In 2025, businesses will adopt transaction processing systems (TPS) for online transactions, which will expand the field. Digital payments are on the rise. This year, the total transaction value for digital payments is projected to reach USD 20.37 trillion, with a CAGR of 15.90% between 2025 and 2029.
This astounding total transaction value signifies a great adoption rate. The transaction process …
Fintech is changing the way we interact with money, making financial services smarter, faster, and more accessible. Did you know the global fintech market is expected to skyrocket to $698.48 billion by 2030, with a growth rate of over 20% per year? That’s because fintech is constantly evolving, driven by new technology, changing regulations, and what people need most from their banks.
Every year …
Smooth and secure payments are essential for any business to succeed. With the boom in online shopping and digital wallets, competition in payments has grown faster than ever. To keep things organized, the European Commission created rules to regulate Electronic Money Institutions (EMIs) and Payment Institutions (PIs)—two key players in modern payments.
In this article, we’ll cover:
The Kingdom of Saudi Arabia (KSA) is witnessing an unprecedented tech boom with its Vision 2030 initiative. Last year, Saudi Arabia gained more than half of startup investments in the MENA region, attracting $2.3 billion in funding across 145 deals. That’s more than half the region’s $4 billion startup investment total and represents a staggering 160% year-on-year increase, according to research …
The global digital payments market is on an upward course, with a projected revenue of $14.79 trillion by 2027. Impressive, right? Also, an impressive two-thirds of adults across the globe are now embracing digital payments, with a striking 89% utilization rate in the United States.
As clients and businesses increasingly embrace the convenience, security, and efficiency of digital payments, the …
Businesses from different domains are increasingly digitalizing. With the realization that having a custom app can be beneficial to nearly any company in one way or another, the usefulness of digital wallets also becomes obvious.
With a high penetration rate of 49% and bringing more than half of the total value of online payments worldwide, digital wallets are becoming a dominant method of …
How do payments work in your business? Your customers find what they prefer among your products and services. However, will they find a preferred payment method among your company’s supported methods?
Studies show that businesses that offer multiple payment options increase revenue by nearly 30 percent. In turn, companies that accept four or more payment options increase their revenues …
The business environment favors companies that implement innovations rapidly. As of 2024 and potentially beyond, core banking software is easily one of the most trending digitalization opportunities, promising better revenue and user experience.
The core banking software market size has grown from $12.45 billion to $13.63 in 2024, showing a CAGR of 9.5%. While adopting core banking among …
As of 2024 and most certainly beyond, climate change is a global concern, while green finance and sustainable fintech are major trends. Why is it so?
Reuters’ study shows that global green finance rose over 100-fold in the period 2012-2022, from $5.2 billion to as much as $540.6 billion. 93.1% of the financing comes from green bonds, meaning that companies increasingly attract investment with the …
Biometric authentication is on the rise in 2024, with many digital finance companies and service providers claiming it for their business. For example, according to The Coolest Gadgets, worldwide revenue from the sales of biometric authentication systems reached roughly $15.1 billion in 2023.
In this article, I seek to explore what biometric authentication means for fintech businesses in the …
What lacks the majority of software product providers is speed. Fintech companies can’t afford to have compromised operational scalability and consumer reach. That’s why it’s possible to observe the growing demand for wealth management platforms used to automate fintech tasks and help handle finances.
In 2023, the worldwide market for wealth management software was worth about $4.59 …
Modern banks handle a variety of financial transactions. They deal with a huge number of money flows and enormous money volumes. It is no surprise that banks have become prime targets of fraudulent activities. Impressive $10bn loss was reported because of fraud in 2023 with nearly 1 in 5 people affected by the imposter scam.
A serious problem for banks is that modern criminals are highly …
The digital universe currently contains over 44 zettabytes of data and approximately 2.5 quintillion bytes of data are created every day.
The primary advantages of big data are that it provides valuable insights that companies can use to improve their business operations. It is therefore not surprising that the adoption of big data by organizations has increased in recent years.
However, big data …
As of 2024, there are almost 30,000 notable fintech startups worldwide. No wonder that nowadays, launching a fintech startup is one of the lucrative ways to enter the market. While fintech product ideas are many, lots of them involve handling customers’ financial data. If you’re not well-versed in integrating various banking solutions into your future product, you will need an …
Back in 2023, the total revenue of the fintech industry was estimated at $79.38 billion, with the prospect of multiplying nearly twofold by 2028. As of 2024, there are more than 13,000 fintech startups in the US alone, nearly 11,000 in the EMEA region, and about 5,900 in the Asia Pacific region, and these numbers continue to grow because more entrepreneurs see a promising opportunity in developing …
Are you constantly on the lookout for new tools to improve business operations? Robotic Process Automation (RPA) could be the technology you’ve been missing out on.
A study shows that 98% of IT leaders believe automating business processes is necessary for getting industry advantages. And this is true because RPA for finance can reduce labor-intensive tasks by up to 80%.
Finance RPA includes …
Whether you’re a fintech or a non-fintech business owner, you cannot overlook the rapid integration of banking services into platforms, services, and products from other industries. It’s commonly known as embedded finance.
The size of the embedded finance market in 2023 is estimated at 66.3 billion U.S. dollars and was forecast to grow at a CAGR of 16.5% over the next decade. It can be stated …
According to recent data from Global Market Estimates, the global green fintech market is expected to increase by 22.4% annually from 2024 to 2029. A mix of technology and finance, which is called green fintech, helps the planet and promotes sustainability.
Before we explore this topic, let me introduce myself. I’m a software engineer with six years of experience. I lead the Node.js …
Payment processing is integral to the entire business operation. Over the last few years, businesses worldwide have lost over $33.4 billion due to financial fraud. With the increase in the number of fraud methods and cases, it’s becoming more and more important to secure funds and sensitive billing details from being stolen.
In this post, you’ll discover fundamental aspects of tokenization, learn …
The adoption of digital technologies in financial services is gaining momentum. The convergence of customer demands, technological advances, and government choices will significantly impact the direction of the financial industry market trends in 2024.
The financial services market is projected to grow from $25,848 billion in 2022 to $37,484 billion in 2027 at a CAGR of 7.5%. The pace at which the …
The fintech industry is booming, with more than $50 billion invested back in 2023. About 1,500 new fintech companies appear annually in the US only and many of them have some form of a software product as their main or complementary offering. Consequently, it’s crucial for senior executives and engineers to have a solid grasp of backend technologies essential for crafting software solutions. …
Fintech is one of the most promising and ambitious branches nowadays, so it shifts from being a short-term trend to a prominent market segment. Back in 2022, the number of active fintech unicorns reached 312, showing a dramatic increase. At the same time, as of May 2023, there were 11,651 fintech startups in the US only.
The global IT services outsourcing market was estimated at about $525 …
AI recognition in finance started in 1980 already, but it became a strong trend relatively recently. Undoubtedly, AI already infiltrated most business spheres. But how can you, as a digital bank owner, executive, or an individual planning a neobank startup, put it to good use before competitors will?
Well, for starters, let’s embrace the fact that 35% of companies already take advantage of AI, …
Innovative AI and ML technologies disrupt conventional fintech and raise additional challenges and opportunities for businesses in this niche. Business owners are now naturally curious about how they utilize machine learning in finance to their company’s benefit, and whether ML can offer a good return on every dollar invested in it.
McKinsey’s report shows that about 55% of businesses …
Customers used to have to physically visit a bank during business hours to perform even the most basic banking tasks. Now, they can benefit from convenient mobile banking apps. The decision will naturally be based on how well the mobile app meets their needs.
More than 69% of banked households use mobile banking services as their primary method to access bank accounts. This means that mobile …
In the modern day, financial fraud is incredibly widespread. While customers are at risk of being scammed, businesses that fail to establish fraud detection and prevention systems risk their reputation and can be subject to penalties, and in some cases, C-level of companies can be criminally liable.
Statistics reveal that business losses because of online payment fraud were estimated at $48 …
In the modern world of digital technologies, web stores, and online payments, the role of payment processing vendors is significant. Such service providers handle various forms of electronic payments, including credit and debit card transactions, offering secure and efficient processing services.
The transaction value in the digital processing market is projected to reach $11.55 trillion in 2024, …
Nowadays, it’s nearly impossible to imagine life without finance, apps, and software.The software development market is projected to achieve a value of $1039 million by the year 2027, demonstrating a Compound Annual Growth Rate (CAGR) of $22.54% from 2020 to 2027.
What’s even more intriguing is McKinsey’s research indicating that the fintech industry is anticipated to grow …
As the technology in payment processing and banking evolves, the sector is witnessing a significant shift towards digital transformation.
As such, consumer digital payment processing grew by over 50% during the year 2022, indicating a marked transition towards digital transactions. Over the same period, the private debt saw a significant growth of 29% in 2022, illustrating a shift away from …
Application Programming Interfaces (APIs) are software solutions that enable data transfer between different applications and platforms. They act as frameworks allowing computers to communicate, enabling extensive data exchange.
The API management market is valued at $5.1 billion as of 2023, there are more than 24,000 public APIs, and more than 90% of developers use APIs in their work. So, the …
Despite tons of innovative security measures, fintech companies always face different types of fraud. From April to June in 2023, investment fraud emerged as the most financially impactful compared to other cyber crimes, resulting in losses of £135.2 million.
Can you imagine your business losing tons of money just in one wrong click? Unfortunately, it happens every day. On average, fintech …
With today’s neobanks and challenger banks boom, suddenly, everyone realized that cards are manufactured somewhere, and there is more than one card issuing company. Second, to your application, your card is your company’s face, so it should be as qualitative and beautiful as your business in the eyes of your clients. And, of course, it shouldn’t cost you too much.
Consequently, trying to meet the …
Welcome to the dynamic world of fintech, where innovation and adaptation are the keys to success. Today I want to share with you the latest news from the highly anticipated Fintech Nexus USA 2023 Conference, an event that brought together the brightest minds and industry leaders to explore the current state and future trajectory of fintech.
As finance professionals, you have to pay attention to …
The fintech business model is a pillar of how your business works and moves towards its goals. This detailed strategy identifies how to gain more revenue, enhance productivity, and increase the profits.
Fintech business models are important for both fintech startups and established businesses. For the latter, regular check-ups and updates can make your company future proof.
Since business strategy …
Fintechs reshape the banking industry as people become more accustomed to the comfort of having everything under one’s fingertips. New digital banking solutions allow people to get the same services as from traditional institutions but enhanced with personal advice, customized recommendations, gamification, and other fresh ideas.
Neobanks are vastly spreading across the industry, present in most …
Do you remember the last time you had to go to an offline, traditional bank office? Nowadays, everything can be done with a few clicks of your fingers, whether a money transfer or paying your bills. Banking buildings are not so crowded anymore since the growing number of digital banks prevailed.
The coronavirus crisis in 2020 pushed the industry towards a rapid digital transformation that did not …
What is the most effective strategy for running a business? This question is asked by every business owner, and the answer may vary from time to time since business objectives change. When it comes to employing a technical team, we’ve already identified two options: hiring in-house or outstuffing.
An IT department may be more cost-effectively run in-house rather than outsourced. Despite …
What if we picture our world as a place where all the input data on any device flows through fiber-optic cables and servers in its original form? Although the roots of encryption reach Ancient Egypt of about 1900 BCE, its digital variant emerges on a par with first computers. Already in 1977, the U.S. National Bureau of Standards approved the first encryption standard. By the way, it has already …
Do you know which country can be proud of the first pension system’s appearance? Any guesses then? It’s Germany! To be exact, this is the achievement of Otto von Bismarck who made efforts to establish the state social welfare system at the end of the 19th century. Being guided by the intention to defeat socialists, he worked out the first modern social security system consisting of healthcare, …
So, we’ve been in the market of fintech development and fintech development outsourcing for more than 10 years. With more than 30 projects under our belt, we can say two things for sure.
One, every single one of our projects was a truly unique experience. Be it the need to reduce the weight of 120+ gig verification networks to fit inside a mobile app, or inventing innovative user interface …
As most of the world is on lockdown trying to prevent further spread of COVID-19, it’s hardly surprising that people are massively turning to the Internet to buy what they need. New circumstances make some goods categories reach new heights. For instance, US sales of baking mixes increased by 489%, nail polish - 335%, hair coloring - 310%, and chocolate - 298%, as compared to the same period …
The financial services industry is continuously undergoing dramatic changes in response to regulatory updates, emerging technologies, and operating models. The boom of banking-as-a-service, with its innovative approach to delivering banking products, is a case in point. The PaaS (payment as a service) fintech platform providers enable their partners — which may include insurers, fintech, telecoms, …
Insurance is one of the most conservative industries, so it comes as no surprise that it has been slow in adopting innovation. However, just as fintechs are shaking up the banking and financial services industry, insurtech companies are starting to disturb the insurance world. Today around 86 percent of insurers believe they should innovate at a rapid-fire pace to keep up with increasing demands …
From smart speakers, wearables, and refrigerators to self-driving cars, connected homes, and smart cities — internet connectivity continually pushes back the limits and wins new markets. It can be reasonably called the next stage of the digital revolution, and it is expected to transform our lives significantly. Gartner foresees that there will be over 25 billion Internet of Things solutions in …
The whole 2019 year was very dynamic and fascinating for the DashDevs team, and this autumn was no exception. In October and November, our CEO, Igor Tomych, and VP of Business Development Departments, Yuriy Soshenko, visited two significant events in the UK — NOAH 2019 Conference and the Ultimate Global Fintech Festival FinTECHTalents 2019. Both conferences took place in London and brought a lot …
The year 2018 is over. This period was a full plate of great projects and prospective products for our sci-tech crew. Some projects were a challenge for us but the results we’ve got are colossal. Dashdevs has developed and released a digital bank, several messengers, loyalty programs, e-commerce, retail and news applications.
When you working hard it is difficult to get a sense of your true-life …
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