Digital payment solutions, such as the prepaid sector and cryptocurrencies, have emerged in recent years, increasing the number of payments being handled outside of the traditional banking system. The global cryptocurrency market is projected to surge from $574.3 million in 2017 to $6,702.1 million by the end of 2025, finds Transparency Market research. According to Allied Market Research, the global market for prepaid cards is expected to reach $3.6 trillion by 2022.
In particular, the Asia-Pacific market is experiencing rapid growth in the digital payments space. According to Statista, digital payments in Asia are forecasted to grow annually at 16.4% to reach over $2.5 trillion per year in 2022.
With large volumes of complex data being generated by digital payment solutions, financial institutions face a number of challenges when it comes to managing and analyzing data.
Launched in 2017, Alpharetta-based DataSeers works within the banking and payments industry to help solve data issues, including reconciliation, compliance, fraud and analytics. Adwait Joshi, founder and CEO of DataSeers, believes that complex problems can be solved with simple solutions. Under his leadership, the company is revolutionizing the financial services space with a single, purpose-built system. DataSeers’ premier platform, FinanSeer, enables clients to see business rules, data structures and customer interactions with accuracy and scale, regardless of the volume or complexity of the data.
“Over the next few years, we will see a lot of growth in the payment space,” stated Joshi. “As a company, we hope to be the sole provider of all of the technology solutions that financial institutions need for back-end data management.”
DataSeers, a Top 40 Innovative Technology Company in Georgia, recently graduated from Tech Alpharetta’s Innovation Center and opened its new 2,000 square-foot headquarters in Alpharetta. The company plans to expand into the Asia-Pacific market by opening its first international office in Mumbai, India this year and is looking to expand to Europe. Joshi says his biggest goal for the company in 2019 is to have a large presence in Asia-Pacific to serve that region’s demand for technology solutions in the payment landscape.
“Alpharetta was a natural fit for our new headquarters given that many of our business partners are located here, and the community continues to evolve as tech companies big and small are opening up offices in the area,” shared Joshi. “The city offers a great balance of work and family. It’s a great city to live in and raise a family.”