Railsbank news round-up: Smartphones drive digital payment market
Week 5: a brief look back at some of the fintech news that’s not always picked up.
Digital payment market to hit $19.89tn by 2026
The global digital payment market size is expected to reach a transaction value of $19.89 trillion by 2026, up from a value of $3.53tn in 2018
The driver behind the market growth is the increasing usage of smartphones worldwide.
The report highlights the fact that the proliferation of smartphones has given rise to the concept of digital transactions wherein payments can be made using novel technologies such as Quick Response (QR) codes and m-wallets. It added that the convenience of making transactions using just your phone has disrupted traditional modes of exchange and has spurred companies, banks, and governments to innovate, thereby driving the digital payment market trends.
The estimates come from a new report from Fortune Business Insights entitled "Digital Payment Market Size, Share & Industry Analysis, By Payment Type (Mobile Payment, Online Banking, Point of Sale, Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2019-2026.”
The companies highlighted in the report are Visa, Paytm, Microsoft, Google, Amazon.com, Samsung Electronics., PayPal, MasterCard, Facebook and Alipay.com.
New Fintech Boot Camp in Toronto
Over in Canada we heard that the University of Toronto School of Continuing Studies (SCS) has launched Toronto's first comprehensive fintech training program in partnership with Trilogy Education, a 2U, Inc. brand and leading workforce accelerator.
The University of Toronto SCS FinTech Boot Camp will prepare learners for the growing number of technology jobs in Toronto's financial services sector.
Dean at University of Toronto SCS, Maureen MacDonald, said: "Few options exist for finance professionals to learn the technology skills that the financial services industry is now desperate to hire for. Our new boot camp teaches learners from diverse backgrounds how to use technology to improve and automate financial systems including applications like blockchain and robo-advising."
According to a report from Toronto Finance International, Toronto has transformed into one of the fastest-growing financial technology centres in the world. The city is home to the 'Big Five' largest banks in Canada and is deemed a hub of fintech innovation with over 190 fintech startups receiving nearly $221m of investment capital in 2018 alone.
"Our goal with all of our boot camps is to help drive innovation and economic growth in Toronto. We are providing adult learners with the cutting-edge digital skills valued by employers," added Dean MacDonald.
Simplified no-fee service for sending money online to the US from Canada
Staying in Toronto and Interchange Financial Corporation, a leading Canadian cross-currency payments company, has launched Send Money to USA.
As it says on the box, this service allows users to transfer money to the US with just a few clicks and without incurring any transfer fees.
By creating a service exclusively for the transfer of money between Canada and the US, Interchange Financial said it is able to offer clients a simplified and secure no-fee method for transferring funds to the US from Canada.
"We believe that successful online financial services of the future will be those providing focused uses at leading prices and this service is another example of our approach", said Sepehr Karkhanechi, COO and co-founder, Interchange Financial. "Send Money to USA is designed specifically to meet the needs of Canadians transferring money to the US. The service allows users to transfer funds to the US quickly, conveniently, and inexpensively. This is another step in our effort to provide Canadians with a full set of cross-currency payment solutions using the latest innovations in fintech and consumer finance."