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Financial services comprise one of the most important and influential sectors of the economy. They provide financial services to people and corporations and make up an essential part of our everyday life. The financial services sector is a primary driver of a country’s economy, as it provides the free flow of capital and liquidity in the marketplace.
Financial services are a broad range of businesses, services, and tools involved in money transactions. These can involve both consumers or businesses, either as a receiver or a sender. As in other sectors, technological solutions have grown to prominence here. Financial technology, or fintech, could potentially augment, streamline, digitize, disrupt, or even replace traditional financial services.
Number of fintechs worldwide from 2018 to 2024, by region
Further details: Visit original statistic Number of fintechs worldwide from 2018 to 2024, by region
Financial technology providers are largely found in the United States and China. Eight out of 10 of the world's largest fintechs came from either of these countries in January 2024. Fintech unicorns, or companies with over one billion U.S. dollars worth of market cap, are most often found in the U.S. and the United Kingdom.
Fintech in ChinaNumber of cashless transactions worldwide from 2013 to 2021, with forecasts from 2022 to 2027, by region (in billions)
Further details: Visit original statistic Number of cashless transactions worldwide from 2013 to 2021, with forecasts from 2022 to 2027, by region (in billions)
In-store digital payments are bigger in Asia than in Europe and North America combines. Estimates indicate that the number of cashless payments are to increase further in the coming year. The implementation of new methods - such as wallets, QR code payments, or A2A payments - may lead to a sizable decline of cash use in countries where the population has little to no access to financial services. Latin America, especially, hopes to benefit from this.
A2A (account-to-account) paymentsCredit card debt in the United States from 4th quarter 2010 to 4th quarter 2023 (in billion U.S. dollars)
Further details: Visit original statistic Credit card debt in the United States from 4th quarter 2010 to 4th quarter 2023 (in billion U.S. dollars)
Loans, savings, and debt became dominant themes during the cost-of-living crisis, affecting both consumers and businesses. This is reflected in growing credit card rates and debt. Consumers actively explore alternative finance options, such as BNPL installments or flexible options.
Loan providers worldwideMost used payment processing technology - including payment gateways and BNPL (buy now, pay later) - on websites worldwide as of August 2024
E-commerce payment processing technologies come from different providers - such as fintechs, payment gateways or buy now, pay later. Out of these, PayPal had the highest global market share. Some of the fastest growing brands worldwide - UPI in India, Pix in Brazil - focus on instant transaction speeds in offline, in-store payments, however.
Apple PayNumber of merger and acquisition (M&A) transactions worldwide from 1985 to May 2024
Further details: Visit original statistic Number of merger and acquisition (M&A) transactions worldwide from 1985 to May 2024
Companies noticed a decline in traditional investments as investors became increasingly cautious. 2023 was a difficult year for corporate dealmaking, as the global M&A value fell by 16 percent. The corporate finance sector actively seeks new ways to tap into money, eagerly awaiting an increase in interest rates worldwide in 2024.
Mergers and acquisitions (M&A) in the U.S.The financial services section covers organizations and tools that either engage in, or facilitate, financial transactions, not including (traditional) banks, insurance, or monetary authorities. Segments include corporate financing, fintech, online and mobile banking, loans, leasing, mergers and acquisitions (M&A), private equity, (digital) payments, savings, and debt.
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