How payments bond everything together

Everything switched to digitization after the outbreak. People now understand the E-commerce industry better—the epidemic transforms the way people live, spend, and invest. Because individuals are increasingly aware of the digital industry's expansion and realize the potential of Fintech, E-commerce, and many other digital platforms, investors are more willing to put their money in digital businesses rather than physical platforms. When you analyze the expansion of e-commerce last year, global e-commerce increased to $26.7 trillion due to COVID-19. These trends are unlikely to change. Many of us were forced to use digital channels for the first time due to the epidemic. For example, in 2020, over 40% of online grocery consumers were first-time customers. These internet channels have become the standard for purchasing and consuming goods two years later.

In 2020 the whole world economy was contracted due to pandemics, but on the other hand, the fintech industry is rising rapidly. Fintech app adoption and use increased by 72% in Europe alone. There are already six funds and fintech unicorns in Africa. In 2021, global fintech financing reached a record high of $132 billion, a 168% increase over 2020. Funding and payments are critical components of every startup or corporation. Businesses with investors on board are more likely to prosper, and their cash flow will not be jeopardized by bankruptcy.

The largest US investment bank JP Morgan recently announced that it has agreed to acquire 49% ownership in the Greek fintech Viva Pockets. It was excellent news for the company, its employees, and the whole local startup community because it made Viva the first Greek unicorn, valued at close to $2 billion. In the previous ten years, the Greek startup ecosystem has gained traction, and 2021 was a milestone year for the nation in terms of funding, with over half a billion euros spent. JPMorgan's investment in Viva is part of the bank's broader strategy of tapping into fintech firms for finance and expanding its business more broadly. JPMorgan Chase has said that it will invest more than $12 billion in technology by 2022. That's a lot of money pouring into fintech.

Viva Pockets, founded in 2000, services small and medium-sized businesses in 23 European countries. The company provides merchants with card acceptance via a point-of-sale app, invoice pay, service provider money advance, expenditure management, and digital debit card issuance. JPMorgan's investment in Viva Pockets reinforces the bank's aim of speeding up its payment choices, but more crucially, Viva provides JPMorgan with an advantage. Viva Pockets gives JPMorgan a presence in 23 European nations and enables Viva's native market expertise with service provider onboarding to expand its purchasing enterprise and deliver credit scores.

Fintech is critical to disrupting funds, and JPMorgan is aware of this. Funds are the glue that connects customers and allows them to transact via linked devices that function wallets, such as autos, homes, or wearable expertise, across the physical, digital, and digital worlds. Small and medium-sized enterprise banking in Europe is where embedded funds will make a splash. SMBs are an essential part of the European economy, but they have long been underserved due to assessing credit risk and financing challenges. Taking advantage of this market opportunity, Viva, with the help of JPMorgan, may give small businesses in Europe choices that can be effortlessly integrated into their day-to-day operations and processes.

By concluding the topic, JP Morgan's investment in Fintech technology is clear that now the world accepts cashless payments and cashless societies are the future. Payments are a bond or glue which holds everyone together. Payments connect business owners, investors, stakeholders, employers, and customers. Shortly fintech new apps and technology will create more awareness amongst the developing countries.