Indians are ahead of the global curve when it comes to downloading e-wallets and fintech apps. But that doesn’t mean they use them more.
As data by mobile marketing firm CleverTap suggests, 85 percent of Indians have downloaded these apps without actually using them in the two weeks afterwards, as compared to 77 percent of people worldwide. Only 35 percent (45 percent globally) even take the time to register an account with the app they downloaded. Even though Indians engage with downloaded apps less than the average user, they still allow them to take up space on their phones more often. Only 27 percent of people downloading an e-wallet or fintech app uninstalled them, compared to 35 percent of global users.
Fintech in India is still at an early stage in development but has been considered a market to watch out for especially because of the favorable regulatory environment. Tech giants like Facebook, Google, Amazon and Samsung have all released payment apps in India. Among the most successful Indian players are the apps MobiKwik or Paytm.
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