Who Is iQSTEL
iQSTEL is a rather complex telecommunications company with a wide range of subsidiaries that fall under similar markets globally. Of their many different subsidiaries, the main ones are Swisslink Carrier AG, QGlobal SMS LLC, IoT Labs, and itsBchain, LLC. Swisslink is an international telecommunications carrier obviously based in Switzerland who operates on a consistent profit. QGlobal is a US-based company that focuses on domestic and international SMS termination. IoT Labs is a Mexican technology company perhaps most well known for IoT Smart Gas, which is a device installed onto the gas tank of a car to provide the user valuable information such as improved logistical refilling, usage tracking, and real-time monitoring of the gas tank through their Smart Gas application. Finally, itsBchain is a blockchain technology developer focused mostly on the telecommunications industry. Their most notable goal is to create a system for instant payment through cross-traffic while preventing fraud between carriers.
All of this is essentially to say iQSTEL has its fingers in a lot of pies. As a result, their own financial numbers are looking incredibly strong. In fact, in late October of this year, iQSTEL has announced some very promising results for 2020 so far. The company earned $13.2 million in its most recent quarter — a hefty 17.8% increase in revenues from the prior quarter this year. From the beginning of 2020 to the end of September, iQSTEL has earned $29.3 million, which, compared to the same period in 2019, represents an incredible 134% increase in total generated revenue. Their recent announcement of creating an entire Fintech Division, which would be focused on providing financial services for the 272 million international immigrants worldwide, is further proof of their goals to grow. All of this growth across the entire company has now led to their plan to create a Visa Prepaid Debit Card service.
Debit Card Service and How it Will Happen
iQSTEL’s Visa Prepaid Debit Card service will be specific to their own clients, but it would allow for virtually all the features users expect from a debit card. These features include in-store and online purchasing, cash withdrawals from an ATM, sending money domestically and internationally, depositing money into a bank account, as well as Remote Deposit Capture through a mobile phone, among many others. The company will be enlisting the help of Payment Virtual Mobile Solutions LLC, more commonly referred to as PayVMS.
PayVMS is a software development and technology company with a complete focus on integrating ecommerce better with the financial service industry. Their list of clients includes Visa, MasterCard, Stripe, and Cisco, among other notable names. Of the services PayVMS provides, along with payment solutions and merchant services integration, iQSTEL will most likely be employing their consulting service for prepaid card applications for integration into the Visa financial network. All of this is basically suggesting that iQSTEL is expecting to continue to see extensive growth over the next few years, and the added integration of a Visa Prepaid Debit Card into their many services could be a major breakthrough.
A company like iQSTEL is extremely varied despite its main focus being in telecommunications. The explosive growth they have experienced so far this year is indicative of how diverse their company is and their own interest in integrating into fintech. The addition of a prepaid debit card is another piece in the puzzle for a company looking to make major waves in the coming years.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.