The Mobile Component Is Growing Across US Financial Services

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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, 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 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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