In the growing world of technology, the need to make banking easier for consumers and businesses is at an all time high. The methods we know in the past for making payments from one person to another and even across the country have gone from taking days or even weeks to being done in a matter of seconds.
Fintech is described as technology such as computers and other items used to help the advancement of financial services and banking. Some examples of well known Fintech companies are PayPal, Chime, Robinhood, Acorns etc.
For many, Fintech is a new venture with unforeseen possibilities where some may not know any facts about the industry. Here are some facts about Fintech industry and how it can help your day to day life:
- Fintech’s worth is estimated to be $4.7 trillion, according to Goldman Sachs (Lynkova, 2020)
- More than 50% of Social FinTech companies in the world are located in Africa. The second and third most common areas in Social FinTech are North America and South America. (Ayala, 2018)
- There are more than 12,000 fintech startups worldwide. (Vardhman, 2020)
- According to a recent survey, 93% of organizations now use at least one cloud-based service. (Vardhman, 2020)
- The global fintech market size in 2018 reached $111.8 billion. (Vardhman, 2020)
- 46% of fintech companies in the world agree that AI is among the most relevant technologies for investment. (Lynkova, 2020)
- The combined market share of Apple Pay, Samsung Pay, and Google Pay in mobile payment will be 56% by 2021 in the U.S. (Vardhman, 2020)
- At least 45% of tech-savvy consumers want their banks to present new ways of communicating, like wearables or virtual reality. (Vardhman, 2020)
- 46% of customers use digital channels for personal banking exclusively. (Lynkova, 2020)
- Mobile transactions are projected to grow by 212% in 2022. (Lynkova, 2020)
An added fact for our readers: iMerchant is a Fintech company looking to integrate banking and other financial services into one POS system useful for all industries from hospitality to retail. Click here to learn more about how iMerchant can help make your business needs manageable.