With The Right Market Entry Strategy And Niche Fyfy is Planning To Grab a Significant Slice From The Digital Payment Industry.
‘No one was able to forecast the current situation in the world, nor the quick rivalry of blockchain technology, as it is today. There are different predictions about how current trends will evolve and what the world will look like in ten years. It seems clear that blockchain technology and cryptocurrencies are here to stay due to their transforming features and capabilities. No one knows when it will happen, but it seems inevitable that one day blockchain technology will be part of people’s everyday lives.’
The current world situation has transformed demand for digital payment services
The digital payment industry is growing at a rapid phase. Marketwatch.com refers to Fortune Business Insights™’ new report on the digital payment industry. According to the report, the market size of digital payments was USD 3,286.52 billion in 2019 and is projected to reach USD 17,643.35 billion by 2027, exhibiting a CAGR of 23.7% during the forecast period.
After Covid -19, many traditional stores have suffered and needed to shut down their operations. For specific industries, this has been time for growth, and others have survived through evolvement. However, there has been a dramatic shift into an era where more advanced AI and blockchain technologies replace traditional payment systems.
Decentralized finance, and the ecosystem, which Fyfy is building, has various advantages over traditional players. It brings more transparency and autonomy for its users. In addition, it is more secure, and there is no need for intermediaries. Finally, its cost-efficiency and faster transactions bring it a competitive advantage over other methods.
Blockchain technology enables instant and secure payments, which are a necessity to succeed in digital payments. One payment platform can go through millions of daily transactions, so the technology needs to function well. At Fyfy, we have chosen Solana’s network due to its high capability for block time 400 ms. and cheap fees. The average fee per transaction is only 0.00025 USD, and it is gaining popularity over other chains.
Retailers have become the fast adopters of new technology
There is a massive demand by the retail industry for digital payments. People want to shop from the convenience of their own homes. Also, new restrictions are directing people to buy online. This new kind of payment behavior has also brought the need for other payment methods, such as contactless services for making daily purchases.
The core service options for an online service provider, such as Fyfy, include digital wallets, online banking, and mobile payment. According to Marketwatch.com, out of these options, the online banking segment held 38.4% of the online payment market share in 2019. Digital wallet is a relatively new experience to customers. Yet, market giants like Amazon and Facebook boost adaption faster in this direction.
According to webretailer.com, 47% of e-commerce sales were made through online marketplaces in 2020. In addition to shopping for traditional items, grocery shopping is becoming a new trend. People believe that they are saving money when making their purchases online. Everything eventually goes online, which means endless possibilities for payment service providers to adjust their positions in the market.
The right strategy is the key to success
One of the major market players, PayPal, generated $21.4 billion in revenue in 2020. They have succeeded in gaining a 20.9 percent increase year on year. In addition, PayPal also increased its net profit by 75 percent year on year, to $4.2 billion in 2020.
The key to success is designing services, which customers want to use, and strong partnerships to boost growth. With the right niche and market entry, there are endless possibilities for payment services, such as Fyfy, to get a slice from the cake and succeed in the digital payment industry. Currently, Fyfy is negotiating with different partners and developing market entry strategies to achieve this goal.
One of the significant issues for retailers to adopt digital wallets, and currencies, is lack of trust. Because blockchain technology is still relatively new, many people feel intimidated by trusting their assets into this new world they don’t yet completely understand. When this barrier is removed, adoption increases dramatically.
We at Fyfy want to create payment and wallet services that are so easy to use that it requires no prior knowledge of crypto assets or blockchain technology. In addition, a trustworthy brand and strong customer support will serve an essential role. We value transparency in our actions and want to educate the community on how to use our services and how to stay safe in the crypto world.
From now on, we keep going with our bold vision, where the entire world makes transactions built on blockchain technology. We’re continuing our journey towards a sustainable and functioning ecosystem. Stay tuned for our updates; there is more to come!
Jenna / Fyfy.io