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At 149 crore, India leads in financial app installs globally – Times of India

Chennai: The pandemic has pushed payment services and stock market investments to go digital and India has emerged at the top for number of finance apps downloads last year.
India, at 149 crore installs of finance apps (from January 2019 to March 2021), is followed by Brazil (60 crore) and Indonesia (50 crore), and together the three countries make up almost 50% of global installs.
After a brief lull when the pandemic first struck, fintech apps bounced back in demand in the country clocking 26% YoY growth in 2020 compared to 2019 and 132% globally as per data shared by apps analytics firm AppsFlyer.
While the initial shock of the pandemic led to a 51% decline in downloads in January to March 2020 when the pandemic first hit followed by a 3.3X surge until January to March 2021 as companies aggressively began to capitalize on the contactless world.
More than 80% of finance app installs in India were for financial services as the market continues to be dominated by wallet apps and other payment services. The rise of both stock market investment apps and loan apps also led to the upswing in India in a year when contactless services were rising.
Global surge in demand for these apps led marketers to invest nearly $3 billion to acquire new users in 2020, and India commanded over $146 million of the total global budget.
Aditya Maheshwari, head of customer success, AppsFlyer India, says the country being home to a large unbanked population and having fastest-growing mobile-first populations has led to the surge in use of finance apps. Fewer face-to-face interactions leading to decreased physical transactions aided payment apps, and heightened activity in booming stock markets led to explosive growth in investment apps, he added.
Fintech apps also enjoy a high retention in India as overall 41% of finance app installers in India registered within the first 30 days post-install, especially in lending apps where this stood at 44%. Day-30 registration rates stood at 33% in North America, 36% in South East Asia and 27% in Western Europe.
“These registration rates are much higher than any other vertical in the Indian app economy,” Maheshwari said. “Most people who are looking for a loan in India download multiple apps to see what is the maximum amount that they can get, at what interest rate, and at what terms. This is also a reason for a very high registration rate in loan apps,” he added.AppsFlyer’s analysis notes that finance apps in India have helped ease the registration process by building better experiences like Auto fill OTP, e-KYC, Auto fetch details using Aadhar card etc.
However, app frauds continue to remain a concern, and particularly for loan apps, the fraud rate in India stood at 67% for January-March 2021 whereas it touched 40% in the same quarter for the overall category.

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