How does Blockchain Affect Banking Industry in Positive Way?

The global pandemic response for merchants has been short-lived and has also revealed that most of them will be needing a more powerful and solid option for digital payments.

This situation is acting as a trigger for fresh investments, partnerships, and acquisitions even though this was expected to be a low time for such activities.Recently Stripe had announced an investment round of $600 million to expand its product range which would allow enterprises to have easy and simple access to online payment transactions.And now, not long after that activity, a California based fintech Rapyd has acquired an Iceland-based merchant acquirer, Korta.

This acquisition has been put to motion with the intention of using the omnichannel card acquiring system of Korta to feed the hosted fintech services of Rapyd.Raypd has high hopes of attracting merchants who might want to build a local digital payment and shopping mix quickly by using the blend of automated self-service and API offered by Rapyd.Arik Shtilman, the CEO of Raoyd stated that in times like these, service providers cannot rely on providing physical services.

They have to be capable of providing 50% of their business services online.

This he believes is a feature of the new disaster recovery plan.The core business of Rapyd is supply chain automation where it enables merchants from one country to buy products from merchants in another country and make the payment to the seller merchants in their local currency using a digital wallet.

The seller merchant can then use that payment and pay their suppliers in their local currencies.The valuation of Rapyd is around $1.2 billion and it has processors of local payments to be capable of supporting e-commerce and B2B along with businesses sharing economy in the U.S. and overseas markets like Singapore and Brazil.The transaction details of the deal haven’t been disclosed but apparently, involve tens of millions of dollars.

With the arrival of the video-based KYC identification process, the banking sector and non-banking sectors are reaping huge benefits.

AI, coupled with the rich data sets available in the financial services sector, provides organizations with the means of defending their businesses and defeating criminals.

Let’s have a look at how.

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The report moreover enlightens the impact of the COVID-19 pandemic accessible and the new possibilities and challenges market players can expect.

The impact can be depended upon to be basic in the principal quarter anyway logically decline in a long time – with a confined impact on the whole year's money related turn of events.

Factors, for example, the extending educated populace, expanding Internet infiltration, and the rising utilization of cell phones are powering the development of the worldwide web-based business industry.

This is apparent in both created and agricultural nations like the US, the UK, China, and India.

Furthermore, benefits offered by online business sites, for example, client surveys, limits, and the presence of different numerous installment alternatives, for example, credit and charge cards, Internet banking, electronic wallets, and money down (COD) have brought about a change in outlook in the buying examples of buyers.

The development of the functioning populace worldwide has expanded buyer tendency toward online stores that offer comfort.