Survey: Fintech Adoption Rate Grows 64% Globally
FinTech adoption rates rose to an average 64 per cent this year, with India and China leading emerging markets with 87 per cent adoption. There has been exponential rise in India due to government’s digital push including initiatives such as demonetisation, Jan Dhan Yojana, Aadhaar and Unified Payment Interface (UPI), according to an EY study.
FinTech adoption in India is driven by greater use of money transfer and payments (94 per cent). Within money transfer, adoption is led by peer-to-peer and nonbank money transfers (85 per cent), and in-store mobile phone payments (88 per cent), the study – EY Global FinTech Adoption Index 2019 – said.
Photo courtesy of Rob Tinworth.