EY for example, rated global consumer adoption of FinTech services at 64% in 2019 (which represents a signifiant amout of growth from their previous ratings in 2015 and 2017 which was at 16% & 33% respectively).
According to the latest FinTech report by Statista, the average transaction value per user in the Digital Payments segment is projected to amount to US$1,400 in 2020, and this is expected to increase by nearly 30% to reach US$1,800 in 2024(!) Subsequently, there is no wonder why these questions have caught the attention of many major banking institutions for the past several years, along with the GAFA giants. Some answers were swift with the launch of Apple Pay & Google Pay. Facebook (NASDAQ: FB) is in the midst of refining the Libra cryptocurrency, and Amazon (NASDAQ: AMZN) recently announced its palm payment technology, which lets shoppers at physical stores pay for their purchases by scanning the palm of their hand.
Due to the impact of COVID-19, the financing sector has seen significant growth, and as a result strengthened its position as one of the key pillars of the FinTech industry. The digitalization of the lending process – from client acquisition, to underwriting, and all the way to collection – is key in engaging clients these days. Furthermore, markets understand the power of using financing tools in recovering local businesses and trade, providing financing to entities who suffered from the crisis can have a wide impact which in time fuel GDP skywards.