The results of a study recently published by the consulting firm EY revealed that China and India have the highest adoption of FinTech services among its online population out of 20 countries. 69 percent of China’s and 52 percent of India’s digitally active citizens have used at least 2 FinTech services over the past 6 months. The statistic clearly shows a tendency towards a higher FinTech adoption in emerging countries compared to developed countries.
The notion of that the richest countries lag behind in regards to FinTech has been confirmed a few days ago by the Swiss watchmaker Swatch, when the company presented the second generation of its contactless payment solution. Unlike the predecessor, “Swatch Pay” will exclusively be launched in China, at least for now, and won’t be available in Swatch’s home country or elsewhere in Europe. According to a spokesperson cited by the Swiss business paper Handelszeitung, the reason for the decision are the “old-fashioned banks and credit card providers”. Continue Reading