FinTech, Cryptocurrency & Electronic Payments Market Research

Competitive Intelligence, Business Analysis, Forecasts, Market Size, Trends, Companies, Statistics

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FinTech, Cryptocurrency & Electronic Payments OVERVIEW

One of the fastest growing global business sectors in recent years is the financial technology or “FinTech” sector. Innovation by this field has been extremely challenging to traditional financial services giants while at the same time offering exceptional opportunities for new business models and startups that bring much-needed change. Ventura capital has been pouring into FinTech at a tremendous rate. Looked at in a broad manner, FinTech is now the driving force in financial services, accounts and transactions of all types, including bank accounts, lending, investment accounts/trading, insurance, mortgages, credit cards, and wealth management. Also, a fast growing, vital part of FinTech today comprises online payments and mobile payments, enabling consumers to easily pay for online purchases and to send each other money for business or personal purposes. Another branch of FinTech is cryptocurrencies such as Bitcoin. An estimate by CoinCapMarket was that global cryptocurrencies (sometimes called “crypto”) had soared to nearly $3 trillion in market value in November 2021. However, this number plummeted to $0.9 trillion by mid-June 2022 during a market rout. That was not the first time that cryptocurrencies had shown extreme instability. Only a few decades ago, virtually all financial services relationships were managed in person—at banks’ branch offices, insurance agents’ desks and investment company offices. During the 1970s and 1980s, a slowly expanding number of financial products could be reasonably well managed by telephone. During this period, ATMs started to displace bank tellers in large numbers. The internet era launched very rapid adoption of online banking, investments and insurance. Discount stock brokerages gained so much market share that they forced traditional brokerages to provide more customer-friendly services and lower fees—so much so that today, many stock trades can be executed on a no-commission basis. Companies like Charles Schwab soared old-line firms like Merrill Lynch were forced to adapt. Insurance became much more competitive and easier to obtain as the internet grew to mass market scale. Consumers could easily compare rates, apply for insurance and make claims online. This was extremely disruptive to the traditional insurance industry, and value-priced companies like Geico boomed. The convenience and cost-effectiveness brought about by the early foundation of financial technologies (such as the push-button telephone, the ATM and the internet) were extremely important. However, these early applications pale in comparison to the total FinTech revolution that was launched soon after the January 2007 introduction of the iPhone and the smartphone era, followed by the mid-2000s emergence of ubiquitous, remote computer power in the cloud. Smartphone apps are relatively easy to create and scale thanks to the flexibility of cloud computing platforms such as Microsoft’s Azure and Amazon’s AWS. At the same time, a reasonable estimate would be that well over 6 billion consumers worldwide have access to smartphones. More than 1.5 billion new smartphones are sold yearly. Portability, reasonably good security and cost-effectiveness make smartphones a nearly-ideal platform for financial account management, and the cloud has vastly boosted this trend. Not surprisingly, emerging/developing nations where the economy is expanding rapidly have been among locales to most readily adopt FinTech innovations. If a shortage of bank branches existed in India, for example, mobile banking solved the problem. If a modern insurance industry was not fully developed in Vietnam or Thailand, online insurance expanded the market. If consumers had few credit cards or checking accounts anywhere in the world, then payment platforms like Paypal solved a major need. The market in Asia is a perfect example. A late-2019 study by Bain/Google/Temasek found that 50% of Southeast Asians (home to 600 million people) are underbanked, 90%+ are under-insured and about 80% lack investment accounts. FinTech is rapidly solving those problems.

PLUNKETT PROVIDES IN-DEPTH STATISTICS TABLES COVERING THE FOLLOWING INDUSTRY TOPICS:

Top Companies Profiled

The following is a partial listing for this industry. As a subscriber, you will have access to the leading companies and top growth companies. This includes publicly-held, private, subsidiary and joint venture companies, on a global basis as well as in the U.S.

PLUNKETT PROVIDES UNIQUE ANALYSIS OF THE FOLLOWING TRENDS THAT ARE DRIVING THIS INDUSTRY:

Key Findings:

A complete market research report, including forecasts and market estimates, technologies analysis and developments at innovative firms within the FinTech, Cryptocurrency & Electronic Payments Industry. Gain vital insights that can help shape strategy for business development, product development and investments.

Key Features:

  • Business trends analysis
  • In-depth industry overview
  • Technology trends analysis
  • Forecasts
  • Spending, investment, and consumption discussions
  • In-depth industry statistics and metrics
  • Industry employment numbers

Additional Key Features Include:
Industry Glossary

Industry Contacts list, including Professional Societies and Industry Associations

Profiles of industry-leading companies

  • U.S. and Global Firms
  • Publicly held, Private and Subsidiaries
  • Executive Contacts
  • Revenues
  • For Public Companies: Detailed Financial Summaries

  • Statistical Tables

Key Questions Answered Include:

  • How is the industry evolving?
  • How is the industry being shaped by new technologies?
  • How is demand growing in emerging markets and mature economies?
  • What is the size of the market now and in the future?
  • What are the financial results of the leading companies?
  • What are the names and titles of top executives?
  • What are the top companies and what are their revenues?

This feature-rich report covers competitive intelligence, market research and business analysis—everything you need to know about the FinTech, Cryptocurrency & Electronic Payments Industry.

Plunkett Research Provides Unique Analysis of the Following Major Trends Affecting the Fintech, Cryptocurrency & Electronic Payments Industry

  1. Introduction to the FinTech, Cryptocurrency & Electronic Payments Industry

  2. Cryptocurrencies and Blockchain Explained

  3. The Difference Between Cryptocurrencies and Stable Coins/National Treasuries Consider Issuing Stable Digital Currencies

  4. Regulation of Cryptocurrencies Increases

  5. BNPL (Buy Now Pay Later) Payment Options Have Strong Market Share

  6. Digital Wallets Gain Payments Market Share

  7. The SuperApp Begins to Develop in FinTech

  8. Real Time Payments (RTP)/Instant Payments/FedNow to Grow

  9. Neobanks/Virtual Banks Explained/Top Competitors

  10. A Brief History of Artificial Intelligence (AI) and the State of the Industry Today

  11. Voice, Face & Image Recognition Change the Wireless World, Enhanced Through Artificial Intelligence (AI)

  12. Insurance Underwriting Uses Artificial Intelligence (AI)/Policy Holders Allow Their Habits to Be Tracked for Lower Insurance Rates

  13. Robotic Process Automation (RPA) Is Replacing Human Workers

  14. Digital Assistants Include Amazon’s Echo and Google’s Home/Alexa and Similar Software Power Third-Party Developers

  15. Growth in Big Data Supported by Expansion of Cloud Computing and Predictive Analytics

  16. Artificial Intelligence (AI) Powers Hedge Fund Investment Strategies

  17. Banks and Apps Vie for Previously Underserved Markets, Including Hispanics

  18. China Sees Growth in Online Payments, Banking and Lending/Alipay Soars

  19. Smartphones and Neobanks Replace Bank Branches and Tellers

  20. Smartphones and Financial Technology (FinTech) Enable New Mobile Payment Methods

  21. Peer-to-Peer (P2P) Payment Systems, such as Zelle and Venmo, Soar in Popularity

  22. In Emerging Nations, mChek and M-PESA Enable Remote Banking via Smartphone

  23. Online Competition Changes the Mortgage Industry

  24. Open Banking May Revolutionize the World of Banking and Finance

  25. Financial Technology (FinTech) Enables Online Lending, Insurance and Robo Advisors

  26. The Future of Banking, Credit Cards, Mobile Payments and Mortgages

Plunkett Research Provides In-Depth Tables for the Following Fintech, Cryptocurrency & Electronic Payments Industry Statistics

  1. FinTech, Cryptocurrency & Electronic Payments Industry Statistics and Market Size Overview

  2. Artificial Intelligence Industry Statistics and Market Size Overview

  3. Investment & Securities Industry Statistics and Market Size Overview

  4. U.S. Banking, Mortgages & Credit Industry Statistics and Market Size Overview

  5. Global Credit Card Industry Statistics and Market Size Overview

  6. FDIC Insured Institution Statistics: 4th Quarter 2023

  7. Employment in the Banking Industry, U.S.: 2018-2024

 

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eBook or Book:

This industry onlyPublication date: Jul 2024
ISBN-13: 978-1-64788-533-5
ISBN-13: 978-1-64788-041-5