ABSTRACT
The global pandemic of 2020 has created opportunities for digital payments, a type of financial technology (FinTech). Lockdown restrictions across the world have led to a big surge in digital payments and online payment platforms globally. According to Mastercard’s research in 2020, 64 percent of European consumers prefer to pay by tap-and-pay cards. Trust in algorithms was the centre of debate when the algorithm used to predict A-level students’ grades in England, Wales and Northern Ireland in 2020 downgraded grades by up to 40 percent. Due to the pandemic, A-level exams were cancelled in the summer of 2020. FinTech aims to close the gap between the financially and digitally included on the one hand and those who are excluded on the other. FinTech is an enabler to global financial inclusion, creating a more equitable world. Asymmetric technology is widening the gulf between the huge advancement technology firms are making and the supervisors’ adherence to out-of-date technology.
