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India's FinTech adoption rate exceeds global averages: Report

According to EY FinTech Adoption Index, India has the second highest FinTech adoption rate among digitally active consumers at 52 percent, only second to China at 69 percent.

November 10, 2017 / 07:14 PM IST

The level of financial technology (FinTech) adoption among digitally active Indian consumers has surged over the past two years and exceeded the global average, says a report.

According to EY FinTech Adoption Index, India has the second highest FinTech adoption rate among digitally active consumers at 52 percent, only second to China at 69 percent.

Usage is significantly high in large cities with a 66 per cent adoption rate followed by 51 per cent usage and adoption in small and medium cities.

"Rural India lags at 33 percent which is expected to change over the next few years on account of several digital initiatives undertaken by the Government to drive financial inclusion and direct delivery of benefits," the report said.