What is the FinTech market?

FinTech is a combination of ‘finance’ and ‘technology’. It refers to the technology that helps consumers and financial institutions deliver financial services in an affordable and effective manner. In the FinTech industry, consumers can manage their financial transactions, transfer money, and can make quick lending decisions. Digital lending, credit, mobile banking, mobile payments, crypto currency, block chain, trading are examples of fintech.

In addition, the increasing adoption of digital payment among millennial is expected to drive market growth during the forecast period. A mobile wallet is a type of digital wallet that enables users to access account information, process payment, and pay for services through smartphone applications. Mobile wallet stores have details of payment card on the app itself to make the payment process simpler and convenient. For instance, according to Coherent Market Insights analysis, the mobile payment industry is expected to reach US$195,000 million by 2021 from US$ 115,000 million in 2019.

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North America held dominant position in the global fintech industry market in 2019 and is projected to retain its dominance throughout the forecast period, owing to trend of digitalization and adoption of advanced technologies such as blockchain and artificial intelligence. In addition, major companies in North America are adopting strategies such as acquisition of small companies for increasing the service offering in the region. For instance, in November 2017, JPMorgan Chase & Co., a U.S.-based investment bank and financial services holding company acquired WePay, an online payment services company. Through this acquisition, JP Morgan Chase & Co. was able to offer WePay Payment Technology to its four million small business clients

Major companies operating in the global fintech industry are: Corporate Card for Spend Management Platform: Air Canada, AirPlus International Ltd., American Express Company, Bank of America Corporation, Citigroup Inc., Diners Club International Ltd, East West Bank (East West Bancorp, Inc.), JP Morgan Chase & Co. Inc., Mastercard Incorporated, NIUM Pte. Ltd, the UPS Store, Inc., and Tradeshift.

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