These are the findings of the 2016 Top Markets Report Financial Technology issued by the International Trade Administration (ITA) at the US Department of Commerce. The report lists the most innovative fintech companies: Coinbase, Adyen, FangDD, Klarna, and Qufenqui, econotimes.com reports.
The payment ecosystem is currently dominated by banks, yet fintech newcomers are increasing the size of the overall payments sector and may be cutting into bank margins. Millennials are boosting fintech emergence. Early fintech adopters tend to be younger, urban and higher-income customers.
The report considers that e-payments reduce corruption, increase accountability and are quicker in response to a natural disaster. In addition, they also expand the consumer market, increase banking access to the unbanked, improve macroeconomic efficiency and encourage entrepreneurial activity.
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