China and India Are the Countries with the Highest Rate of Fintech Adoption

According to a study conducted by Tipalti, which investigated which countries have adopted fintech companies the most, the countries with the highest fintech adoption rate are China (87%) and India (87%), which rank first.

Fintech companies are a technology that automates financial services for consumers and businesses that also offer mobile banking and peer-to-peer payments; it can be used to make automated payments and give them instant digital access to finances.

Read more about the fintech adoption rate around the world, and find the most important financial news of the day with the Born2Invest mobile app.

Which countries have adopted fintech the most?

China and India, rank first in the ranking of countries with the highest financial technology adoption rate. As of 2019, 87% of China’s digitally active population has adopted fintech.

Tied with China, India also has an 87% adoption rate. As Tipalti explained, between 2021 and 2022, India had around 6,600 financial technology startups with a total market value of US$31 billion. In the first half of 2023, investment in financial technology startups in India fell by 67%.

Despite this drop, it is the third highest-funded fintech country in the world, behind only the United States and the United Kingdom.

Following these two top-ranked countries is South Africa, which has the third-highest rate of financial technology adoption (82%). South Africa accounts for 40% of all financial technology revenues in Africa.

Colombia has the fourth highest adoption rate for fintech usage, with 76% of its digitally active population using fintech services in 2019. Colombia also had the highest adoption rate in Latin America, surpassing Chile and Brazil.

Countries with the lowest fintech adoption rate

According to the study, Japan had the lowest fintech adoption rate among the digitally active population, at 34% in 2019. This is largely due to the Japanese financial environment, which is extremely conservative and risk-averse.

With a 35% fintech adoption rate, there is France. This low adoption rate is attributed to a lack of awareness among consumers in the country, according to Tipalti. This country is far behind other European countries such as the United Kingdom and the Netherlands.

Belgium ranks third among countries with the lowest fintech adoption rate, at 42% in 2019. Like France, the main reason why fintech adoption is lower is due to lack of awareness, especially when it comes to the services offered by fintech.

__

(Featured image by jeremy888 via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in LR LA REPUBLICA. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us