Fintech login gets an India, China lift
In 2017, the first time the index was created, India’s fintech adoption rate was 52% -- still higher than the global average of 33%.
By CR Sukumar, ET Bureau |
India’s fintech adoption has risen exponentially over the last two years led by the government’s push toward a digitalised economy and financial inclusion. EY’s Global FinTech Adoption Index 2019 says that India, along with China, leads emerging markets with a high 87% fintech adoption rate in 2019. The 2019 global average adoption rate is much more moderate 64%. In 2017, the first time the index was created, India’s fintech adoption rate was 52% -- still higher than the global average of 33%. Fintech adoption locally is driven by greater use of money transfer and payments (at 94%). All other categories also have high adoption compared to global average. Within money transfer, adoption is led by peer to peer and non-bank money transfers (85%), and in-store mobile phone payments (88%).
- FinTech adoption rates rose to an average of 64% this year across the globe. The prime reasons being
- Attractive rates and fees
- Easier to set up an account
- Access to different and more innovative products and services
- Better experience, product features and quality of service
- Online foreign exchange, Overseas remittances, Digital-only branch-less banking
- Peer-to-peer payments and non-bank money transfers, In-store mobile phone payments, Cryptocurrency eWallet
- Online budgeting and financial planning tools, Online retirement and pensions management tools
- Lending on peer-to-peer platforms, Investments via crowdfunding platforms, Online investment advice and investment management, Online stock broking, Online spread-betting
- Online-only loan providers, Online marketplaces and aggregators for loans, Online loan brokers and broker facilitation websites Insurance premium comparison.
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