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Customer expectations when it comes to online payment speed, variety of choice, and ease of use are on the rise, so there is no wonder why more online payment options appear on the scene. Today, there is a number of reputable online payment services that businesses and companies involved in the fintech company rely on and these include e-wallets, mobile payment services, and online payment getaways. One industry that relies the most on innovative payment services is the fintech industry.
Businesses and companies involved in the fintech industry rely on various advanced technologies such as data science and blockchain to make standard financial options faster, safer, and more efficient. Fintech technology uses a whole range of other technologically advanced services and products to automate the use of different financial services. Essentially, companies involved in the fintech industry assist other companies and businesses with managing financial operations.
Financial Services (Fintech) and Online Casinos
While fintech companies and businesses emerged on the iGaming scene relatively recently, the term fintech was coined by the Financial Services Technology Consortium back in the early days of the 1990s. The fintech industry attracted the needed attention of investors, consumers, and regulations in 2014 and has been on the rise ever since. Fintech is closely related to information technology and the relationship between IT and financial services has strengthened and evolved over many years.
Even though it may be hard to believe, fintech was there back in the ninetieth century. Back in the day, innovators relied on financial services and technologies worked on finding new ways and technologies to communicate financial information internationally or way beyond their local areas. Thanks to new financial technologies that emerged back in the day, financial institutions such as banks were finally able to communicate with all of their customers regardless of their residence.
Thanks to emerging fintech technologies, the development of broadband and mainstream telephone communication introduced new, safer, and more reliable ways of receiving and sending money. More advanced global communication and transport systems that existed by the 1950s laid a foundation that allowed companies and businesses involved in the sector to start working on more advanced financial services and products.
Banks and other financial institutions active in the industry back in the 1960s started shifting towards digital data systems. One of the biggest milestones in this period was the release of Barclays ATM. In the 1970s, other emerging trends appeared on the scene including the very first digital stock exchanged which laid a foundation for more financial markets that we have today. Online banking was introduced in the 1990s thanks to the advent of the Internet. By the beginning of the 2000s, financial institutions’ services had become digitized.
Today, the fintech industry is dominated by online payment services. When it comes to the online casino industry and e-wallet services, these are payment options that players prefer using. Fintech has significantly improved the iGaming industry by offering safer, more reliable, and more innovative payment options. You will not come across a modern online casino that does not accept at least one e-wallet payment service. The best PayPal casinos in the Philippines as reviewed by this site follow all of the latest fintech industry trends to ensure one hundred percent safe transactions. Besides online casinos in the Philippines, PayPal and other popular e-wallets are supported by all other online casinos.
PayPal Dominating the Fintech Industry
PayPal owned and operated by PayPal Holdings Inc. has been around since 1998. The company was founded by Elon Musk, Yu Pan, Max Levchin, Luke Nosek, and Peter Thiel, and at the time of its inception, it was called Confinity. Fast forward to 2021, PayPal is the most used online payment service of this kind. The company’s annual revenue from 2010 to 2020 increased from US$3.1 billion to a staggering US$21.4 billion as this Statista report shows.
Just in 2020, the company’s annual revenue went up by over 20%. Today, PayPal has over 392 million users across the globe as estimated in May of 2021. Around 80 million active PayPal users rely on its popular One Touch feature. As estimated in late 2020, the service had over 29 million merchant accounts. Just in 2020, the service conducted over 15 billion online transactions which means that daily, PayPal processes over 41 million transactions.
Considering the fact PayPal is supported by over 1.6 million active sites, there is no wonder why this e-wallet service has dominated the entire fintech industry through the digital revolution. During the company’s early days, PayPal gained massive global success thanks to very small transactional fees and its developed referral system. Between spring and summer of 2020, the service had gotten around 5 million new customers which was a major increase from the 1 million new customers it had in winter 2020.
Needless to say, for a small company that PayPal was at the time, this was an amazing success and it was not long before PayPal became the most used online payment service in the world. The company continued to enjoy amazing growth and success in the following years after acquiring a couple of online payment services. such as Venmo, Paydiant, Xoom, and more recently Modest. Used by millions on a daily basis, PayPal will most certainly continue dominating the fintech industry and the company’s success story inspires other start-up companies that just emerged on the scene.
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