Abstract
The advancement in information technology has accelerated the adoption and use of information technology in monetary transactions. The branch of information technology that deals the monetary and financial affairs is categorized as financial technology or “Fintech”. The digital currency, e-money, e-commerce, and digital payments are the major areas of fintech. These functions cover entire areas of money and financial markets, however, digital currency and e-money are directly related to the monetary system and policy. Digital currency is a cash alternative, which permits its owner to make cashless payments via money stored on a phone, prepaid card, or online account. The common acceptability of digital currency and use of financial technology is a big challenge. The history of money shows that every type of currency was refused by people at its initial stage but with time, every currency has got common acceptability. Earlier acceptance of changes in the system of monetary transactions and adoption of new technology can be beneficial for its users. However financial illiteracy is the main hindrance. Awareness through public media and financial literacy can play an effective role in the use and recognition of financial technology and electronic money.
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