Ten Years Of Fintech

A look at the fintech megatrends emerging from past ten years and what they reveal about the next decade of innovation in the global financial services sector

Digital Payments: 20 years ago PayPal and WorldPay kicked off the first wave of fintech making it easier for consumers and merchants to do business together on the internet. In the last decade digital payments has raced ahead thanks to RFID and mobile apps and there is much to play for in this growing market expected to be worth $2 trillion by 2025.

Market leaders include Ant Financial, Stripe and Square. Klarna has transformed consumer retail purchasing through services for merchants in the “payments as a service” market. Mastercard and Visa dominate the global card market for payments, a point not lost on Apple who has partnered with Mastercard and Goldman Sachs to launch Apple Card. Payments is a lucrative market Facebook will attack through Libra.

M-Pesa is the poster child for mobile payments and deposits in Africa, has 17 million customers in Kenya and has expanded to South Africa, India and Eastern Europe. The Nordics have Swish (Nordea) and VIPPS (DnB) that allow peer to peer money transfers between consumers and to businesses, popular apps with high consumer adoption rates, delivered by incumbents.

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