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Weekly Research Highlights – 11 May 2021

For this weekly research piece, we dive and explore the newest figures from the fintech world. We look at payments, mobile wallets, big tech, the Canadian fintech ecosystem, sustainable business models, digital transformation in banking, digital payments in India and more! Enjoy the latest statistics.

COVID Triggers changes in payments habits amongst 80% of consumers (PCM)

This report shows that more than eight in ten consumers (86%) say that their payments habits have changed since the start of the pandemic, with 59% trying a new payment method for the first time – a number which rises to 77% among the 18- to 24-year-old age group. The key driver cited by respondents for adopting new payments methods was due to being unable to make in-person payments (33%), but wanting to track spending more closely (26%) and concerns over fraud (25%) also came up as strong trends. Read more

More than 100 million Americans will use proximity mobile payments in 2021 (Insider Intelligence)

This paper reveals that the pandemic has not only altered consumers’ shopping behaviors, but it also changed how they pay for goods and services. More US adults are turning to mobile wallets to pay for their purchases instead of using cash. 13% of US internet users said they tried paying in-store with a mobile phone for the first time during the pandemic’s onset, while another 20% said they ordered a product from a mobile app that they hadn’t used before. Read more

Big Tech’s Playbook: Where Facebook, Amazon, Microsoft, Google, And Apple Are Investing & Acquiring — And What It Signals About The Future (CBinsights)

This report digs into where Facebook, Amazon, Microsoft, Google, and Apple (FAMGA) are investing to analyze their strategies across the cloud and retail. Results show that FAMGA’s acquisition activity dropped steeply in the second half of 2020 and in the first quarter of 2021, as investments trended upward. Google leads FAMGA in acquisitions over the past 5 years, though its acquisition pace has slowed down significantly. Read more

Collaborating to win in Canada’s Fintech ecosystem (

This paper looks back at 2020 to analyse the Canadian fintech ecosystem while examining trends that may shape the future of the ecosystem. It presents that strong ecosystem partnerships coupled with sophisticated investors have helped Canadian fintech startups during the crisis, and found that while Canadian cities are benefitting from the basic factors to achieve international leadership, major hubs may still have room to build stronger reputations as world-class fintech communities. Read more

Fintech, ESG and IFCS: Embedding Sustainable Business Models (

This report emphasizes that the Covid-19 has brought ESG into sharper focus and accelerated its adoption to continue financing and supporting economic growth. To aid this development, technologies such as artificial intelligence (AI) and distributed ledger technology (DLT) can be embedded into ESG solutions to extract insights from historical and alternative data, allowing institutional partners to verify the sustainability of business practices or supply chains. Read more

Digital Transformation: 68% of Singapore Consumers Prefer All-Digital Channels when Engaging with their Bank during Financial Hardship (Crowdfund Insider)

This study carried out a survey of over 5000 digital banking clients in 10 key Asia-Pacific (APAC) nations, which includes Singapore. The findings indicate that Singaporean consumers might now be more willing to engage with digital banking platforms, meaning that there are potential business opportunities for banks and Fintech challengers. The relatively high level of Internet penetration in Singapore means it would be easier for fintechs to offer online financial services to the nation’s residents. Read more

India Digital Payments Report (

This report gives an in-depth look at digital transactions in India in 2020 as well as insights on transactions that were processed on our network. In addition, the authors give perspectives on how consumers’ payment experience will transform in the near future and thoughts on the New Umbrella Entity for Retail Payments initiative, a project that seeks to set up pan-India umbrella entity / entities and focus on retail payment systems. Read more


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