In Germany 75% of adults still use paper currency and coins to make purchases at least once a week. vs. 64% of British adults, 58% of American adults, 48% of French adults, 47% of Israeli adults. By contrast, Israeli adults are most likely to use a mobile banking app at least once a month (e.g., to check account balances, transfer funds, make a mobile deposit) (50% vs. 38% in U.S., 37% in U.K., 35% in France, 28% in Germany).
According to KPMG’s global Pulse of Financial Technology (FinTech) Report, mobile wallets, peer-to-peer lending, online cross-border trade and mobile banking are making an impact across all countries surveyed, wide adoption of new payment technologies, such as ApplePay, PayPal and Venmo, have not yet penetrated all mainstream consumer groups, presenting a huge growth opportunity for the sector.
KPMG findings indicate Israel as a leader in early FinTech adoption as this country is more likely than other countries surveyed to use mobile banking apps and mobile wallets to make a purchase at least once per month. Additionally, nearly one in 10 Israeli adults say they have used alternative financing/lending services within the last 12 months.
Israeli adults are more likely than French, British, and American adults to use mobile wallet apps to purchase goods/services at least once a month (27% of Israeli adults vs. 21% of French adults, 18% of American adults, and 17% of British adults).
Interestingly, when it comes to fraud concerns KPMG found British, American and Israeli adults are more likely than French and German adults to worry about being defrauded (e.g., getting scammed, having identity stolen, having accounts hacked) when they make financial transactions online (43%, 39%, and 38% vs. 31% and 23%, respectively).
The KPMG survey also looked at how often people make online cross border purchases at least once a month.
Israeli adults are most likely to make online purchases outside of the country they live in at least once a month (44% vs. 17% of French adults, 14% of German adults, 13% of British adults, and 9% of American adults). About 21% of British adults believe making online purchases outside of the country they reside will become more expensive (i.e., goods/ services will cost more and/or there will be additional fees) in the future. (vs. 16% of American adults, 14% of German adults, 11% of French adults, 9% of Israeli adults).
This survey was conducted online by Harris Poll for early-stage venture capital firm Blumberg Capital.