People are adopting new ways of dealing with money, with 68% of consumers wanting to use crypto and fiat currency.
Is it time for Banking-as-a-Service (BaaS) to hit the mainstream?
BaaS allows companies to offer certain banking products through integrations and licensing. For a company to receive their own licences could take months, sometimes even years – which isn’t feasible in this fast-paced industry.
Using BaaS, companies can quickly integrate typical banking products into their platforms: accounts, cards, or loans – without the hassle of applying and paying for the licensing themselves.
Mercuryo’s report Banking-as-a-Service: Crypto for the Masses uncovers the current BaaS and open banking ecosystem, how the underlying tech and structure works, and why this service will be a crucial offering for consumers.
- 57% of US and UK consumers will choose a banking provider if it allows the use of crypto;
- The estimated global revenue generated by embedded finance by 2025 is $230 billion;
- Just under 70% of consumers would like to use crypto as well as fiat money
Discover how BaaS aims to reinvent payments and banking, with Mercuryo at the forefront.