We are only two and a half months into 2022 and digital transactions and payment systems have already seen two major crisis points. First, the Canadian government invoked the Emergency Use Act to freeze the financial assets of those funding the anti-mandate trucker convoy in Ottawa. The ongoing invasion of Ukraine has also brought into question the viability of traditional financial systems, both for Ukrainian citizens and Russian as well.
Crypto supporters believe the likes of Bitcoin or Ethereum are the answer, but in less developed countries, the barriers to entry for cryptocurrencies remain fairly high. KPMG recently released a report that 2021 saw the highest funding for global Fintech and Blockchain-based payment start-ups, as the global trend towards digital finance continues.
Major fintech brands like PayPal (NASDAQ:PYPL), Block (NYSE:SQ) are leading the way towards a world that revolves around mobile payment systems. Other companies like Stripe are also implementing consumer-facing, enterprise integration and has recently added crypto to fiat transactions as well. But perhaps a clearer message from KPMG’s report is that the industry is ripe for competition, and there is plenty of capital for fintech start-ups.
Companies like iQSTEL (OTC:IQST) are making waves as up and coming names in the global fintech industry. Its GlobalMoneyOne subsidiary launched its MAXMO Fintech platform last year, partnering with Mastercard (NYSE:MA), and iQSTEL anticipates this will be a global consumer platform over the next few years.
A growing number of brands, like iQSTEL, are targeting the unbanked population of the world. A large population of underdeveloped markets are making the transition from no traditional bank account to a mobile or online-based fintech platform that allows for free and easy transactions and payments.
The digital payment sector raised over $51 billion globally as major corporations and even traditional financial companies are investing in the next wave of technology. Statista anticipates this market to grow to a value of more than $8 trillion by 2024. The titans of the industry have a major market share, but there is plenty of room for companies like iQSTEL to substantially grow over the next few years.
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