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    Insurtech news: Technologies used to improve efficiency in the insurance industry based on KYC, big data, blockchain, cloud. Startups are the new agent.

    The global digital payments market was valued at USD 3885.57 billion in 2019 and is expected to reach USD 8686.68 billion by 2025, recording a CAGR of 13.7 percent, during the forecast period of 2020 – 2025—according to various reports. In the last one decade or so, we saw rapid changes in the payments landscape, building on the accelerating growth in digital payments. The emerging markets have been at the forefront of this payment transformation. With the rise of innovative fintech players, the digital payment ecosystem, in recent years, witnessed unprecedented growth. In India alone, we have had many success stories of fintech players that literally transformed the payment ecosystem and the way India transacted. Most importantly, technology allowed us to build a payment infrastructure from the scratch, in a relatively short span of time, without the burden of legacy systems. Globally, the power dynamics in the payments industry are changing as businesses and consumers shift dollars from cash and checks to digital payment methods. Cards dominate the in-store retail channel, but mobile and other fintech are seeing a rapid uptick in usage. Back in 2019, WPR stated that mobility, connected homes, entertainment, and media are expected to boost non-cash transactions in the future. The rise of digitization at corporate B2B payment is affecting regional trends. In the Asia Pacific markets, large and medium scaled businesses are adopting digital invoicing, virtual cards, and cloud-based finance and accounting. In the emerging Asian markets, charge cards are popular among corporates to ease and secure supply-chain payments. Banks, fintechs and regulators embraced cashless payment, as it is cheaper, more effective and more transparent. Nandan Nilekani committee on digital payments had recommended that the Reserve Bank of India and the government must aim to maximize the volume of digital payments by a factor of 10 in three years, leading to double the value relative to gross domestic product. The committee also emphasized the need to expand the acceptance infrastructure across the country and also to reduce the interchange on card payments by 15 basis points. The panel also pushed for the removal of all charges on digital payment transactions for the convenience of customers. RELATED NEWS How RPA adoption ignites BFSI industry? How Fintechs can deal with the rising delinquency rates Cryptocurrencies open up new investment opportunity amid Covid-19 crisis Overall, the decline of traditional branch banking and ATMs will give way to digital financial services. That said, cash is an inevitable part of our economy and many developed economies which have seemingly become ‘cash-less’. Ironically, fintechs and cashless payment technologies who promise to ensure financial inclusion often achieve the opposite results in the process of cutting cash out—experts point out. Banking pundits underscore that cash is and will remain the most inclusive financial instrument across the globe. Cash distribution might incur huge costs and the new-age financial services users might prefer a completely digital money based system. But, cash is critical in ensuring true financial inclusion to cater to segments that can’t afford to be part of the modern financial system—senior citizens, less educated and less tech-savvy communities. In markets like India, where almost 80 percent of the transactions are still cash-based, going cash-less might not even be an option. That explains why the industry is now focusing on ‘cash-lite’ instead of cashless. In many markets though, industry stakeholders and banks are mindlessly pushing forward a paradigm of a cashless society. The era of ’20s will be the years of falling cash usage, but it is our responsibility as an industry, to ensure this process is smooth and painless, and no-one is left behind.

    Bruselas se pone las pilas ante la irrupción de las fintech

    Insurtech
    By Luis Suárez La Comisión Europea pone en marcha una consulta pública sobre las fintech para evaluar si la regulación actual es adecuada o es necesaria...
    En España, existen ya 238 compañías Fintech y 63 Insurtech

    En España, existen ya 238 compañías Fintech y 63 Insurtech

    Insurtech
    Según los datos facilitados por la AEFI ayer, actualmente existen en España 238 compañías Fintech y 63 Insurtech, lo que representa un crecimiento exponencial...
    Banca digital se intensifica; las fintech se aproximan

    Banca digital se intensifica; las fintech se aproximan

    Insurtech
    By EDGAR JUÁREZ Ahí vienen las fintech y los bancos lo saben. De acuerdo con Bankia Fintech by Insomnia, en alrededor de 10 años esta industria...
    How Blockchain will Change the Future of Financial Service Sector?

    How Blockchain will Change the Future of Financial Service Sector?

    Insurtech
    By Toni Xhufi The technology that is likely to have an enormous impact on the future of the world economy has arrived and it is...
    InsurTech: Like FinTech, but even bigger?

    InsurTech: Like FinTech, but even bigger?

    Insurtech
    By Steven Watson, Accenture My previous blog pointed out how, when it comes to investing in technology startups, the insurance industry’s definitely following the strong...
    Fintech Radar Spain: Spain quadruples its Fintech sector in three years

    Fintech Radar Spain: Spain quadruples its Fintech sector in three years

    Insurtech
    By Finnovista. When we founded Finnovista in early 2013, there were  only 50 Fintech startups in Spain and Fintech was mostly unknown and undiscovered to...
    The evolution of the regulatory landscape alongside the rise of FinTech.

    The evolution of the regulatory landscape alongside the rise of FinTech.

    Insurtech
    Traditionally, compliance isn’t seen as the most innovative or exciting area, but hand in hand with FinTech, and other innovative businesses it becomes much...
    Insurtech, Interview with Sam Evans, Founder of Eos Venture Partners

    Insurtech, Interview with Sam Evans, Founder of Eos Venture Partners

    Insurtech
    By FinSMEs According to CB Insights, vc activity related to insurance startups hit its highest annual total in 2016 with $1.69B invested in 173 deals. In...
    Innovation under the hood will rev the engines of a fintech revolution

    Innovation under the hood will rev the engines of a fintech revolution

    Insurtech
    (By Matt Heiman, investor at Greylock Partners, techcrunch.com) When the internet was first created in the 1970’s and 1980’s with the introduction of the ARPANET...
    Bankia Fintech by Innsomia launches its new program to attract international companies

    Bankia Fintech by Innsomia launches its new program to attract international companies

    Insurtech
    Spain’s first Fintech incubator and accelerator wants to attract talents and start-ups from Europe and Latin America. •The program includes a 16 weeks incubation in...
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    Cyber Security
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