Russia is in the global top 3 in terms of fintech services penetration, with 82% of Russians regularly using fintech solutions in 2019, RBC business portal said on November 21 citing the study by EY.
Since 2017 when the previous survey was carried out, the penetration of fintech services in Russia soared by 39 percentage points (pp), beating the growth in India (35pp) and China (18pp).
The categories covered in the study include money wires and transfers, budgeting and financial planning, savings and investment, crediting, insurance.
The share of Russian using wires, transfers, and payments is at 90%, making it the most widely used fintech service in the country. While the awareness of other services is high at 81-86%, actual penetration in some segments is still close to zero, making large headroom for growth. Such are securities investment, savings and investment, budgeting and financial planning.