PayTech vs FinTech

The term FinTech has become blaise (nonetheless, an uptick in interest in Q1 2021). At the trenches, it is PayTech that is doing battle: Stripe, PayPal, Square, Adyen, Wise, ewallets (eg Google Pay), and stalwarts Visa and Mastercard. Some latest Pay and FinTech startups:
  • Diem (this is not Libra, which seems to be either defunct or getting launched next week) is a neobank (functions like a bank but is not a fully licensed bank) that identifies itself as 'Bank of Things'. Its unique selling point is a 'pawnshop' component where assets can be converted into cash, in a possible trillion dollar economy.
  • Subaio helps users manage subscriptions. Subs will grow in the future (eg. subscribe to a new EV) and an app that can help users view and manage their multitude of subscriptions would come in very handy, including prompting for renewals, highlighting unexpected hikes, assisting with cancellations, spotting continued billing after cancellations.
  • Promise is a women-led PayTech which empowers government departments and agencies to offer multiple payment options to rate payers. Instead of paying in person at an office or post office, customers could pay using, say, credit card, debit card, online payment, ewallet, kiosk, ATM or cash at a convenience store.