AppsFlyer, the global leader in marketing measurement, today released its 2021 edition of The State of Finance App Marketing. Overall, FinTech applications are in high demand, experiencing a 132% jump in downloads globally and 26% year-over-year (2020 vs. 2019) growth in India alone. The pandemic had a significant impact on the FinTech industry in India, which saw a 31% drop due to the first lockdown, but saw a resurgence and rapid growth of 35% in the fourth quarter of 2020. Over 80 % of financial app installs in India have been for financial services as the market continues to be dominated by wallet apps and other services. Investment apps have also taken a big slice of the pie due to an increase in installations.
Globally, the rise in FinTech adoption has been led by developing countries – India, Brazil and Indonesia, which have emerged as the mega-markets contributing almost half of the number worldwide downloads. These countries, along with India, have a large number of unbanked or underbanked people. The average number of downloads in developing markets was observed to be 70% higher than the average for developed markets.
Aditya Maheshwari, Head of Customer Success, AppsFlyer India, said, “2020 is a game-changer in the adoption of fintech (app) in India. Our report on the State of Financial Application Marketing reveals that marketing demand for fintech applications continues to increase despite the pandemic. As demonstrated by the overall trend of installations in India, the second quarter of 2020 was hit by the pandemic with a 51% drop from the first quarter of 2020, followed by a 3.3-fold increase until the first quarter 2021, with applications returning to aggressively market their products and services. This further galvanized India’s leadership in the global fintech application space. “
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