Finance app downloads in China grew by 230 per cent during 2016, according to a new report from analytics company App Annie.
Unsurprisingly, m-commerce giants Alipay and WeChat Pay drove growth in the country. App Annie said the two were now on par with each other in terms of engagement, and way ahead of the nearest app from a traditional finance provider.
In the APAC region excluding China, Android users recorded 110 billion individual sessions on finance apps during 2016, up 112 per cent year-on-year. The company pointed to strong traction seen in South Korea and Australia. It added Japan lagged behind due to the country’s cash based culture.
To compile its session figures App Annie logs access to mobile wallet, retail banking and other applications filed under Google Play’s “Finance apps” category.
The company’s report said: “Apps have paved the way for fintech players, who can both complement and disrupt established banks through innovative services. Banks must keep pace with the constant introduction of new technologies and consumer expectations to ensure a best-in-class app experience. Those who fail to adapt will find themselves left behind.”
Although focused on the Asia Pacific region, the report also found strong growth across Europe and the US as the industry begins to gain traction with a wider user base.