Tuesday, May 11

Fintech login gets an India, China lift

by Vista

In 2017, the first time the index was created, India’s fintech adoption rate was 52% — still higher than the global average of 33%.

Aug 23, 2019, 07.22 AM IST

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Fintech adoption locally is driven by greater use of money transfer and payments at 94%.
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%).

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GLOBAL TRENDS

  • 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
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What are the services offered by fintechs

  • 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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