Fintech Outlook 2018: Digital Payments to Rise

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Last week, the Investing News Network (INN) reported on fintech trends of 2017, highlighting the growth of venture capital investments together with the overall global emergence of the technology, financial institutions adopting fintech, and companies making noise in the space throughout the year.

As we move out of 2017 and into 2018, here INN takes a look at the year ahead for the fintech industry and what some companies are excited about.

Continue reading below to find out what’s in store for the market next year.

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Fintech outlook 2018: Mobile payments in focus

2017 was a significant year of growth for digital payments, according to an Opus Consulting report, together with the emergence of alternative payments. Peer-to-peer, wallets and mobile payments reached “high adoption levels” in the mainstream, reaching $3.6 trillion in terms of transactions during 2016-2017. According to the report, that amounted to a 20 percent year-on-year growth–a number that will only continue increasing from here.

In terms of global mobile payment revenue, the report states the number is estimated to reach $930 billion in 2018, representing a 19 percent growth from 2017 with China leading the way in the mobile payments market. Global payments revenue as a whole is poised to reach $2.3 trillion, with 43 percent of that representing banking revenues.

Similarly, data from Statista indicates that transaction values are expected to grow at a compound annual growth rate of 41.9 percent over the next five years to 1.32 trillion, while the number of users in the mobile point of service payments will reach 977 million by 2022.

In terms of regions, mobile-first payment strategies are also Continue Reading

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