Asia Pacific is leading the way in finance apps, with over 110bn sessions taking place in 2016, compared to Europe and US clocking in slightly over 50bn and 75bn respectively, according to an App Annie research report.
This might come as little surprise as consumers are now spending more time in app than ever, and set to spend over $139bn (£107.54bn) on app stores by 2021. The surprising thing then, is the fact that finance apps are the fastest growing non-game category in APAC, according to Al Campa chief marketing officer, App Annie.
“Bigger than social, the only one faster than that is gaming. That’s surprising but it makes sense, if you think about where the world is with mobile phones, there’s 3bn mobile phones right now and that’s going to grow to 6bn in the next three years,” said Campa.
“You start to see phones being used for more basic everyday life transactions like banking. The trust level is now there with mobile banking, which maybe wasn’t there three to four years ago, where people were worried about the security of the transactions,” he added.