In 2020, the global fintech market, as this article shows, was worth approximately $110 billion, and it is expected to grow to $900 billion by the end of 2030.
How will this happen? The fintech industry technology has impacted increasing markets recently, as innovations have planted pillars in sectors other than finance and investment. But how is fintech influencing sports, and what is the future of this high-value market? Keep reading to find out.
What is Fintech?
Short answer, ‘fintech’ is a shortened version of ‘financial technology.’ It refers to modern payment innovations that have been on an uptrend over the past decade.
Indeed, the fintech sector grew significantly following the 2008 financial crisis, as fiscal startups were encouraged to enter the market and help foster growth to revive the declining economy. Traditional banks have increasingly embraced fintech innovations to improve efficiency and customer experience.
How Much Impact Is Fintech Having on Sports
Fintech isn’t just making payments easier across borders. It’s changing how we play, watch, and support sports. From NFT football cards to sport blockchain broadcasts, we saw how payment innovations could be implemented for fans and athletes. Like during the Tokyo Olympic Games last summer.
Finance has always played a key role in sports spectatorship and has allowed the industry to grow into the behemoth it is today. Sports betting is a highly competitive industry and America is one of the fastest-growing betting markets globally. For many fans, placing a bet on their home team is an integral part of the entertainment experience. Sportsbooks implement a range of unique promotions to gain a competitive advantage and attract customers, so if you’re a bettor looking for value when placing a wager, you can click here to claim your Caesar’s Ohio promo code.
With advancements ranging from payment authentication with biometrics and wearables to apps with digitally-issued cards, paying at sporting events is faster, easier, and more secure. While the Olympics are often at the forefront of sporting payments, some of this advanced techy approach is being implemented by sports clubs to improve overall athletes’ and fans’ experience.
Fintech has allowed esports fans who are cryptocurrency holders to access tokens and perks like voting rights for team/club decisions that also provide the clubs with an additional revenue stream and a wealth of data about their supporters.
Blockchain technology also plays its part in personalizing fan experiences by streamlining targeted information, merchandise, viewing content, e.t.c., all of which are linked to a payment system, typically via an app.
So, instead of downloading a map of the venue to find your seat or fighting through online traffic before the event to see the merchandise, your e-ticket will contain all the information you need to be tailored to suit your preferences.
Finally, Will it boom? Or is this just a phase?
With several agreements between fintech brands and football clubs signed to change and upgrade the traditional sports fan experience, it’s only suitable to speculate. Using the recent partnership agreement between Serie A side AS Roma and open banking firm EML as a case study, the rollout might be a great way to reward fans for years of loyalty.
Many experts believe we are now in the third age of fintech, with increased collaboration between established players and emerging or established startups — click here to read about the exclusive partnership between Cristiano Ronaldo and Binance.