FinTech Will Change the Way You Shop
Shopping is a concept and activity unique to humans (I think it is safe to say that no other member of the animal kingdom is trading currency for material goods) and it has changed radically from its earliest appearances. Bartering, which is how the concept of shopping began, first came into play 150, 000 years ago. Of course, bartering evolved into the more familiar concept of trading currency for goods, and shopping was born. Markets started becoming commonplace, and this structure evolved into stores and shopping centers.
As with so many aspects of our lives, then the internet came in and changed the game. Online shopping is currently being done by 1.5 billion people worldwide, and by 2019 that number will grow to 2 billion digital buyers. This ever-growing marketplace is great news for FinTech, as these shoppers need an easy and safe way to pay for their purchases and will happily patronize companies that make the transaction process painless. Many FinTech companies have stepped up to this challenge and are reaping the rewards.
Adyen is one of the leaders in this field, posting a $50 billion transaction volume in 2015 and earning a revenue of $350 million. Used by modern juggernauts like Groupon, Netflix and Uber, it allows companies to integrate various forms of payment (in-store, online and mobile), giving them the opportunity to provide the best and most adaptable service to all their customers with the least amount of hassle.
The company services a large range of categories, ranging from retail to airlines to ticket sellers. One of the major pluses is it simplifies the exchange process, allowing companies to offer their products on an international scale while Adyen works on the conversion process. Plus, Adyen has systems in place to limit fraud, a must in today’s risky business world, and increase approval ratings of transactions. By operating on such a wide scope, Adyen truly services the world’s needs.
Braintree—which lists itself as a PayPal Company—is another company seeking to profit from the ever growing online marketplace. By offering numerous payment options—from bitcoin to credit cards to Apple Pay to PayPal—Braintree gives consumers choice when it comes to sending payment. Prior to the dawn of FinTech, PayPal was the giant in the field of online payment, so this venture into the FinTech field is a good indication of how the market is moving.
Online shopping is easy and convenient (not to mention anonymous), so it’s obvious why more and more people are turning to this form of retail. Now, thanks to FinTech, the process is even easier. It’s a safe bet to say that 2 billion by 2019 statistic is low-balling the projection.
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