25 Giugno 2019

Mobile payments in the final sprint

The way people access and consume financial services in the banking and financial sector is rapidly evolving and a lot has changed in the last decade, especially with the mobile sector (smartphone first) that is emerging as a new platform to use more and more.

The use of financial services on smartphones has grown significantly in 2018 in both developed and developing markets. Growth was particularly strong in China, which saw a double-digit increase in all these services.

Recent reports show that millennials use mobile financial services much more than adults, which is an indicator that these services are destined to grow more and more.

A new Juniper Research study better highlights the increasingly digitalized way of perceiving financial services, which shows that the number of people who will use digital wallets will increase from 2.3 billion this year to around 4 billion by 2024.

In Italy smartphones have long since become the new best consumer friend: inseparable, faithful and comfortable, a tool that is radically changing the citizens’ routine. According to the report, in fact the inhabitants of “the boot” are the first in Europe for purchases via smartphone: almost half of them, 47%, prefers the comfortable touch screen as a tool for their daily purchases, exceeding the average of European citizens, estimated at around 33 %.