China & India leaders in Fintech adoption
Ernst and Young recently released its Fintech Adoption Index which covered 20 markets and over 22,000 online interviews. EY suggest in the report that Fintech has reached early mass adoption, as one in seven consumers are adopting Fintech technologies in 2015 this has since risen dramatically to one in three.
Fintech adoption rates are particularly notable in emerging economies including the likes of Brazil, Mexico, South Africa, China and India, with an average adoption rate of 46%, against the global average of 33%.
China and India have the highest adoption rates in the world, at 69% and 52% respectively. The report stipulates that the reason for this is the Fintech tap into tech literate but financially underserved populations.
The United Kingdom, Brazil and Australia follow China and India, with adoption rates above 35%. Japan has one of the lowest adoption rates of just 14% but is currently trying to catch up as financial authorities mandate Fintech growth strategy.
Money transfers and payments remain the single biggest use-case of financial technologies. Further, insurance services using financial technologies have grown remarkably in two years to become the second most-used FinTech service, after payments, this year.