Fintech adoption in India at 87%: EY

India has surpassed the global fintech adoption rate on the back of various initiatives taken by the government to promote financial transactions with the help of technology, according to the EY Global FinTech Adoption Index 2019.

While the global average has increased to 64 per cent this year, emerging markets — China and India — were way ahead at 87 per cent. Countries such as Russia and South Africa were at 82 per cent while developed markets like the Netherlands at 73 per cent.

The UK at 71 per cent reflected the development of open banking in Europe.