Money is any item or verifiable record that is generally accepted as a payment for goods or services and repayment of debts. The main functions of money are as a medium of exchange, a unit of account, a store of value, and sometimes, a standard of deferred payment. The money should be fungible, durable, portable, recognizable and stable. Currently, people use digital currency as a medium of exchange. The development of fintech (financial technology) created digital currency. The Global Financial Crisis (GFC) of 2008 significantly decreased customer trust in financial services and helped spark the growth of Fintech ventures (Breidbach et al., 2019; Muzellec et al., 2015). Fintech refers to software and other modern technologies used by financial institutions that provide an automatic system and improve the services provided by financial institutions. Fintech is an excellent innovation because the system is fast and user-friendly friendly, using features such as Mobile Payments that give a unique benefit to businesses and customers in the payment transaction process.
FinTech began to flourish in the year 1990, when the Internet and e-commerce business models began to arise. This technology of cloud computing made it possible to invent new customized solutions and standard procedures such as providing an excellent platform for payment and transfer of money with automatically converted currencies. When the internet system was introduced in 1990, it made the concept of digital currency become a reality with the emergence of the World Wide Web and online payments. In the year 1999, European banks began to offer mobile banking services with smartphones. Then Paypal also used digital currency for transfers and payments as an alternative to traditional paper. The first digital currency, which is called DigiCash, was launched in the year 1992. Then, another digital currency was introduced, including CyberCash (1994), E-gold (1996) and Liberty Reserve (2006).