Revolutionizing energy payments: The role of fintech in streamlining transactions
Project Manager FinTech, AI & Blockchain, Nawah Energy Company, Abu Dhabi, UAE.
Review Article
World Journal of Advanced Research and Reviews, 2024, 22(02), 2074–2083
Article DOI: 10.30574/wjarr.2024.22.2.1626
Publication history:
Received on 16 April 2024; revised on 22 May 2024; accepted on 25 May 2024
Abstract:
In today's rapidly evolving financial landscape, financial technology (FinTech) is playing a pivotal role in transforming the way energy payments are processed and managed. This review delves into the ways in which FinTech is revolutionizing traditional energy payment practices, enhancing efficiency, security, transparency of payment processes, and accessibility for both consumers and businesses, as well as streamlining transactions. By examining the integration of FinTech solutions with energy payment systems, this paper explores how technologies like blockchain, artificial intelligence, smart contracts, digital wallets, and mobile applications are streamlining transactions, reducing costs, and improving overall user experiences. By leveraging these technologies, companies in the energy industry can streamline transactions, mitigate fraud, and improve overall customer experience. The integration of FinTech in energy payments is paving the way for a more secure, convenient, and interconnected ecosystem that is reshaping the way energy transactions are conducted. The paper explores how FinTech impacts customer experiences through digital platforms and real-time transactions. It also highlights FinTech's potential to drive innovation in energy payment services and promote sustainability. Regulatory considerations, collaboration opportunities, and future trends in energy payments are discussed. The rise of new banking models like neobanks and collaborative relationships between traditional banks and FinTech startups are also examined. Overall, the paper offers valuable insights into FinTech's transformative potential in revolutionizing energy payments and shaping the future of the energy sector and streamlining transactions.
Keywords:
Financial technology (FinTech); Energy payments; Streamlining transactions; Digital platforms; Real-time transactions; Innovation; Sustainability; Neobanks; Transformative potential
Full text article in PDF:
Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0