Businesses, Consumers and all other stakeholders in-between are single-mindedly focused on commerce today. Commerce in turn needs to have alternative ways to transfer funds as Society increasingly moves away from cash and cheques.
Here lies the crux of the service opportunity. This “moving away” from paper has been found to be a sweet spot by the FinTechs. This is evident from the large number of FinTech companies crowding the market with venture capitalists continuing to make massive investments in them.
Way back in the early 2000s, Elon Musk foresaw huge potential in the money transfer business and invested in Confinity. This company, which we now know as PayPal, went public in 2002 and has reimagined internet money movement to such an extent that it remains till this day, the premium choice of millions of consumers across the globe.
The advent of Digital Overlay Services, a new breed of supplementary services has since encouraged many banks and FIs to think big and stay ahead of the curve as the global payments world accelerates its drive towards enabling faster payments.