Dubai-Based Fintech to Offer Payment Alternatives

Do you carry cash in your wallet even today whenever you step out of the house?

Let’s make it a simpler question! Do you prefer COD for items ordered online or pre-pay for the same?

Yea, there you have your answer! If you’re still stuck to the ‘Cash on Delivery’ approach, you definitely need to upgrade your mode of payment.

Undoubtedly, it’s the era of digital payments, making our job of carrying out transactions much simpler and convenient. In digital payments, payer and payee both use a digital platform to send and receive money.

Isn’t that intriguing?

While digital payments are gaining tremendous popularity, a Dubai-based fintech startup named Cashew Payments is making an effort towards providing alternatives to cash and cards.

Do you want to know more about how the startup is working towards achieving this objective? Keep reading!

Cashew Payments: A Shot Towards Digitalisation of Payments

Initially started in 2019, the startup is currently expanding into Saudi Arabia and is looking forward to starting its operations in Oman and Kuwait by the end of 2021.

As per the co-founder of Cashew, the company aims to secure $40 million in Series A funding, while they have already invested $7.5 million in pre-series A.

Talking about fintech in banking space, Mashreq Bank is one of the major financial institutions of UAE, which has now collaborated with Cashew. What’s more? They have also adopted the “buy now pay later” approach for their customers.

Now that you’ve become familiar with the rising demand for online transactions, would you like to give a shot at building your own digital platform?

If that’s a yes, no wonder it’s a great idea! However, you must know about all the fintech trends before getting started!

Most Popular Banking and Fintech Trends in 2021

2021 has brought immense transformation and innovation in the tech world. Thus, banking and fintech trends are a small part of the same.

To know more about the trends, walk through the information mentioned below:

1. Digitalisation

People nowadays have access to dedicated digital platforms, due to which they don’t have to physically visit a bank. All credits to DIGITAL BANKING!

Initially, when the service started, a large portion of the audience realized its advantages over traditional methods of banking. Thus, the approach gained popularity. Additionally, technologies like Artificial Intelligence, cybersecurity, etc., have contributed to the growth of digitalization.

2. Artificial Intelligence

No matter which domain or industry you’re working with, the integration of AI has blessed the overall functionality. Specifically considering financial institutions, banks are adopting the approach for efficient mechanisms.

AI works exceptionally in the form of chatbots as well. Therefore, apps integrate the chatbot technology to instantly address customer queries.

3. E-Commerce

The reliability of people on e-commerce has been insane lately. Now the people who always preferred in-store shopping have also turned towards online shopping, and the trend is here to stay for a very long time.

Notably, shopping online comes with a huge advantage to banks and financial institutions.

How?

It is because online transactions generate income for these institutions, and it is for sure that the upcoming years will see a rise in e-commerce activities.

4. Digital Banking

With the availability of digital banking services, people are now taking advantage of accessing personal financial data without the need to visit a bank. With more and more people realizing the convenience offered by digital banking, the upcoming years are likely to see an advancement in the Fintech industry.

To Sum Up

Digitization helps in improving efficiency, consistency, and quality. Therefore, Cashew Payments took an incredible step towards promoting digitalization by bringing alternatives for cash and card payments.

Now, when a startup like that can do wonders with its initiative, why not you?

Do you have an awesome fintech app idea to monetize from the same? Stop hesitating and start doing!

Connect with the leading mobile app development company for further insights and see your business flourishing.

Keep innovating!