A new report from Ernst & Young (EY) indicates that China and India are the world leaders in terms of fintech adoption.
EY’s Global FinTech Adoption Index 2019 found that major emerging economies had higher fintech adoption rates than OECD countries.
China and India were at the top of the list, both posting an 87% adoption rate, followed by Russia and South Africa (82%).
Western Europe was host to developed economies with the highest fintech adoption rates, led by the Netherlands (73%), the UK (71%) and Ireland (71%).
The report also found that approximately 99.5% of consumers in China and India had an understanding of fund transfers and mobile payments.
EY’s index was compiled on the basis of online interviews with 27,103 respondents across 27 markets, including Argentina, Australia, Belgium, Brazil, China, Colombia, France, Germany, Hong Kong, India, Peru, Singapore and South Africa.