E-Banking: Booming Fintech Industry in Mexico
The use of fintech applications in Mexico has spiked to 50 percent, and around 81 million apps were downloaded for both iOS and Android.
Use of Fintech Apps in Mexico
Fintech apps are widely known around the world. These are applications that were innovated to make the transactions more accessible in the finance and business industry. These are typically used by companies that are offering financial services to businesses and consumers.
The global health pandemic leads the entry of dynamic fintech apps that help Mexicans to transact business online. A high significant increase in downloaded fintech apps was downloaded from 2017 until today.
In the 2020 Mobile Finance Apps Report of companies like Liftoff, Adjust, and App Annie, they reported that there is an immense growth in the use of these tools in Mexico. They estimated that around 81 million fintech apps were downloaded for both iOS and Android.
Moreover, it was also presented in their report that an increase of 50 percent active monthly new users was seen every month compared to the developed apps by banks that had an increase of 35 percent in every month as well.
Banking Apps and Fintech Apps in Mexico
Even though downloaded fintech apps have increased, it is essential to note that the Top 10 banking apps remained to have higher average active monthly users when combined compared to fintech. This is because of the arrival of the new banks, companies, and fintech in the country.
There are many banks today in Mexico that are already switching their bank transactions from traditional bank visitation to electronic transactions. One of these banks is Nubank.
David Beles, CEO of Nubank, said: "We bring a lot of experience from what we have done in Brazil, even though it is a different market than Mexico, in Brazil we already have 22 million clients. Today in Brazil we are the largest digital bank in the world and all the experience we have been able to develop in Brazil, the systems, the culture, our vision of credit, of consumer confidence, I think we can take it to Mexico, where there are many fintechs that are just beginning, we are much larger than many of the Mexican banks."
Banking Apps and Fintech Apps Around the Globe
While it is true that the average banking apps users in Mexico when combined remained higher, still fintech apps have the highest active monthly users around the globe that are reported to increase around 20 percent every month compared to the 15 percent of the banking apps.
However, although there is a small margin of active monthly users between fintech apps and banking apps, there is one thing that makes them common. They have registered the most substantial annual increase in downloads globally.
Here are some of the most downloaded apps:
It is a security application from the German bank Postbank which launched its apps in December 2018. Since then, an increase of 9,300 percent of downloads was significantly seen in 2019.
This is a Google Pay in India that has reached 36 million new downloads and an increase of 50 percent growth of new users every year.
They both experience an increase of 20 percent of active monthly new users, which is five percent higher compared to the central banking applications.
These are just three of hundreds, if not thousands of electronic apps that are used around the globe. People used these apps more than a trillion times in 2019 and twice as many in 2017.
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