How Tech Giants Took Over the Mobile Payment Market

In the last decade, mobile payments have started taking hold worldwide as consumers ditch cash and cards, and instead use their smartphones to complete transactions. While many of the financial innovations we see today are spearheaded by insurgent FinTech trendsetters, the mobile payment space has instead been dominated by TechFin firms instead. This is an important distinction as FinTech firms are companies that were created to innovate technological solutions for the finance sector like PayPal, Lending Club, and others; TechFin firms, notably the GAFAM (Google, Apple, Facebook, Amazon, and Microsoft) companies, are established technology companies that have begun to compete in the finance industry and offer their own FinTech solutions. The work of TechFin companies has helped bring FinTech and mobile payments more into the mainstream, but what enabled their takeover of the market on such a large scale? Additionally, is there room for FinTech companies to compete in an industry dominated by international tech giants? With the help of Scott Harkey, Global Lead of the Payments Practice at Charlotte, NC-based consulting firm,

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