NEW YORK , May 20, 2019 /PRNewswire/ -- Consumers and businesses alike find themselves transitioning from traditional cash payment methods towards new, innovative technologically advanced alternatives. Financial technology, or fintech, is the latest tech development that is gaining prominence and replacing conventional financial services in various sectors such as payments, e-commerce, banks, social trading, and wealth management. The technology provides users with financial data security as well as convenient and fast transactions, thus leading to smooth operations and a more flawless cash-flow. The fintech market is witnessing strong growth particularly within the blockchain industry, data security, and mobile banking applications. Blockchains, cryptocurrencies, and smart contracts are all gaining prominence because of their ability to process digital transactions at a much faster rate, as well as provide privacy for the user. IndustryARC suggests that the blockchain segment is expected to witness the fastest growth due to its technological advancements.