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Russia Ranks Third in the World in Terms of Fintech Services Penetration
26.11.2019 00:20
Russia Ranks Third in the World in Terms of Fintech Services Penetration

Russia ranks third among the 20 largest world markets in terms of penetration of fintech services, RBC reports citing the data of the audit and consulting company EY. The penetration index of such services in Russia is 82%.

      The study evaluated penetration across five main categories of fintech services: remittances and payments, budgeting and financial planning, savings and investments, lending and insurance. The first category is most widespread in Russia - 100% of the country's inhabitants are aware of money transfers and payments - in the world this level is 96%. 90% of Russians used these services.

      In other categories, the awareness level varies from 81 to 86%, but the practical use of some of them - in particular, investment in securities - is close to zero.

      The first place in the ranking is taken by China, and the second – by India. The last time this study was conducted in 2017, and since then, the three leaders have not changed. At the same time, the level of penetration of fintech services increased in China by 18 pp, in India - by 35 pp, and in Russia - by 39 pp.

Author: Anna Dorozhkina

Tags: Russian business Russian economy Russian companies   

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