Fintech and Crypto are breaking down the boundaries for global and secure payments how? Let’s start with a bit of context. For SMEs, e-commerce has become a fantastic tool with which they have been able to grow exponentially, however there is one point where they have encountered barriers, and that is on the payments side.
Financially, SMEs have a label of “high risk” on them because banks consider them susceptible to fraud and it is not that it is not a reality, as in the report of Chargeback Field report reads that between 2018 and 2021 credit card fraud grew by 21%.
This problem is changing thanks to Fintechs and the adoption of cryptocurrencies, this is ironic as cryptocurrencies are also labeled as “high risk” but definitely some of the names that have bypassed banking infrastructures and are transforming this landscape are XanPool and its Xanpay platform, among others of course.
“XanPool was founded in 2019 because there was a problem with onboarding and offboarding fiat currencies to crypto. The problem was that to buy and sell crypto with local currency, you had to go through the legacy banking infrastructure with all its fees, delays and risks. Since Bitcoin was invented to bypass traditional systems, the situation was crazy. So we designed a way around it.”
We knew that SMEs had been largely ignored by the banking system, when it came to making international payments. This was especially true in countries and industry sectors that established finance considered risky. This includes most online businesses and almost all countries in the Asia-Pacific region,
As e-commerce continues to grow, Fintech has been getting stronger and offering these companies the solution to break down the barriers that exist for borderless and secure payments and if traditional banking doesn’t transform, it will definitely in less than we think, be left behind.
At Scrummers we know this and that is why we are being part of the revolution, see here a little of what we are doing in El Salvador and what we can do for you.