Welcome to our weekly news roundup, of headlines which we thought would be beneficial to our readers. We’ll bring you a weekly dose of some of the most interesting titles which have surfaced, with a particular focus on the topics of fintech, crypto, savings accounts and beyond.
This week’s roundup will feature titles on digital currency, investment in stocks and cash protection. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- PayPal-owned Venmo has introduced crypto transfers for users to send to friends, family, PayPal accounts and external wallets. The latest feature will facilitate transfers for Bitcoin, Ethereum, Litecoin and Bitcoin Cash to both Venmo contacts and outside participants. [source: The Paypers]
By introducing better management and movement of cryptocurrencies, customers are able to begin to use their crypto funds more confidently. Reliable brands taking a step towards supporting users with a secure and easy to use method for their crypto funds will not only encourage customers to consider alternative currencies to fiat ones, but it also further supports financial institutions as consumers turn to alternative funds as their primary choice. – Jovi
- The fintech industry is set to become a $1.5 trillion industry by 2030, according to Boston Consulting Group and QED Investors. Revenue is set to grow sixfold from its $245 billion, as regions such as Asia-Pacific and North America take strides in the fintech market. [source: Finextra]
There’s much to be said on this phenomenal, yet unsurprising statistic! The payments sector has been evolving for many years, serving both businesses and customers; supporting financial institutions; uplifting businesses and much more. It’s incredible to think of the innovations which have already penetrated our way of life at a global scale, despite the fact that fintech can be deemed as in its formative years. Already we see the integration of fintech products at a large scale, including banking-as-a-service, insurtech, card acquiring, challenger banks, lending-as-a-service, equity financing, money transfers, digital currencies and beyond. There is much power in the statistic we see, as users turn to fintech solutions to help bring ease, convenience, and reliability to the financial areas of their lives. In the long run, we will see fintech continue to grow and bring services at a global scale, to close the sizeable gap for those who are underbanked and unbanked. – Jovi
- Apple nets $1 billion in deposits in its first week of launching their new savings account product. With 240,000 accounts signed up for the service, the tech giant had gathered $990 million in deposits within four days of its launch. [source: Forbes]
The prevalence of a big tech giant stepping into the financial services had most certainly raised many eyebrows when it was announced. But with such phenomenal investment from users within a week, we can see the continual drive for consumers who are seeking for the smartest way to manage their funds. The accounts were popular, with a 4% annual return, which is pivotal in the economic crisis, and the uptake in savings accounts should be speaking loudly to banks and financial institutions on the importance of having a safe and lucrative haven for users, particularly during this time of precariousness with closing banks, rising interest rates and rumours of financial crashes. – Jovi
See you next week, back in the blog for your next weekly news roundup.