Scandals involving cryptocurrencies for a year have directly affected the value of transactions worldwide. In Spain alone, this figure fell by 6% to 368 million euros in 2022.According to the ‘fintech industry, new trends in finance industry’ research published today by EAE Business School. It is not the only country where the recession has been recorded: Germany, France and the Netherlands contracted by the same rate, while the use of digital currencies in Russia fell by 10%. On the other side of the scale, countries outside of Europe recorded more than 30% growth, in part due to the lack of a debate on the legalization of cryptocurrencies. Thus, between 2021-2022, the value of these transactions increased by 40% in Vietnam, followed by Brazil (37%), Mexico (34%), Indonesia (32%) and India (30%). Spain ranks 13th. The countries that use these currencies the most, USA, India, Japan, England and South Korea are at the top of the list where cryptocurrencies are used.
“There have been several key elements in the evolution of the cryptocurrency and blockchain industry over the past year. The first was the fall of Bitcoindominant cryptocurrency, From $47,300 to $23,600 in 202Professor Dorina Nicoara from the institution said, “2. Popescu affecting the entire market, and the author of the study, with Denis Boevskiy, the school’s teacher. At the same time, Nicoara-Popescu noted that a “clear current trend” in the industry is the increase in government-mandated regulation to prevent legal fragmentation and provide guarantees. He emphasized the protection of consumers and investors in digital assets. In Europe, the MiCA regulation was approved in 2022 and is expected to come into force in the coming months. Although there is no regulation regarding digital currencies, reporting regulation on cryptocurrencies in “weeks”.
DIGITAL PAYMENT GROWTH
The study, which examines the development of the fintech sector, also covers the development of digital payment, which covers all companies that offer payment services via electronic devices without the need for mobile payment, contactless, QR codes or Click2Pay. . In this sense, Spain became the 13th country in the world in terms of transaction volume in 2022 Made via digital payment with a total of 70 million euros in 2022. In 2022, China took the lead with 3,227 million euros in transactions and the USA with 1,622 million euros.
“It connects a group of companies that inherently combine integrated payments, central banking, payments and other financial technologies with a much larger group of companies that leverage this technology to create customer-centric businesses. That’s why many companies are showing increasing interest in integrated payments As a potential tool to create added value,” explains Professor Nicoara-Popescu. The study highlights that digital payment ecosystems are increasingly involving integrated software providers and new players such as Buy Now, Pay Later (BNPL).
OTHER FINTECH TRENDS
fintech companies offers a variety of financial services from payments to wire transfers, even loans, financing, investment management, insurance, cryptocurrencies, etc. “The business model used by Fintechs, through the use of technology and access to information about potential customers, allows for the creation of more personalized products at lower cost and therefore with greater efficiency”; work highlights.
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