Globalization has enforced businesses to integrate fintech payment solutions within their infrastructure. Innovative payment solutions have now become a necessity for marketplaces rather than an added functionality within their core structure. Moreover, the aspect of fintech experience is no longer limited to global businesses. The applications of enabling transformational solutions can be leveraged to local businesses, merchants, freelancers, online e-commerce stores, Small and Medium Enterprises (SME), and more.
The global fintech adoption index of 2019 reveals that the fintech sector has been growing faster than anticipated across the globe. Analysis of this index suggests that the global adoption rate of fintech in 2019 was 64%. Moreover, the coronavirus pandemic has escalated the impact of fintech payment solutions globally. A report by Gartner reveals that by 2024, mobile proximity payment users globally will double to nearly 2 billion, compared to less than 1 billion in 2019.
In this article, we seek to understand the relevance and need for integrating fintech payment solutions to B2B businesses, online marketplaces, gig economy, SME’s, and e-commerce.
Fintech Payment Solutions
XanPay is an innovative fintech solution that facilitates an organization to capture global possibilities by providing an innovative payment infrastructure. Its unique payment routing technology allows its partners to leverage cross-border payment solutions without any custodian risks. Furthermore, its network of digital currency liquidity providers facilitates service providers, merchants, and consumers to instantly route and settle payments.
The platform leverages its proprietary C2C routing technology to seamlessly integrate XanPay’s API into an infrastructure. This will allow merchants to instantly* settle their payments instead of waiting for days or weeks in the end. Moreover, its unique network allows consumers to access payment services in a non-custodial manner.
Stakeholders, merchants, vendors, and businesses can leverage the benefits of XanPay’s infrastructure by integrating its fintech payment innovation within their existing infrastructure.
1. Gig Economy
The gig economy gross volume is expected to cross $455 billion by 2023. It is one of the rapidly growing industries that requires a robust and resilient infrastructure in terms of technology, security, and payment solutions.
The traditional financial products and infrastructure does not align with the interests and needs of gig workers. Gig workers, which will represent more than 43% of the workforce, lack a streamlined process for payments. One of the issues faced by freelancers in online marketplaces is slower payouts and a high fee charged by intermediary organizations.
Fintech payment solutions like XanPay allows freelancers to receive instant* payouts from all across the globe. Marketplaces can also integrate real-time payments within its existing infrastructure to increase their brand loyalty. With XanPay, gig workers can take advantage of its proprietary technology by directly connecting with their clients without any intermediary organization.
Global marketplaces engage consumers and sellers from all across the globe. It has become vital for these marketplaces to offer an intuitive payment infrastructure that can drive conversions to sales. For building their own payment solution, marketplaces need to dedicate time and money to build their technological stack that offers robust payment solutions.
Alternatively, marketplaces can seamlessly integrate fintech payment solutions within their ecosystem. This enables a marketplace to focus on its integral business priorities, reduce time, save resources, and money thereby promoting overall growth with its organization. With XanPay, marketplaces can improve their payment cycles, deliver faster payments, collect payments from overseas customers, disbursing funds to global sellers in their preferred currencies, and drive experiences that enable seller retention.
3. Small Medium Enterprises (SME)
A 2019 payable insights report reveals that small and medium enterprises (SMEs) perform manual data entry for 86% of their invoices. SMEs lack time, resources, and money to build sophisticated payment solutions that match the core needs of their business operations. Additionally, SME’s need to offer a wide range of payment methods to provide an optimum experience to their customers.
Small and Medium enterprises can leverage the unique features of the XanPay solution to offer premium services provided by large institutions. By integrating XanPay’s component directly into their existing infrastructure, SME’s can provide industry-grade services to their customers from more than 15 countries. There are multiple ways to integrate the XanPay solution including through widget, API, and a button for SMEs to offer a frictionless payment process.
4. B2B Payments
A recent forecast suggests that the global B2B money transfer industry will reach a valuation of $218 trillion by 2022, up from $150 trillion in 2018. Businesses are no longer restricted to operate based on their geographical location. The traditional payment platforms offer a complex, tedious, extensive, and costly process for cross-border money transactions for businesses. Cross-border transfers generally take anywhere from days to weeks for payment processing. Additionally, these processes envelop intermediary organizations that charge heavy fees for their services.
Payment solutions developed on the technological stack can offer significant advantages for B2B operations. An efficient money transfer process, faster payouts, real time settlement, and an easy reconcilement process are some of the benefits of using fintech payment solutions in cross-border transfers.
XanPay's C2C network can enable instant*, cross-border routing, settlement, and cut out middlemen from various operations. One of the advantages of using XanPay’s services is that the more a business uses it, the faster and cheaper it becomes. Additionally, merchants can also collect payments in their preferred currency without any hassle. For instance, a Bangladeshi merchant can collect Singapore dollars and receive Bangladeshi Taka in his bank account.
5. Digital Payments
eCommerce retail purchases are expected to rise from 14% to 22% by 2023. Digital platforms require comprehensive payment solutions for increased consumer conversion, user-friendly payment process, acceptance and disbursement of direct bank payments.
XanPay facilitates digital platforms to offer a frictionless payment flow to consumers. Through end to end transactions, digital platforms can provide a seamless user experience while transacting in their preferred mode of payment. By integrating XanPay’s API solution, digital platforms can significantly reduce development costs, infrastructure, and staffing resources. XanPay offers quick payment confirmations, easy disbursements of funds, and low transaction fees that create a user-centric experience.
*Instantaneous payments are subjected to terms and conditions based upon risks and compliance standards.