China and India top the rating of markets by the level of consumer fintech adoption in 2019, put together by audit and consulting firm EY:  87% of these countries’ population uses fintech services.

RBC reports that Russia sits third in the rating, as its fintech adoption index makes 82%.

Top five also includes South Africa (82%) and Columbia (76%). Last time EY made a survey on fintech in 2017. Top three has remained unchanged, but consumer fintech adoption grew by 18% in China, 35% in India and 39% in Russia.


EY experts interviewed around 27,000 consumers in 27 markets of five continents. The respondents were asked to assess how actively they use fintech services.

EY defines five main types of fintech services:

- money transfers and payments,
- budgeting and financial planning,
- savings and investments,
- borrowing,
- insurance.

In Russia, the most popular services are transfers and payments: 100% of Russia’s population (96% globally) are aware of this type. The share of Russians who used the mentioned services has reached 90%.

“Financial system was formed in Russia not that long time ago and it isn’t as conservative as the European. We actually shifted from savings books to over-the-phone payments at once. Our consumers are more receptive to fintech novelties, which is why they are so popular,” commented head of Financial Innovations Association Roman Prokhorov.

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