Financial technology in the context of "Visakhapatnam"

Silicon Alley is an area of high tech companies centered around southern Manhattan's Flatiron district in New York City. The term was coined in the 1990s during the dot-com boom, alluding to California's Silicon Valley tech center. The term has grown somewhat obsolete since 2003 as New York tech companies spread outside of Manhattan, and New York as a whole is now a top-tier global high technology hub. Silicon Alley, once a metonym for the sphere encompassing the metropolitan region's high technology industries, is no longer a relevant moniker as the city's tech environment has expanded dramatically both in location and in its scope. New York City's current tech sphere encompasses a universal array of applications involving artificial intelligence, the internet, new media, financial technology (fintech) and cryptocurrency, biotechnology, game design, and other fields within information technology that are supported by its entrepreneurship ecosystem and venture capital investments.

PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial and company users.

Established in 1998 as Confinity, PayPal went public through an IPO in 2002. It became a wholly owned subsidiary of eBay later that year, valued at $1.5 billion. In 2015, eBay spun off PayPal to its shareholders, and PayPal became an independent company again. The company was ranked 143rd on the 2022 Fortune 500 of the largest United States corporations by revenue. Since 2023, PayPal is a member of the MACH Alliance.

Gen Digital Inc. (formerly Symantec Corporation and NortonLifeLock Inc.) is a multinational software company co-headquartered in both Prague, Czech Republic (EU) and Tempe, Arizona (USA). The company provides cybersecurity software, financial technology, and services. Gen is a Fortune 500 company and a member of the S&P 500 stock-market index. It is listed at both NASDAQ and Prague Stock Exchange. Its portfolio includes Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, MoneyLion and CCleaner.

On October 9, 2014, Symantec declared it would split into two independent publicly traded companies by the end of 2015. One company would focus on security, the other on information management. On January 29, 2016, Symantec sold its information-management subsidiary, named Veritas, and which Symantec had acquired in 2004, to The Carlyle Group. On August 8, 2019, Broadcom announced they would be acquiring the Enterprise Security software division of Symantec for $10.7 billion. After the acquisition, Symantec became known as NortonLifeLock. After completing its merger with Avast in September 2022, the company adopted the name Gen Digital.

Scotland has an economy which is an open mixed economy, mainly services based, which had an estimated nominal gross domestic product (GDP) of £223.4 billion in 2024, including oil and gas extraction in the country's continental shelf region. The country's primary industries are agriculture, forestry, fishery, manufacturing, oil and gas extraction, science, technology and energy, food and drink and tourism. Major developing industries in Scotland include the space industry, renewable energy and the financial technologies sectors. The country is one of Europe's leading financial centres, and is the largest financial hub in the United Kingdom outside of London. Scotland's largest non-UK export market is the European Union (EU), followed by the United States.

Scotland was one of the industrial powerhouses of Europe from the time of the Industrial Revolution onwards, being a world leader in manufacturing. The country had one of the largest and most successful shipbuilding industries in the world, and although significantly reduced in size, shipbuilding remains a significant sector of the economy, generating £403 million in GVA towards Scotland's economy in 2022. Scotland's economy has been closely aligned with the economy of the rest of the United Kingdom since the Acts of Union 1707 which united the Kingdom of Scotland with the Kingdom of England to create the Kingdom of Great Britain. Since 1979, management of the economy has followed a broadly laissez-faire approach.

A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, payment instruments such as payment cards, people, rules, procedures, standards, and technologies that make its exchange possible. A payment system is an operational network which links bank accounts and provides for monetary exchange using bank deposits. Some payment systems also include credit mechanisms, which are essentially a different aspect of payment.

Payment systems are used in lieu of tendering cash in domestic and international transactions. This consists of a major service provided by banks and other financial institutions. Traditional payment systems include negotiable instruments such as drafts (e.g., cheques) and documentary credits such as letters of credit. With the advent of computers and electronic communications, many alternative electronic payment systems have emerged. The term electronic payment refers to a payment made from one bank account to another using electronic methods and forgoing the direct intervention of bank employees. Narrowly defined electronic payment refers to e-commerce—a payment for buying and selling goods or services offered through the Internet, or broadly to any type of electronic funds transfer.