Javascript on your browser is not enabled.

Advertisement

Thanks to Alipay & Co, Asia Pacific is World's Number One Finance App User

WeChat Pay and Alipay usage penetration is approximately 7x greater than average of top five banking apps in China

Photo Credit : TechCrunch,

According to App Annie’s Asia Pacific Retail Banking report, fintech app usage is transforming banking and financial services the most in Australia, China, Japan and South Korea.

Finance category downloads grew faster between 2014 and 2016 than any other app categories excluding games worldwide. Globally, total sessions on finance apps have increased more than 100 percent over the past two years. While the Americas and Europe grew rapidly, APAC’s growth was the strongest. In Asia Pacific, more than 110 billion sessions took place in finance apps in 2016. From mobile banking, mobile payments, and peer-to-peer transfers, to personal budgeting and investing, mobile apps simultaneously provide unparalleled convenience for consumers and create new opportunities for financial institutions to grow their businesses.

Asia Pacific leads the way in finance app usage

Download growth in finance apps exceeded download growth for all app categories excluding games across major Asia-Pacific markets. China experienced a 230 percent spike in downloads in 2016 to 6.7 billion, and more than tripled the growth rate of the sum of downloads across all apps excluding games. Added to that total sessions in finance apps more than doubled in 2016 compared to 2014 in Australia and South Korea.

Users in South Korea had over 7 billion sessions in banking apps in 2016. This was nearly 4x as many compared to Australians. Meanwhile, mobile banking apps in Japan have seen lower engagement levels due to the country’s entrenched cash-based culture. In Australia, banking apps have become the gold standard for routine banking transactions. The number of average monthly sessions in the top 10 Australian banking apps exceeds more than 25 times per month, indicating mobile banking apps are part of Australians’ daily routine.

WeChat Pay and Alipay are the leading mobile payment platforms in China with usage penetration that is approximately 7x greater than the average of the top five banking apps in China. The success of both WeChat Pay and AliPay provides insight into how non-banking technology players can challenge the finance and retail banking sectors.


Tags assigned to this article:
WeChat Pay alipay

Around The World

Advertisement