Fintech Adoption Expands Internationally
9-1-2017
Investment in the fintech sector is gaining in popularity in several countries, according to the results of a new survey commissioned by Blumberg Capital and conducted by Harris Poll. The survey looked at how financial technology is used in different countries, including France, Germany, Israel, the United Kingdom, and the United States. The results indicate that innovations such as mobile wallets, P2P, online cross-border trade, and mobile banking are taking hold in most areas. In addition, the report found new payment technologies—such as Venmo, ApplePay, and PayPal—are gaining ground but have “not yet penetrated all mainstream consumer groups.”
Forty-four percent of Israeli survey participants make online purchases outside the country at least once a month, compared to just 9 percent in the United States. Israel also leads the pack in the percentage of adults who use a mobile banking app at least once a month, at 50 percent. Adults in the other countries do so less frequently: United States (38 percent), United Kingdom (37 percent), France (35 percent), and Germany (28 percent), according to the survey.
Despite fintech’s progress, some countries remain heavily cash-reliant, such as Germany, where 75 percent of adults still use paper currency and coins to make purchases at least once a week. By contrast, 58 percent of adults in the United States and 47 percent of adults in Israel use cash at the same rate, according to the survey.
Survey participants also shared their concerns regarding fraud during online financial transactions. While those in the United Kingdom (43 percent), United States (39 percent), and Israel (38 percent) worry about scams, hacks, and stolen identities, those in France (31 percent) and Germany (23 percent) are less concerned.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
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