Fintech Adoption Expands Internationally

Investment in the fintech sector is gaining in popularity in several countries, according to the results of a new survey commissioned by Blumberg Capital and conducted by Harris Poll. The survey looked at how financial technology is used in different countries, including France, Germany, Israel, the United Kingdom, and the United States. The results indicate that innovations such as mobile wallets, P2P, online cross-border trade, and mobile banking are taking hold in most areas. In addition, the report found new payment technologies—such as Venmo, ApplePay, and PayPal—are gaining ground but have “not yet penetrated all mainstream consumer groups.”

Forty-four percent of Israeli survey participants make online purchases outside the country at least once a month, compared to just 9 percent in the United States. Israel also leads the pack in the percentage of adults who use a mobile banking app at least once a month, at 50 percent. Adults in the other countries do so less frequently: United States (38 percent), United Kingdom (37 percent), France (35 percent), and Germany (28 percent), according to the survey.

Despite fintech’s progress, some countries remain heavily cash-reliant, such as Germany, where 75 percent of adults still use paper currency and coins to make purchases at least once a week. By contrast, 58 percent of adults in the United States and 47 percent of adults in Israel use cash at the same rate, according to the survey.

Survey participants also shared their concerns regarding fraud during online financial transactions. While those in the United Kingdom (43 percent), United States (39 percent), and Israel (38 percent) worry about scams, hacks, and stolen identities, those in France (31 percent) and Germany (23 percent) are less concerned.