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The pandemic significantly accelerated mobile payment adoption, driving millions of new customers into mobile payment platforms over the span of a few months. Mobile payment providers enjoyed record growth rates and added new features to apps to service a broader set of customers’ financial needs. In some cases, companies have planned a complete transformation of the core mobile app to evolve from mobile payment providers to mobile financial hubs.
While they increasingly resemble consumer banking services, mobile payment providers still have a long way to go in terms of gaining customer trust and familiarity. Funds stored in mobile wallets have swelled in the past 18 months due to the influx of new customers, but the amount stored per customer remains low. Most U.S. consumers still rely on the traditional banking system to administer their primary deposit accounts and generally store less than $500 in mobile wallets if they store any at all.
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S&P Global Market Intelligence provides differentiated data, robust linking capabilities and flexible delivery. The leading Fintech firms build their applications on quality data. Read on to discover how our Data Management Solutions support them.
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