagine a farmer applying for a loan from their estate or a small business owner accepting payments easily and immediately receiving the funds in their account. Smartphones are an ideal platform for many fintech companies to literally get their services into the hands of their clients.