CHICAGO (WBBM NEWSRADIO) -- Financial technology, or fintech, has come into play, quite a bit, during the coronavirus outbreak. And during this time, there are questions as to whether cash could go the way of the dinosaurs.
It comes down to this...
"If you haven't written a check in a long time or if you have used your cell phone to split a bill, then most people have subtly experienced what is essentially a revolution," said Daniel P. Simon, author and CEO of Vested.
And, he said, now there are thousands of fintech companies, serving every aspect of our financial life, from how we borrow money to how we spend it, save it, and invest it.
Fintech has made it possible to never touch cash - a concern during the COVID-19 pandemic.
"People don't want to handle cash and they don't want to get close enough to people to exchange cash right now," Simon said.And, according to Simon, financial technology also plays another role during this pandemic.
"At least with the distribution of the government stimulus funds, whether it is unemployment, whether it is so called stimulus checks, which aren't really checks anymore, most of them are direct ACH transfers into people's bank accounts," he said.
Or whether it’s the Payroll Protection Program money for smaller businesses. Much of that – Simon said – is running electronically – aka – fintech.