China: key in the consolidation of the Fintech ecosystem

Global financial markets are at a turning point as the COVID-19 pandemic continues. Financial technologies can take advantage of the juncture as a stage of opportunity to consolidate the fintech ecosystem and China has taken this possibility very seriously. 

China's impact on the Fintech ecosystem is unparalleled. Hundreds of millions of people and companies there choose to use mobile apps to manage their daily finances. 

However, this is not a privilege of large companies. In the Asian territory any shopkeeper resorts to this type of services to facilitate and increase their sales. In fact, most of mainland China's retail financial products and services, by volume, are now sold online, as reported by Forbes. 

QR code payments have changed the experience of commercial transactions. The two competitors are Alipay and WeChat Pay, controlled by AliBaba and have experienced a significant increase in the use of this technology, explained Xataka.

According to data from eMarketer and American Banker in 2020 590 million users make payments through QR codes, 38 million more users than in 2019. The projection points to 624 million using this payment method by 2021. 

In Colombia, the Fintech ecosystem continues to strengthen and the pandemic gave a push for many citizens to lose their fear of technology and become convinced that trusting their economic movements in digital applications is a viable option.

Therefore, companies such as Nuvu are working to develop different alternatives that adapt to the needs of Colombians and contribute to the positioning of this market in the country. 

For example, the Smart Cash tool is designed to change the payment experience by making it faster and safer, with an efficiency in transactional costs of up to 40% and operating costs by 50%. 

These are some of the contributions that are expected to convince many more citizens that the Fintech ecosystem is a territory that can facilitate their financial experience. With examples such as China's, it is possible to have a vision of the changes that await banking in the future with the help of digital connectivity.