iQSTEL, Inc. today announced the market segment focus of the company’s recently launched Fintech Division is the global migrant population.
The United Nations reports that the annual global migrant population growth exceeds the number of new births globally, with the largest number of the world’s migrants residing within the United States.
The number of international migrants reached 272 million globally in 2019.
Migrants have specific financial management criteria that often cannot be met by the ordinary and readily available Fintech products such as PayPal and Venmo. Opening a bank account in a new country and often being paid in cash for work are just some of the challenges faced by migrant works.
Building on top of the company’s $16 million in revenue from telecommunication services reported in the company’s audited 2019 annual financial report and the $16 million in revenue reported through June 2020, IQST has now launched a Fintech Division to provide financials service alternatives to the common PayPal and Venmo type applications not readily available to the world’s growing 272 million population.
Below are of some of the targeted Fintech products and services designed specifically for the global immigrant population:
- Send money domestically and internationally with low fees.
- Send money via SMS using a customized SMS service (smartphone not required).
- Pay utility bills with minimal payment fees (mobile, electricity, gas services).
- VISA debit card solution.
According to Global X and Mauro F. Romaldini (TopTal), the Fintech industry is growing at an almost exponential rate with over $500B in annual remittances and over $1.5T in annual mobile payments.