Fintech stocks are gaining popularity among investors all around the world. One of the causes fueling the rise of fintech businesses and their stock values is the transition toward a cashless, technology-based society.
2021 is a fantastic year to keep a watch on the fintech business, from expanded financial and banking services to technologies that assist conventional financial institutions to optimize their operations.
The traditional banking industry is being disrupted by fintech.
The future of financial services is moving towards cashless transactions, thanks to the rise of online wallets and cryptocurrencies. One of the main reasons why investors are looking for the top fintech stocks to watch in 2021 is because the greatest fintech businesses are using technology to deliver more dependable, quicker services for everyday usage.
The fintech business is pushing the financial sector into the palms of consumers’ hands, from online stock trading to peer-to-peer lending and online payment.
PayPal, arguably the most well-known online payment network, changed the way we pay for online shopping and created a conduit for customers and markets all over the globe to interact smoothly. Many big corporations, like the e-commerce behemoth E-bay, use it.
It offers financing for online events, including an interest-free option. It has just begun to provide bitcoin services as well as a “Buy now, pay in 4” plan, which allows consumers to make four interest-free payments every two weeks.
PayPal has always been on the cutting edge of financial innovation. It is widely regarded as the perfect payment platform for international transactions, reducing the burden of inter-bank money transfers, thanks to its strong presence in over 200 markets and millions of enterprises globally. It’s also the preferred payment method for freelancing marketplaces like Upwork and Fiverr, which link buyers and sellers to a range of services.
Stripe, as one of the fastest growing fintech platforms, is committed to providing excellent service to all of its clients. Despite the coronavirus lockdowns, the company’s value has soared from 36 to 95 billion dollars in the last fiscal year. Stripe has marketplaces, subscription-based payments, and crowdfunding services. Its most notable feature is that it offers cloud-based software solutions for businesses to automate their payment methods, which distinguishes it from other FinTech platforms.
This, combined with the addition of hundreds of new features each year and less than 0.01 per cent downtime, has made it a favorite among both small and large organizations. Stripe receives over 250 million API calls each day and is utilized by over 90% of adult customers in the United States.
Stripe is a far more powerful alternative to Paypal, which requires your users to leave your site to make a payment. Second, Stripe is not linked to a single bank and is one of the few payment providers that accept several currencies without requiring an Internet Merchant Account.
Stripe also provides secure communication with its servers to protect your clients’ information. Overall, Stripe makes things simple with no setup costs, monthly fees, minimum payments, or card storage fees.
TransferWise is a great option for businesses providing and acquiring large orders from international vendors, despite being essentially a currency exchange platform. This is due to its commitment to offering smooth, painless transactions through a user-friendly interface.
The exchanges are available at reasonable mid-market rates with no additional costs. TransferWise services are offered in 59 countries, and each transaction is completed in under a minute. Clients may lock in an exact conversion rate for up to 48 hours, protecting them from the unpredictable currency exchange market and guaranteeing that the receiver receives the precise payment agreed upon.
It’s appropriate for both professional and personal use.
The legal industry’s preferred FinTech service is Headnote. It incorporates attorney-specific requirements into payment receipts, allowing businesses to track AR activity and payment collection from a secure, user-friendly interface. It also tracks Net Promoter Score (NPS), allowing lawyers to measure their clients’ happiness and find areas for improvement. Payments are completed in four days on average, which is 70% quicker than the industry standard.
Headnote is the most user-friendly payment solution on the market, designed particularly for law firms. It complies with all online payment standards, including IOLTA and the ABA Model Rules of Professional Conduct. You can join up for Headnote in just a few minutes with no commitment — there are no setup or monthly expenses, and you don’t have to change any of your present systems.
Headnote enables businesses to quickly create secure payment request links, which they may then integrate into their existing invoicing processes, such as legacy systems, cloud-based practice management, or billing or accounting software.
Flywire is one of the most accessible and cost-effective Global Payment Networks for service providers. It caters primarily to the education and healthcare industries, and it operates in over 240 countries and offers multilingual customer service 24 hours a day, seven days a week, making it an ideal platform for both domestic and international clients.
Organizations can invoice their clients in any currency they want, with the platform handling the conversion from the local currency. As a result, payments from the customer to the consultant are made quickly, easily, and at a lower cost. It has become the industry-leading option for secure and verifiable payments in the last year, with the introduction of online schooling and doctor consultations.
FinTech is, without a doubt, one of the most significant and quickly growing economic areas in today’s globalized world. Furthermore, amid a worldwide epidemic, we have begun to experiment with and adapt to new standards in our daily lives. Limiting the use of physical currencies is one of them.
The numerous online, digital, and crypto payment platforms available today can benefit consumers, businesses, and service providers alike. Understanding these platforms is critical if we are to look forward to a future free of the annoyances that come with cash, one that is run by FinTech.
We’ve also noticed that FinTech Ideas has developed an aura that attracts investors from all over the world.
This means that there will be a lot more innovative FinTech ideas supported by tech giants, investors, challenger banks, and financial institutions in the future.