The Mobile Component Is Growing Across Financial Services

MEDICIFounder and Chief Strategy & Innovation Officer

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:

Mobile Component is growing US>> 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.

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.

Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.

Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.