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India and China lead fintech adoption in world : Ernst & Young report

India and China are leading the fintech adoption in the world, according to Ernst & Young report.

Globally, the fintech adoption rose to over 60%, of which major chunk was contributed by emerging markets such as India and China, who topped the adoption chart with 87%.

Both the countries have about 99.5% of consumers aware of money transfer and mobile payment, said Global FinTech Adoption Index 2019 report.

The report further added that customer expectations have evolved, and banks, insurers and wealth managers have been offering digitally accessible and technology-forward services.

In India, the fintech industry has rapidly expanded largely due to the entry of traditional financial firms. Demonetization, implemented in 2016, also played an important role in decreasing the amount of paper currency in circulation in the country.

Meanwhile, Fintech adopters prefer online and app-based financial products despite concerns about personal data security.  Three out of four consumers have used a money transfer and payments FinTech service, the report founded.

Globally, only 4% of global consumers are not aware of the money transfer.

After China and India, the adoption rate was followed by Russia, South Africa, Netherlands (73 percent), the UK (71 percent) and Ireland (71 percent) saw high adoption rates.

About 27% of respondents said the pricing was their top priority while choosing a fintech service, and 20% picked the ease of opening an account, added the report.

The survey is based on 27,103 online interviews with digitally active adults from 27 markets,

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