Digital payments and online lending are becoming increasingly popular in Asian countries. According to a new survey, a large number of Asia-based users are conducting internet-based transactions, instead of visiting physical bank locations.
The recent survey of Fintech customers by Robocash Group revealed that nearly two-thirds, or 66%, of respondents based in India, had applied for online credit and conducted electronic payments last year.
Performed during the second half of last month, the survey polled citizens of major Asian economies including India, the Philippines, Vietnam, and Indonesia. The findings of the survey revealed a fairly even penetration of digital financing across these nascent markets. About 61% of those who responded to the survey said they had applied for online credit last year on at least one occasion.
The lowest usage of digital services was in the Philippines, at about 57%. Meanwhile, Indonesia had a 61% usage rate. India and Vietnam came in at 63% and 64%, respectively. A rapidly increasing consumption rate explains the higher figures for India and Vietnam.
These countries notably have the lowest income per capita among major Asian markets. However, they’ve still managed to outpace neighboring countries when it comes to overall growth rates and the adoption of digital financial services.
An urgent, unexpected need still remains the primary reason to apply for Fintech financing, the survey concluded. Most often, Asian residents had used relevant financial services last year on only one occasion or maybe twice. India notably had the largest share of such users (31%). The Philippines and Vietnam followed closely with 28% and 27%, respectively. Meanwhile, Indonesia had around 24%. Only one in ten people responding to the survey said they had used online credit on a monthly basis.
Electronic payments and online wallets are now an important part of life for more Asian consumers, the survey found. Last year, the vast majority of survey respondents (67%) said they had used them on at least one occasion. Over 50% of that number (56%) said they had made online payments more than twice per week.