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FinTech Company INSTO Enters U.S. Market, Partners with America's Fifth Biggest Bank
In May, Taiwan FinTech company INSTO announced its partnership with U.S. Bank, the fifth-largest bank in the United States. This collaboration aims to transform every smartphone into a credit card reader through INSTO's innovative service, INSTO Tap.
Turning Phones into Credit Card Readers
INSTO Tap enables small merchants without traditional card machines to accept credit card payments simply by downloading the INSTO app on their smartphones.
This solution is especially beneficial for businesses that cannot afford expensive point-of-sale systems. By scanning or touching the buyer's credit card with the app, transactions are completed seamlessly, providing a faster and more convenient payment process.
For banks, partnering with INSTO offers several advantages. It allows them to expand their customer base by reaching small and medium-sized enterprises (SMEs) that might otherwise be underserved. Additionally, this collaboration can increase transaction volumes and introduce potential new clients to the banks, creating a win-win scenario.
Bruce Chen, INSTO's founder and CEO, emphasizes the importance of simplicity in their services. "When developing FinTech solutions, it's crucial to minimize local dependencies and focus on universal features that cater to international markets," he explained.
Despite their success, INSTO is not resting on its laurels. The company is already planning its next move: expanding to Europe. Leveraging connections made through U.S. Bank, INSTO has started discussions with several European banks. "Eastern Europe's FinTech sector is growing rapidly, and we see great opportunities there," said Chen.
Competing in the U.S. Market
Entering the U.S. market, where credit card transactions account for a quarter of the global volume, presents both challenges and opportunities. INSTO's competitive edge lies in its focus on small merchants, contrasting with services like Stripe that cater to larger enterprises. This niche strategy allows INSTO to avoid direct competition with industry giants and target an underserved segment.
INSTO Tap's unique selling point is its ability to transform any smartphone into a card reader without monthly fees. Initially, the service will be available only to business sellers in the U.S., with plans to open up to individual sellers later.
Bruce Chen concludes, "Our ability to navigate different markets and focus on underserved segments has been crucial. We look forward to continuing our growth and bringing innovative payment solutions to more regions."
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