- FEXD understands the changing dynamics and the growing preference for digital payments
- Through its aggressive yet strategic acquisition approach, FEXD is offering solutions that make it easy to move money across borders
- By prioritizing developing nations and creating systems and infrastructure unique to the needs of customers in these countries, FEXD is addressing the issue of gross unmet mobile needs
- This reflects the company’s commitment to its mission and to creating shareholder value
Fintech Ecosystem Development (NASDAQ: FEXD), a special purpose acquisition company (“SPAC”), is focused on the changing consumer landscape and how digital payments are shaping the way people transact. In response, the company is pushing for the creation and proliferation of much-needed scalable access to systems and infrastructure that facilitate cashless payments, ultimately playing an integral role in advancing a cashless society, both in the U.S. and around the world.
According to Pew Research, it was estimated that, in 2022, two-fifths of Americans used no cash. Additional studies showed that 11% of U.S. adults have stopped using cash, up from 5% five years ago, with the average number of cash payments falling from 26% in 2019 to 20% in 2021. Already, 64% of Americans believe that all payments will become electronic at some point in their lifetime, while for those under 50, the figure stands at 70% (https://ibn.fm/Q1VBA).
The growing preference for digital payments is clear, and nothing new, but it still has huge opportunities for the future. The company, through its aggressive yet strategic acquisition approach, is building a global network of mobile money platforms, applications, technologies, products, and services, that together make it easy and highly efficient to move money across borders to almost any corner of the world. Currently, the company services more than 50 currencies, with customers enjoying low conversion costs, further adding to the product’s accessibility.
For the longest time, developing nations have gotten shortchanged, first with gross unmet mobile money needs and the high cost of sending money to these locations. FEXD is committed to addressing these issues, prioritizing these developing nations, and creating systems and infrastructure unique to customers’ needs in these countries. Its development of proprietary technologies and applications has kept FEXD ahead of the curve, and by doing so, it is helping advance a cashless society well beyond the West and beyond what the West currently considers the norm.
“We’re committed to supporting the progress of developing countries and cultures,” notes FEXD’s website.
“We have a keen understanding of market needs in many regions of the world where cellphones are in wide use, but mobile money services are not yet available,” it reads.
FEXD understands technology’s potential in advancing societies, hence its commitment to leveraging it, particularly in the financial sector. It remains committed to its mission to create and grow a global financial services ecosystem to address unmet mobile money needs. So far, all its efforts have embodied that commitment. This reflects the company’s obligation to create shareholder value and uphold what defines it as a company.
For more information, visit the company’s website at www.FintechEcoSys.com.
NOTE TO INVESTORS: The latest news and updates relating to FEXD are available in the company’s newsroom at https://ibn.fm/FEXD
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