With the boost in adoption of smartphones, the fintech app market in India is growing leaps and bounds. The fintech industry has recorded a significant growth over the years and it is contributing towards making a cashless economy. The market players in this sector are enjoying the enormous growth opportunities. At the same time, crypto market has also attained an exhilarating growth due to increased investments in crypto. Adjust has released various reports where it has highlighted how the fintech and crypto market is growing. Rajeev Ranjan, Editor, Digital Terminal exclusively talked to April Tayson, Regional VP, INSEA, Adjust. Ms. April uncovered many surprising facts and details about this market. Read below the excerpts:
Rajeev: How do you see India’s fintech market growth? Which key factors are playing a vital role in the growth of this market?
April: The fintech revolution sweeping across India is incredible. In fact, the country has the highest fintech adoption rate in the world at 87%, beating out the global average of 64%. This is huge! I think this significant increase stems from three main factors.
First, if we look at the population as a whole, they’ve been grossly underserved financially. Much of this has to do with the difficult logistics of establishing physical banking. Digital finance avoids this.
Second, digital finance and cashless transactions have become widely accepted in the last few years, given the global pandemic and India’s governmental move toward demonetization.
Third, support from the government toward digital finances and a growing mobile-first generation have primed India to embrace the fintech industry, making it a highly-valuable and competitive region for fintech apps. I’m excited to see what’s next in the Indian fintech market.
Rajeev: What are the key trends in fintech mobile app market? How this market will grow by 2025?
April: We’ve noted that fintech apps have become integrated into users’ everyday lives. The year-on-year growth in installs and sessions in India is phenomenal, with installs growing 41% and app sessions increasing by 186% from 2020 to 2021. The Indian fintech market is forecasted to reach between $150 and $160 billion by 2025, and that’s why I believe this major growth will lead to intense competition among fintech apps for users.
We’ll see more of a focus on user loyalty and retention, deep dives into user behavior, and greater rivalry to snag partnerships in government initiatives.
Rajeev: With the ongoing fintech evolution, how the marketers can leverage emerging trends to drive growth? How the insight into the age of fintech app users can help them?
April: We’re seeing a massive shift in user engagement for fintech apps. Marketers would do well to analyze user behavior to understand how best to delight and retain them.
At Adjust, we’ve recently launched our marketing analytics tool Datascape which lets marketers examine what’s working and what’s not across all their apps, campaigns, and platforms in one place. With the rise of India’s fintech revolution, it’s critical marketers be able to optimize campaigns quickly and strategically to beat out the competition.
Rajeev: Please tell how the crypto app market has seen the boom in installs.
April: Adoption of crypto apps globally has skyrocketed in 2021, with installs increasing by more than 400%. Session numbers increased 567% year-over-year. We’ve noted crypto users lead in session lengths, sessions per user per day, retention rates, and stickiness, indicating a strong vertical.
Certainly, cryptocurrency has been one of the most talked-about topics in tech, particularly Bitcoin, NFTs, Web 3, and the Metaverse. Cryptocurrencies have become a major force in mobile marketing globally, and the mobile app ecosystem in India is no exception to this rule.
