The tide may be turning against financial technology start-ups.
Wall Street banks are reclaiming market share from competitors in the form of billions of dollars in peer-to-peer payments. They've done so by simplifying how consumers transfer cash between each other.
Bank of America has processed $16 billion in mobile payments so far this year, CEO Brian Moynihan said in a speech at the Alliance Bernstein Strategic Decisions Conference in New York Thursday. Institutional players' push to take business back from mobile competitors is only just beginning.
This encompasses the bank's peer-to-peer payments, as well as other forms of digital payments, like mobile checking. When asked about the bank's mobile initiatives, Moynihan said the bank is "still investing" in digital development. He also pointed out that, for more popular methods of consumer payments, like checks, mobile options are becoming increasingly popular with the bank's customers.