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.
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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.
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