Global Fintech Adoption
The global fintech industry has seen widespread adoption, consistently doubling every two years from 2015 to 2019. 64% global consumers adopted fintech services in 2019, compared to 16% in 2015, a cumulative annual growth rate of 43%.
What’s most intriguing about the growth of Fintech worldwide, is that leading markets in Fintech adoption, measured by the percentage of a country’s population that has used at least one fintech service, are predominantly emerging markets. Places such as China (87% consumer adoption), India (87%), South Africa (82%) and Mexico (72%) blow developed markets like the USA (46%), Canada (50%) and Japan (34%) out of the water. In fact, the bottom 11 countries are all developed markets (Western European and North American markets, Australia and Japan), and 7 out of the top 10 countrie