“…At the point when technology and innovation put its fingers in the financial services, FinTech has been conceived, as a major trend of financial innovation. Presently, with this word allude to e-payment, e-transfers, crowdfunding (Chishti, 2016;Jiang et al, 2018;Hendriyani & Raharja, 2019), crowdsource (Kunz & Muralidhar, 2017;Camacho et al, 2019;Sul, 2020), peer-to-peer system (Chishti, 2016;Puschmann, 2017;Mahardhika & Inggis, 2017;Guild, 2017;Jiang et al, 2018;Goldstein et al, 2019) and cryptocurrencies (Goldstein et al, 2019) refer to FinTech. Besides, Pavarotti et al (2018) and Thakor (2020) address financial innovations in terms of incremental strains and intensified competition, the retail payments market remains a vital driver for the entire banking sector.…”