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The Global Impact of COVID-19 on Fintech Adoption

Author

Listed:
  • Jonathan Fu

    (Center for Sustainable Finance and Private Wealth; University of Zurich - Department of Banking and Finance)

  • Mrinal Mishra

    (Swiss Finance Institute; University of Zurich - Department of Banking and Finance)

Abstract

We draw on mobile application data from 74 countries to document the effects of the COVID-19 pandemic on the adoption of digital finance and fintech. We estimate that the spread of COVID-19 and related government lockdowns have led to between a 24 and 32 percent increase in the relative rate of daily downloads of finance mobile applications in the sample countries. In absolute terms, this equates to an average daily increase of roughly 5.2 to 6.3 million application downloads and an aggregate increase of about 316 million app downloads since the pandemic’s outbreak to the present, taking into account prior trends. Most regions across the world exhibit notable increases in absolute, relative, and per capita terms. Preliminary analysis of country-level characteristics suggest that market size and demographics, rather than level of economic development and ex-ante adoption rates, drive differential trends.

Suggested Citation

  • Jonathan Fu & Mrinal Mishra, 2020. "The Global Impact of COVID-19 on Fintech Adoption," Swiss Finance Institute Research Paper Series 20-38, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp2038
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    File URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3588453
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    More about this item

    Keywords

    digital finance; fintech; financial inclusion; technological adoption; COVID-19; cross-country;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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