The revolution in FinTech has changed the way banks and payment companies are retaining their customers. For most technological innovations in the financial industry, mobile has acted as a base platform for the entire infrastructure. Mobile payments, due to its penetration potential and easy-to-access platform, has the ability to capture the underbanked population as well. Globally, the mobile-first FinTech market is evolving at a high rate, and the adoption of mobile payments & banking has increased significantly over the years. According to a report[1], the global mobile payment technology market is expected to reach approximately $3,371.6 billion by 2024. Looking at the growth of this market in the US in particular, we found that 55 million people[2] transacted through mobile in 2018 and the number is expected to increase to 61.6 million in 2019. The infographic below illustrates the adoption of mobile devices across different financial domains in the US:
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The number of mobile transactions and users have consistently increased alongside its growing popularity. The large banks in the US have a higher number of active mobile users than any other segment. In 2018, JPMorgan Chase had 67% of active mobile users. Similarly, out of their total digital banking customers, Wells Fargo and Bank of America had 77% and 74% of active mobile users, respectively.
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Bank of America experienced a steady growth of 20% from 2017 to 2018 with respect to their active mobile users.
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Out of all the transactions processed on Amazon Pay, approximately 23% were mobile transactions in 2018.
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Approximately 70% of
