Payso Joining New Fintech Trend

April 22, 2016 by
Payso Joining New Fintech Trend

A new trend is emerging in the financial technology sector that is concerning some in the industry.

Fintech firms have been called disruptors for some time now because they have been systematically replacing traditional financial firms in the field of financial services.

But recent research from Accenture revealed a new trend that is growing amongst fintech startups. Instead of fighting against traditional firms and going straight to consumers, many are now providing services directly to traditional financial firms.

Payso appears to be joining this trend. The Vancouver-based firm started its business by providing consumers an easy way to send and receive money.

But last week Payso announced it would be shutting down its consumer operations divisions and instead focus on its business product solutions.

At the end of this week, people who still have money in their Payso wallet must cash out before the app closes.

The firm is currently in the process of switching to banking services and cater to business clients.

Jake Tyler, the found and CEO of Payso, said that the fintech industry was rapidly changing and that companies would need to adjust.

“Our view is that the biggest players in FinTech in the next three to five years will be WeChat, Facebook, Google, Apple, Kik and other major consumer tech companies,” he said at a conference in Silicon Valley.

“We had great success coast to coast, helping Canadians to share nearly a million dollars in small payments with friends.

We’ve seen more uptake in addressing the problem in a different way so we are stopping the peer to peer product to focus on our enterprise offering.”

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