FinTech KindCard Plans to Acquire Banking Platform OpenTransact

The fintech company KindCard, specializing in the provision of payment services, intends to acquire the OpenTransact banking platform.

FinTech KindCard Plans to Acquire Banking Platform OpenTransact

The mentioned firm has signed a letter of intent, which is related to the potential acquisition of the specified platform. The relevant information is contained in the KindCard press release, which was published last Tuesday, January 2.

The fintech company, whose ownership structure may expand shortly due to the entry of a banking platform into it, specializes in providing businesses with alternative closed-loop payment solutions. The relevant services are provided to consumers through a subsidiary of Deb.

OpenTransact is a self-service banking platform for high-risk businesses. In this case, priority is given to ensuring safety. The banking platform is also focused on providing consumers with reliable risk management mechanisms. Another priority of OpenTransact’s operation is compliance with regulatory requirements.

William Clark, founder and CEO of the specified company, stated that the opportunity to join forces with KindCard is a potential exciting new chapter in the history of his firm. Mr. Clark noted that the joint vision of the essence of financial services will be able to revolutionize the idea of high-risk transactions. He also stated that one of the features of the potential interaction will be the combination of innovative solutions with a forward-thinking KindCard approach.

Michael Rosen, CEO of KindCard, said that if the deal to acquire the banking platform is implemented, his company will be able to offer consumers secure all-in-one software. Also, according to him, customers will be provided with payment options as services for high-risk sellers who seek to manage purchases on their websites and ensure stable processing of payment transactions when placing an order.

The press release notes that KindCard suggests that over time, mobile wallets will become the preferred payment method for merchants and consumers at points of sale. The company aims to gain a significant market share of relevant financial services.

The results of special studies indicate that currently, consumers are really showing an increase in interest in using innovative payment transaction mechanisms. In the United States, almost half of the respondents tried to apply this payment method last year. Also, 16% of survey participants became users of innovative payment transaction tools regularly.

Among those Americans who have become a regular consumer of new payment methods, 30% have started using a mobile wallet. This transaction execution tool has become the preferred choice among many of those who tried it for the first time. Approximately 40% of mobile wallet users who got acquainted with this tool in 2023 became much less likely to interact with other mechanisms of the corresponding functional purpose.

Digital wallets have several advantages over other financial action tools. Users of this product note such positive characteristics as a high level of security, speed, and convenience.

As we have reported earlier, Launches Cloud Banking Service in Oman.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.