The mobile is having a profound impact on the financial services industry. It’s the biggest change since the credit card was introduced in the U.S. The infographic below illustrates the fact:
>> In 2014, around 30% of MasterCard and Visa’s revenues were generated by mobile payments. Increase in mobile payments is expected to result in more transaction fee revenues in the upcoming years.
>> Xoom Corporation—a digital money transfer company based in San Francisco—said that 49% of total transactions were made via mobile devices.
>> PayPal processed $46 billion in mobile payment volume in 2014, which went up by 68% over 2013. In 2014, 20% of PayPal’s net total payment volume was from mobile payments.
>> By the end of 2014, JPMorgan had 18.4 million active mobile users. This number has grown 23.5% since 2013. Bank of America had 16.1 million active mobile users; the number has grown by 15% over last year. 11%of deposit transactions by consumers were done through mobile in Q4, 2014. Wells Fargo had 13.7 million active mobile users by the end of 2014 and the number has grown by 19.1% in the last one year.
In the last couple of years, mobile payments have been enjoying tremendous momentum. According to eMarekter, mobile payments in the U.S. were at $3.5 billion by the end of 2014. This is expected to grow exponentially in the next few years and poised to reach $118 billion by 2018.