The landscape fintech has experienced a year of 2019 outstanding, but the use of the services is variable depending on the country.
In 2019, the fintech has experienced its finest year. In a study by App Annie published by the society of marketing Liftoff, it has been measured an increase of 71 % of application downloads, fintech, whether it’s banking applications, wallets or any other financial tools and services. Even more spectacular is the number of access to these applications has registered a record, with more than a thousand billion times.
It must be said that the context was very favourable, and this around the globe. The legislation helped the new neo-banks to gain a foothold by giving them a banking license, the intermediary services between the bank and the customer, which are gradually multiplied, thanks to the emergence of the’open banking, and finally, the technologies have enabled the emergence of the exchange of crypto-currency, sending money abroad, and new services such as crowdfunding.
Nevertheless, the study from App Annie shows us that this exponential increase in the use of applications of fintech does not accrue to the same actors throughout the world. In each of the countries studied, the favorite services are different, and they reflect the various reports of the countries with the emergence of these new technologies financial. The problems are many and varied, and the applications that meet these needs are established as a result.
In France, mobile payment and aggregator account have the wind in their sails
The table published by App Annie and Liftoff above shows the five applications that have experienced the most significant growth within a country by 2019. If we begin by studying the case of France, we can notice that users of Android smartphones are more and more numerous to use the platform of mobile payment Google Pay, which allows – through his wallet – to be able to register their various bank cards in order to pay directly from our smartphone.
This application is followed by Bankin’, an aggregator of bank account born in France. It allows you to aggregate our different bank accounts on one and the same application, in order to have an overview of the status of our accounts more quickly, and access to statistical tools more in-depth to better manage our money. It is an intermediary between the client and the bank, which has emerged since the rise of the landscape fintech, and which could eventually come to directly compete with the neo-banks.
The rest of the classification is complemented by Lydia, who thus joins the category of mobile payments with Google Pay, but also PayPal, which always remains present and continues to please within the hexagon. Fifth, the neo-German bank N26 evidenced by the more than one million customers that the nugget has been exceeded in the month of October 2019.
In the United States, mobile payment, rather than the neo-bank
Other interesting case to study, one of the United States. As a reminder, 2020 sign a decisive period for the neo-european banks that settle for a few months on the New Continent. The last in date is Revolut, which has indicated its on-premise deployment at the end of the month of march. The market is huge, but much less accessible so that the on-site needs have nothing to do with those in Europe.
This is why, in 2019, the fintech in the United States is mostly translated by the applications of mobile payment. The most popular ? Cash App, which has registered the highest growth. The application belongs to Square, a fintech belonging to Visa and co-founded by Jack Dorsey, the CEO of Twitter. His popularity matches that of Zelle and Venmo (PayPal), as these applications now allow millions of Americans who do not have bank account to be able to pay or get paid electronically. We talk about it now, while these fintech wish to help the administration Trump in its policy of helicopter money.
England, land of origin (and expansion) of the neo-banks
Back on european soil and the direction of England. Last year, it is clear that the countries where the industry of the fintech continues to raise millions of pounds sterling still takes advantage as much of the neo-banks. Most bank challenger, that compete with online banks and traditional banks, are born on the spot. In 2019, it is Monzo who has experienced the highest growth among the applications fintech. With its millions of customers, it is located in the fourth position, moved up a place by Starking Bank, a new bank for a professional who has become a true reference in the TPE and SMES local.
In Africa, the coronavirus accelerates the transition to mobile payments
In Asia, China and Japan for different uses
Let’s close with Asia, and especially China and Japan. For a start, the five favorite apps of the japanese archipelago show that the mobile payment has become a standard in consumer habits. The five applications relate to all the mobile payments, with in the first place, PayPay, partly owned by SoftBank and launched in 2018. Line Pay, which closes the march, is attached to the messaging app Line to more than 560 million registered users. With its new services, including in the fintech, this application can now generate a turnover of 70 times higher than that of the american WhatsApp.
In China, the use of applications fintech is a little different. The most downloaded app for the digital programme of the China Individual Income Tax, which is nothing else than an application to do his tax returns on the income. In the fifth position, we note the presence of Xiaomi Loan App, also called the ” Mid Credit “, which is a platform for digital lending developed by the giant eponymous chinese of the electronic. Thanks to this application, the smartphone brand could become a major player in the industry of fintech. Since the beginning of the month of December 2019, Xiaomi has launched its application on the indian market, aimed at young professionals, and pre-installed on over 100 million smartphones that the brand has been sold in the territory.
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