FinTech is an abbreviation for 'financial and technology.' It refers to the technology that enables customers and financial institutions to provide inexpensive and effective financial services. Consumers can manage their financial transactions, move money, and make speedy loan choices in the FinTech business. Fintech includes digital loans, credit, mobile banking, mobile payments, cryptocurrency, blockchain, and trade.
Furthermore, increased digital payment acceptance among millennials is likely to boost market growth throughout the projection period. A mobile wallet is a sort of digital wallet that allows users to access account information, make payments, and pay for services using smartphone apps. To make the payment procedure easier and more comfortable, mobile wallet shops provide payment card information on the app itself. For example, according to Coherent Market Insights, the mobile payment market is predicted to grow from US$115,000 million in 2019 to US$195,000 million by 2021.
The pandemic of COVID-19 has a huge influence on the FinTech Industry industry. Several countries throughout the world, including India, Italy, the United Kingdom, and others, enforced countrywide lockdowns in 2020. Many European nations, including Germany, Spain, and the United Kingdom, were also subjected to the second wave of the COVID-19. These restrictions in many nations encouraged the usage of remote services such as online shopping, entertainment, streaming services, and mobile payments, boosting the acceptance of the FinTech Industry. Furthermore, numerous nations, including the United Kingdom, Germany, Ireland, Poland, and Egypt, have increased the size of contactless payments.
North America dominated the worldwide fintech industry market in 2019 and is expected to continue to do so throughout the forecast period, owing to the trend of digitalization and the use of sophisticated technologies such as blockchain and artificial intelligence. Furthermore, big North American corporations are pursuing tactics such as the purchase of small businesses in order to expand their service offerings in the area. JPMorgan Chase & Co., a U.S.-based investment bank and financial services holding company, for example, bought WePay, an online payment services startup, in November 2017. JP Morgan Chase & Co. was able to provide WePay Payment Technology as a result of this transaction.