New report shows global downloads for financial apps grew 75% to 5.9 billion in 2021 / Digital Information World

The latest analysis from DataAI showed the massive impact of the mobile apps industry on the financial sector.

The logic is simple, those who don’t have a bank want access to it while others are just fans of sheer convenience. After all, everything we do, from buying, paying, borrowing, saving and investing, can now be done with the click of a button on your smartphone.

But the revolution did not happen so easily. We’ve seen it go through two different stages, the first being mobile banking apps. This is where users can make fund transfers, monitor their account finances, and also stay in line with their budget.

Then comes the arrival of payments with which we have seen the contactless functionality. To put it simply, it wouldn’t be wrong to call your phone a wallet.

And then came the pandemic which amplified the digital world and we saw smartphones take over. Now we are looking at a recent report from State of Mobile which was recently launched. This paved the way for an increase in financial app downloads which have now reached a staggering 5.9 billion.

A special mention should be made to the Latin American region where several nations such as Brazil and Mexico show growth rates as high as 250% and 175%. This shows how much potential this area has in terms of a technology financial boom.

Another very similar attempt took place in India, but it should be mentioned that this transition had less to do with the banking world and was more related to payment methods like GooglePay and Paytm. These have literally revolutionized the way consumers shop over the years.

As a result, India has recorded more than double the annual funding application download figures. And that, coupled with the country’s own government efforts to reduce cash reliance and focus more on digital payments, was worth mentioning.

Fintech apps are most popular with Gen Z

It is obvious. Fintech apps have been mostly liked and adopted by Gen Z smartphone users compared to the older lot who love regular online banking options through brands.

When it comes to ranking the best apps for active users, the options featured as the top five included Fintech brands, and within that we also saw money transfer apps, trading products, and neobanks. .

In case you’re a little shocked as to why Gen Z users are so into all of this, well, they’re the ones who don’t have spare cash for investments. Thus, with the help of mobile applications, they can make investments of small amounts.

YONO SBI leads the pack with the most user downloads in 2021

In terms of most popular neobank, we have seen YONO SBI become a leader in terms of most downloads. Interestingly, it was not a product of a startup, but an effort put forward by India’s own government, where downloads reached 54 million.
The second place went to Nubank with nearly 38 million monthly active users, while PicPay took the third position with 23 million monthly active users.

These neobanks deserve a special mention as they strive to fill the gaps left by traditional banks in the distribution sector.

The Entry of PayPal and the Booming World of Crypto

Last year, we saw PayPal take the crypto world to new heights of success when it decided to launch an exciting venture called Checkout with Crypto. This has allowed many users to make payments at certain merchant stores using their cryptocurrency.

All trades made were done in US Dollars and we have seen many people getting used to new modern trend safer management with no additional fees.

And that’s one of the reasons why we’ve seen PayPal climb to the top of the list in terms of crypto cards. But that doesn’t mean that PayPay isn’t surrounded by many other competitors in the market.

Yes, the demand for crypto applications is huge and it remains a space where many are willing to experiment. For example, we saw India’s CoinDCX come into play. It rose to the ninth position in terms of download apps across the world, which helped it get more funding for the upgrade.

Read next: How enterprise software became a billion dollar industry

Comments are closed.