Popular Fintech Apps

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FinTech Payment/Savings Apps - Brazil

The top five payments apps in Brazil are Pagseguro, Mercado Pago, PicPay, Recarga Pay, and Celcoin. All apps are more popular among millennials.

PAGSEGURO

  • Basis of ranking: It is the highest-ranking payments app on SimilarWeb based on the usage (rank 9 in Finance apps). It is a popular digital wallet in Brazil.
  • Age demographics: PagSecuro devices can accept payments via credit cards, payment slips, bank transfers, or PagSeguro digital wallets. On the B2B side, the financial technology solutions focus on "Micro-Merchants, Small Companies and Medium-Sized Companies, or SMEs, in Brazil". Based on the age of the models on the company website, Pagseguro's digital wallet target audience is the millennial.
  • The website can be found here.

MERCADO PAGO

  • Basis of ranking: It is the second highest-ranking payments app on SimilarWeb based on the usage (rank 13 in Finance apps). It is a popular digital wallet in Brazil.
  • Age demographics: Mercado Pago targets SMEs with ecommerce stores. Millennials aged 25-34 is the largest demographic (37.78%) that visits the Mercado Pago website, followed by young Gen Zers aged 35-44 (26.45%). Therefore, we can say that it is significantly more popular among millennials.
  • The website can be found here.

PICPAY

  • Basis of ranking: It is the third highest-ranking payments app on SimilarWeb based on the usage (rank 42 in Finance apps). It has over 10 million users.
  • Age demographics: According to Leo Avila, VP of Creation at Santa Clara (agency for PicPay), Pic Pay is a "young, contemporary, dynamic brand". The Pic Pay website and advertisement feature models who are most likely old Gen Zers and Millennials; an age bracket of 18-34. Based on the website visits, it can be said that PicPay is most popular among millennials aged 25-34 (42.36% of all visitors).
  • The website can be found here.

RECARGA PAY

  • Basis of ranking: It is the fourth highest-ranking payments app on SimilarWeb based on the usage (rank 43 in Finance apps).
  • Age demographics: The Recarga Pay advertisement features a millennial model. Based on the website visits, it can be said that PicPay is most popular among millennials aged 25-34 (42.36% of all visitors). Also, there is an audience overlap between PicPay and Recarga Pay consumers.
  • The website can be found here.
  • CELCOIN

    • Basis of ranking: It is the fifth highest-ranking payments app on SimilarWeb based on the usage (rank 120 in Finance apps).
    • Age demographics: Based on the website visits, it can be said that CelCoin is most popular among millennials aged 25-34 (39.52% of all visitors).
  • The website can be found here.
  • RESEARCH STRATEGY

    The most popular payment apps in Brazil were determined by SimilarWeb's usage rankings. We looked for the highest-ranking payments apps in the finance apps category (for Brazil) and identified the top apps. The top apps were also corroborated by media sources and industry portals. Once we had identified the top apps, we searched for the consumer age demographics for each app. In order to do this, we searched mobile app databases such as Sensor Tower, Alexa, and SimilarWeb. However, the audience demographic data was behind paywalls. Marketing platforms like Brand Maxima have not made this information public either. Media sources like Acontecendo Aquis provided limited information on a few brands. Owing to these limitations, we tried alternate strategies. First, we looked for case studies of these brands. While we were able to obtain a case study for UR pay--a popular mobile wallet in Brazil (although not among the top 5)--there was little useful information that we found pertaining to the top five brands. Following this, searched for advertisement or marketing material of the brands in databases such as ispot TV, YouTube, Moat, and the company website. The idea was to determine the target audience by determining the age of the models in the advertisement. Lastly, we searched for the demographic characteristic of the website visitors and used it as a proxy for the age group that the brand is most popular among.
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    FinTech Payment/Savings Apps - Russia

    Five of the most popular fintech payment/savings apps in Russia include Yandex.Money, Webmoney, PayPal, Qiwi, and Google pay. Yandex.Money is most popular with Russia individuals aged 25-34 years, they represent 53% of the users followed by individuals aged 18-24 years at 49.7%. Below are more details about our findings.

    YANDEX.MONEY

    • According to Mediascope's research, Yandex.Money is the most popular app among Russians.
    • The company services both merchants and consumers with Yandex.Money and Yandex.Checkout product lines and has over "34 million consumer accounts, with 15 thousand new accounts opened each day."
    • In Russia, the app is used by 48.5% of the citizens aged between 18-55 years.
    • The app is most popular with individuals aged 25-34 years, they represent 53% of the users followed by individuals aged 18-24 years at 49.7%. The least popular age group of the app is 12-17 years at 32.7%.

    WEBMONEY

    • As per Mediascope's research, Webmoney is the second most popular app among Russians.
    • The app enables its users to keep a track of their funds, resolve disputes, attract funding, and carry out safe transactions.
    • The app is used by 38.9% of Russia citizens aged between 18-55 years.
    • The app is most popular with individuals aged 35-44 years, they represent 42.2% of the users followed by individuals aged 18-24 years and 45-55 years at 35.3%. The least popular age group of the app is 12-17 years at 23.8%.

    PAYPAL

    • Mediascope's research reveals PayPal as the third most popular app among Russians.
    • The payment solution enables its customers to exchange funds with merchants using a variety of methods including bank account, PayPal Credit account, credit and debit card, PayPal account balance, as well as other stored value products, such as gift cards and coupons.
    • The app is used by 38.6% of Russia citizens aged between 18-55 years.
    • The app is most popular with individuals aged 35-44 years, they represent 41% of the users followed by individuals aged 25-34 years at 40.5%. The least popular age group of the app is 12-17 years at 20.4%.

    QIWI

    • According to Mediascope's research, Qiwi is the fourth most popular app among Russians.
    • The company has "deployed over 17.2 million virtual wallets and over 162,000 kiosks and terminals."
    • The app is used by 36.2% of Russia citizens aged between 18-55 years to pay for goods and services at least once in half a year.
    • The app is most popular with individuals aged 18-24 years, they represent 44.3% of the users followed by individuals aged 25-34 years at 38.8%. The least popular age groups of the app are 35-44 years and 12-17 years at 37.3%.

    GOOGLE PAY

    • As per Mediascope's research, Google Pay is the fifth most popular app among Russians.
    • Google Pay has over 100 million downloads on Google Play Store.
    • The app is used by 18.7% of Russia citizens aged between 18-55 years to pay for goods and services at least once in half a year.
    • The app is most popular with individuals aged 18-24 years, they represent 23.5% of the users followed by individuals aged 25-34 years at 23.1%. The least popular age group of the app is 45-55 years at 10.3%.

    RESEARCH STRATEGY

    To provide five of some of the most popular fintech payment/savings apps in Russia, we started our search by reading through Russia media articles, financial publications, and reports concerning the trends in the Russia fintech industry. However, the companies we found using this strategy did not offer payment/savings apps. Next, we looked into some industry reports for precompiled information. We found a Mediascope 2018 survey ranking online payment services in Russia according to popularity and age groups. Using this ranking as a starting point, we looked into the websites of each of the top five payment apps listed and into third-party websites to supplement the requested information.


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    FinTech Payment/Savings Apps - Mexico

    The top five payments apps in Mexico are BBVA Wallet, Super Wallet, Mercado Pago, Weex Wallet, and PayPal. All apps are more popular among millennials.

    BBVA WALLET MEXICO

    • Basis of ranking: It is the highest-ranking payments app on SimilarWeb based on the usage (rank 12 in Finance apps). BBVA Wallet has been downloaded 2 million times in Mexico.
    • Age demographics: The BBVA wallet application is "aimed at millennials". Based on the website visits, it can be said that Super Wallet is most popular among millennials aged 25-34 (37.51% of all visitors).
    • The website can be found here.

    SUPER WALLET MEXICO/ SANTANDER WALLET

    • Basis of ranking: It is the second-highest-ranking payments app on SimilarWeb based on the usage (rank 13 in Finance apps).
    • Age demographics: Based on the website visits, it can be said that Super Wallet is most popular among millennials aged 25-34 (39.13% of all visitors).
    • The website can be found here.

    MERCADO PAGO

    • Basis of ranking: It is the third highest-ranking payments app on SimilarWeb based on the usage (rank 23 in Finance apps).
    • Age demographics: Mercado Pago targets SMEs with ecommerce stores. Millennials aged 25-34 is the largest demographic (43.31%) that visits the Mercado Pago website, followed by young Gen Xers aged 35-44 (22.60%). Therefore, we can say that it is significantly more popular among millennials.
    • The website can be found here.

    WEEX WALLET

    • Basis of ranking: It is the fourth highest-ranking payments app on SimilarWeb based on the usage (rank 32 in Finance apps).
    • Age demographics: Based on the website visits, it can be said that Weex Wallet is most popular among millennials aged 25-34 (52.35% of all visitors).
    • The website can be found here.

    PAYPAL

    • Basis of ranking: It is the fifth highest-ranking payments app on SimilarWeb based on the usage (rank 40 in Finance apps).
    • Age demographics: Two in three Mexican millennials/ 18-34-year olds make online purchases and most of them use Paypal. While this data is from 2016, and other apps have gained prominence in the last three years, it suggests that millennials are PayPal's target audience. Also, given that digital transformations are driven by millennials, it is likely that they are significantly more popular than other apps.
    • The website can be found here.

    RESEARCH STRATEGY

    The most popular payment apps in Brazil were determined by SimilarWeb's usage rankings. We looked for the highest-ranking payments apps in the finance apps category (for Brazil) and identified the top apps. The top apps were also corroborated by media sources and industry portals. Once we had identified the top apps, we searched for the consumer age demographics for each app. In order to do this, we searched mobile app databases such as Sensor Tower, Alexa, and SimilarWeb. However, the audience demographic data was behind paywalls. Marketing platforms like Brand Maxima have not made this information public either. Owing to this limitation, we adopted an alternate strategy. We used the website visitor demographics to determine whether the apps were more popular among a particular segment. The digital transformation in banking is led by millennials. The website visitor statistics of BBVA Bank and Santander Bank concur with this. Therefore, we used the bank website visitor profile as an indication of the digital wallet popularity among different age segments.
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    FinTech Payment/Savings Apps - Germany

    Sparkassen App, Postbank Financial Assistant, PayPal Mobile Cash, SpardaApp, and N26 are five of the most popular fintech payment/savings apps in Germany based on usage frequency and number of users.

    GERMAN FINTECH PAYMENT/SAVINGS APPS

    Thirty-one of a total of 303 Fintech companies in Germany offer payment solutions. Out of the 303 German Fintech companies, 100 are located abroad and 80 are owned by foreign companies. Additional six Fintech companies were found in Germany while four of the existing Fintech companies failed as of 2018. The total fund raised by the German Fintech industry as of 2018 was €477 million in 49 deals. Sparkassen App, Postbank Financial Assistant, PayPal Mobile Cash, SpardaApp, and N26 are five of the most popular fintech payment/savings apps in Germany. Industry reports show that FinTech app usage is more popular among Gen Z (60%) than Millennials (34%) in Germany.

    Sparkassen App

    Postbank Financial Assistant

    PayPal Mobile Cash

    SpardaApp

    N26


    RESEARCH STRATEGY

    Your research team leveraged publicly available data regarding the German FinTech apps on SimilarWeb to compile the top/most popular apps by usage. We looked for the highest-ranking payment apps in the finance apps category and identified the top apps in Germany based on the app usage rank. The top apps were also corroborated by media sources and industry reports. A thorough search through these sources above including Alexa for information on the various identified app users' demographic yielded no help information regarding the apps users' demographic.

    To provide the identified app users’ demographic information, we consulted apps review and statistics aggregator platforms like Apptopia, App Annie, AndroLib, AppsZoom for information regarding Sparkassen App, Postbank Financial Assistant, PayPal Mobile Cash, SpardaApp, and N26 users’ demographics. While Apptopia provided users’ demographic information on each of the apps, this information requires payment/subscription to access. Other sources provided no information regarding these apps’ users. Apptopia provides app users' demographic information covering sex and age group (at interval of a decade) or generation.

    We also search through the various apps' databases for information on their users demographic with a focus on identifying the age group that uses the app the most. A wide-reaching search through each of the apps' databases provided no information nor insights or data points we might use to triangulate a proxy.

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    FinTech Payment/Savings Apps - Canada

    Five of the most popular fintech payment/savings apps in Canada include Alipay Canada, Remitly, Paypal, Google Pay, and Wave.

    ALIPAY

    • Basis of ranking: It is the highest-ranking payments app on SimilarWeb based on the usage (rank 13 in Finance apps). It is a leader in mobile and online payments.
    • Alipay is popular among millennials aged 25-34 (38.73% of all visitors)
    • Here is the link to their website.

    REMITLY

  • Basis of ranking: It is the second-highest-ranking payments app on SimilarWeb based on the usage (rank 14 in Finance apps).
  • According to Similar web, Remitly is popular among millennials aged 25-34 (35.72% of all visitors)
  • Here is the link to their website.
  • PAYPAL

  • Basis of ranking: It is the third highest-ranking payment app on SimilarWeb based on the usage (rank 22 in Finance apps).
  • According to Verto, 22% of Paypal users are aged 55 or older.
  • Here is the link to their website.
  • GOOGLE PAY

  • Basis of ranking: It is the fourth highest-ranking payment app on SimilarWeb based on the usage (rank 46 in Finance apps).
  • According to Popwallet, millennials and Gen Z are the largest demographic using mobile wallets including Google Pay.
  • Here is the link to their website.
  • WAVE

  • Basis of ranking: It is the fifth highest-ranking payment app on SimilarWeb based on the usage (rank 55 in Finance apps). It is a leader in mobile and online payments.
  • Wave is popular among millennials aged 25-34 (33.91% of all visitors)
  • Here is the link to their website.
  • RESEARCH STRATEGY

    We used SimilarWeb to come up with the top apps by usage. We looked for the highest-ranking payment apps in the finance apps category and identified the top apps in Canada. The top apps were also corroborated by media sources and industry reports. Once we had identified the apps, we searched for the demographics of consumers for each app. We started the search by reading through media articles, reports, and financial publications concerning the apps' consumer demographics. This provided limited information on a few brands. We then looked into mobile app databases such as Alexa, Sensor Tower, and SimilarWeb. The information was available but behind paywalls. We then looked into marketing platforms such as IBIS World, however, the information was not made public. As a last resort, we looked for the demographic characteristic of the website visitors and used it as a proxy for the age group that the brand is most popular among.
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    FinTech Payment/Savings Apps - Australia

    Five most popular fintech payment/savings apps in Australia are Paypal, Afterpay, Google Pay, Raiz Invest, and Pocketbook. There are more than seven million Paypal users in Australia, while Afterpay has 2.2 million active users.

    PAYPAL AUSTRALIA

    AFTERPAY

    GOOGLE PAY

    • Google Pay is a popular person-to-person payment app in Australia. Just like Afterpay, Google Pay can also be used at retail outlets.
    • The app ranked #1 among all finance apps on Google Play Store Australia.
    • Google Pay is currently used as a payments processor on 407 websites in Australia, which is 4% of the total payments processor usage in the country.
    • Google Pay is popular among millennials (10.4%) and Generation Z (10.6%) in Australia.

    RAIZ INVEST

    POCKETBOOK

    RESEARCH STRATEGY

    To determine five of some of the most popular fintech payment/savings apps in Australia, we looked into precompiled information from multiple reports. Although we were able to find several rankings, there was no mention of a standard metric to determine them as most popular. Next, we collated the list of rankings and looked into multiple sources for supplementary information and find relevant statistics that would support the ranking as well reports that would show the specific age cohort the app is most popular with.
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    FinTech Payment/Savings Apps - Spain

    Ruralvia Pay, Fintonic, Revolut, PayPal, and Brightwell Payments are the top five most popular Fintech payment/savings apps in Spain based on the number of users and usage frequency.

    FINTECH PAYMENT AND SAVINGS APPS IN SPAIN

    The Android operating system has witnessed steady sales from 2016 through 2018 and has dominated the Fintech market. As of June 2018, Android sales accounted for 88.2 percent of the Spanish smartphone market. Based on publicly available information on SimilarWeb leaders' board and Google Play Store data, the following are the top five Fintech payment/savings apps in Spain.

    1. Ruralvia

    • Name: Ruralvia Pay
    • Website: Ruralvia Pay's website can be access here.
    • Metric: The app has a "Usage Rank" of nine among the top 50 fintech apps in Spain.
    • Popular within specific age cohorts/group: The company does not specifically target any specific age cohorts and targets consumers across all age groups undertaking mobile payments.

    2. Fintonic

    • Name: Fintonic
    • Website: Fintonic's website can be access here.
    • Metric: The app has a "Usage Rank" of 23 among the top 50 fintech apps in Spain.
    • Popular within specific age cohorts/group: Fintonic is primarily a saving app. As per a March 2019, report by Smartme Analytics measuring the popularity of various payment and banking apps among different age groups, Fintonic was found to be most popular among the Millennials and Generation Z.

    3. Revolut

    • Name: Revolut
    • Website: Revolut website's can be access here.
    • Metric: The app has a "Usage Rank" of 32 among the top 50 fintech apps in Spain.
    • Popular within specific age cohorts/group: The company has been targeting the Millennials and is popular among them. The company announced on Aug 2019, the company developing a stock trading functionality to its app to get millennials investing.

    4. PayPal Mobile Cash

    • Name: PayPal Mobile Cash
    • Website: PayPal's website can be access here.
    • Metrics: The app has a "Usage Rank" of 37 among the top 50 fintech apps in Spain.
    • Popular within specific age cohorts/group: While data on the popularity within age cohorts specifically on Spain was not available, the same can be triangulated based on the overall age cohort popularity for PayPal as Spain is the 7th largest market for the Company based on its market share. As per the data aggregated by PlaynPay from various sources, 87% of Millennials and 15% of Gen Y, X & Boomers prefer to use PayPal globally.

    5. Brightwell

    • Name: Brightwell Payments
    • Website: Brightwell's website can access here.
    • Metrics: The app has a "Usage Rank" of 43 among the top 50 fintech apps in Spain.
    • Popular within specific age cohorts/group: Brightwell specifically targets any specific age cohorts and targets consumers across all demographic undertaking mobile payments. The company is very popular in the field of marine payments and caters to payment transaction needs of crew members as its focus group. The company has over 200 ships with 150k crew members currently enrolled globally.

    RESEARCH STRATEGY

    To provide the requested information your research team scoured through various reputable media sources such as Forbes, Business Wire, Bloomberg, Euro News, and The Local as well as survey and industry reports published by research firms like Deloitte, McKinsey, Market Radar, and Forrester Research. We consulted statistical databases such as Statista, Playstore, and SimilarWeb for information on the top/popular payments/savings apps in Spain and the fin-tech app consumers demographics. While we were able to find the ranking for the most valued fin-tech startups/apps in various fields in Spain, there was no pertinent information that could be located for the most popular Fintech payment/savings apps. Since the above list contained finance apps from banks as well, we scoured through the list to segregate the ones developed by Fintech firms and also focused on payment/savings as opposed to merely mobile banking, based on their available description in Playstore.

    To determine the most popular fintech apps in Spain based on the number of users (download) and usage frequency we leveraged publicly data available on Google PlayStore and SimilaeWeb. We have ranked the fintech apps based on their usage and number of users. The "Usage Rank" on the Playstore leverages 'SimilarWeb Algorithm' that factors in 'Current Installs' & 'Active Users' for the app.

    While the information on the popularity of the most popular Fintech apps among specific age cohort was publicly available for some identified apps, we have triangulated a proxy for those whose popularity information was not publicly available leveraging data points available on the website and general media articles or reports.
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    FinTech Payment/Savings Apps - France

    Five of the most popular fintech payment/savings apps in France include PayPal, Paylib, Lydia, Lyf Pay, and Izly by Crous. There are more than eight million PayPal accounts in France, while Paylib has about 23 million users. Below are more details about our findings.

    PAYPAL FRANCE

    PAYLIB

    LYDIA

    • Lydia is one of the leading mobile payment services providers in France, with the company claiming to have more than 2,000 new accounts created daily.
    • The 2018 ranking of the most common apps for peer-to-peer online payments in France by Statista ranked Lydia as the third most known app, after PayPal and Paylib, with 6% of respondents having prior knowledge of the app.
    • According to Crunchbase, Lydia is the leading mobile payment app among the French millennials.

    LYF PAY

    • The company is listed as the fourth most known payment app in France, according to Statista.
    • The app has a total of 1.3 million downloads, and the company is aiming to reach 3.5 million accounts by 2021.
    • According to an interview with the CEO of Lyf Pay, the company is attempting to take advantage of the rise in the number of millennials looking for intuitive digital tools to simplify their lives.
    • The average age of users of this French payment app is 30 years old, and the company sees this as a proof that millennials favor mobile payments for their online and in-store purchases.

    IZLY BY CROUS

    • According to Statista, Izly by Crous is the fifth payment app most known to French.
    • About 5% of the people surveyed are aware of the payment app.
    • Izly pays more attention to students who, at large, make up the Gen Z and millennials.

    RESEARCH STRATEGY

    To provide five of some of the most popular fintech payment/savings in France, we started our search by reading through French media articles, financial publications, and reports concerning the trends in the French fintech industry. However, the companies we found using this strategy did not offer payment/savings apps. Next, we looked into some industry reports for precompiled information. We found a Statista survey ranking payment apps in France according to popularity. Using this ranking as a starting point, we looked into the websites of each of the payment app listed and into third-party websites to supplement the information. Lastly, to identify the age of Paypal French users, we made the following assumptions, accompanied by the triangulation to arrive at our conclusion:

    ASSUMPTIONS

    TRIANGULATION

    • Estimated number of French PayPal users: 8 million
    • Percent of the total PayPal users are French: 5.32%
    • Percent of millennial that uses PayPal worldwide (global): 87%
    • Percent of Gen Z, Y, and baby boomers that use PayPal (global): 15%

    Therefore,
    • Percent of the French millennials that use PayPal: (87/100) X 5.32% = 4.6284%
    • Percent of the French Gen Z, Y, and baby boomers that use PayPal: (15 / 100) X 5.32% = 0.798%
    • Number of French millennials that use PayPal: (4.6284% / 5.32%) X 8 million = 6.96 million millennials
    • Number of French Gen Z, Y, and baby boomers that use PayPal: (0.798% / 5.32%) X 8 million = 1.2 million Gen Z, Y, and baby boomers
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    FinTech Payment/Savings Apps - United Kingdom

    FINTECH PAYMENT/SAVINGS APPS — UNITED KINGDOM

    By defining and applying a set of criteria to apps available in the UK financial market, we were able to identify four payment apps and one savings app as the most popular currently in the UK. The criteria included market share, retail outlet support, features offered, and support of major financial institutions. Generally, millennials and Gen Z are the highest users of these types of apps.

    MOST POPULAR APPS

    • With a population of approximately 67 million, the UK is a large potential market for payment and savings apps.
    • Uptake of these apps in the UK has been slower than global uptake.
    • Contactless credit cards are the first choice of mobile UK consumers. Digital payments with credit cards remain the most popular online choice.
    • Gen Z will make up 40% of consumers worldwide by 2020. This group uses mobile payment apps the most out of all generation groups.
    • Millennials follow closely behind Gen Z in the uptake of payment apps, including payment wallets.

    1. PAYPAL

    • Paypal is one of the most popular payment apps in the UK. It boasts over 20 million individual users and 7 million business users.
    • A 2019 study by the Ecommerce Foundation showed PayPal is the most popular mobile payment app in the UK. It was used at least once by 40% of UK shoppers.
    • No other payment app made the list of most popular payment methods in the UK.
    • PayPal has a market share of 59.38% in the UK. 32,214 UK websites offer it as a payment method.
    • PayPal is most frequently used by Millennials, with 32% of them using the service. Gen Z was the second most frequent user group, although an exact percentage was not readily available.
    • PayPal's use among Gen X, Y, and the Babyboomers was relatively steady at 15%.

    2. GOOGLE PAY

    • Google Pay is a popular person-to-person payment app in the UK. It can be used at retail outlets. Notwithstanding this, it's market share is only 0.12%.
    • It is important to note that the market share in this survey included all digital payment methods, not just payment apps. This explains the relatively small market share.
    • It was second only to PayPal in payment app popularity and the only other payment app that appeared in market share data in the UK.
    • It is currently available on 803 UK websites. There was no available data on how many physical retailers in the UK offered this payment option.
    • One of the reasons for Google Pay's popularity is the ability to make peer-to-peer transactions. Google Pay has announced from 6 September 2019 this option will no longer be available. This is likely to impact on the popularity of the app.
    • No data was available from the UK or globally on the number of users of Google Pay by generation, probably due to the commercially sensitive nature of the information. Globally and in the UK, Google Pay is the most popular mobile wallet.
    • 48% of Millennials and Gen Z have a mobile wallet in the UK.
    • Gen Y in the UK reported 44% as having a mobile wallet.
    • 37% of Gen X used mobile wallets in the UK.
    • Only 29% of the Baby Boomers in the UK had mobile wallets.

    3. MONEY DASHBOARD

    • Money Dashboard featured consistently in reviews of the most popular finance apps in the UK.
    • One of the advantages of Money Dashboard is that it allows the consumer to manage all their financial accounts from one secure location. This includes savings accounts, a feature that neither PayPal nor Google Pay offers.
    • This has the potential to give it a competitive edge, although to date, uptake is still slow.
    • It also offers budgeting and financial planning components, which are other unique features.
    • As of September 2018, there were over 1 million bank accounts connected to the app, making it the most popular app of this nature in the UK.
    • Money Dashboard is only available to UK customers.
    • Despite there being no industry data on the usage rates by generation, the pattern of use of other apps suggests it would be most popular among Gen Z and Millennials.

    4. PAYM

    • Paym has the support of all the major banking institutions in the UK. It enables consumers to link their bank accounts to the app and then make payments to their friends and family.
    • It is currently second only to Google Pay in the peer-to-peer transfer market. Google Pay's recent announcement that it intends to terminate this service suggests its popularity is likely to increase.
    • Paym is a UK based app and is not available globally.
    • One of the advantages of Paym is that it does not require the user to download a specific app. The information is incorporated into the banking apps of all the major financial institutions in the UK.
    • There is no industry data on the usage rates by generation. The pattern of use of other apps suggests it would be most popular among Gen Z and Millennials.
    • Given, it is a UK only app there is no global data to draw generational usage assumptions or conclusions from.

    5. CHIP

    • Chip is different from the other financial apps on this list. It is a savings app, not a payment app.
    • It was developed by analyzing over 160 million financial transactions.
    • Using, artificial intelligence it analyzes users' financial transactions and calculates how much they can afford to save. Chip then automatically saves this money for the user.
    • It is the only financial transaction app of any significance in the UK which offers this service and is supported by all the major financial institutions in the UK.
    • Chip is a UK only service.
    • Information regarding customer uptake and popularity is limited, due to the commercially sensitive nature of the data. It is listed as the leading savings app on websites and articles, considering the most popular financial apps in the UK.
    • In most instances, it is the only saving app that rates a mention in financial and industry-related articles.
    • There is no available data available as to generational usage rates.

    RESEARCH STRATEGY

    We researched financial and e-commerce articles and websites to determine what payment and savings apps were being used in the UK and the relative popularity of each. Once we had established the apps that were being used in the UK, we attempted to identify the most popular.

    Market share is considered a good indicator of popularity. We searched financial and e-commerce databases to determine the relative market share of each app. Only two apps - PayPal and Google Pay - registered a market share with respect to digital payment methods in the UK. They were, therefore, easily identified as two of the most popular apps. No information was available relating to market share in the payment and saving app market alone. All data included other digital methods of payment. Given that payment apps were represented on the list, we felt this significant enough to include those mentioned on the most popular payment app list.

    We then considered the number of retailers offering payment by the various apps and the uptake of these apps by the various banking institutions to determine the other most popular apps. This confirmed PayPal and Google Pay were the two most popular choices among customers.

    The types of services consumers were looking for in apps were considered and peer-to-peer transfers consistently rated highly. We then searched various app sites, product data sheets, financial industry research, and publications to identify the apps that offered this service and the popularity of each. This enabled us to identify PayM as one of the most popular financial transaction apps in the UK.

    Finally, we considered the number of financial institutions that supported each app by reviewing each of the institution's web pages. We also reviewed industry journals, articles, and blogs to identify the features that consumers were looking for in a financial transaction app. Once we had determined this, we considered the features offered by each app and the financial institutions that supported it. By doing this, we identified several apps that rated highly in using these criteria. To determine the apps that should be considered the most popular, we cross-referenced the apps with e-commerce and financial publications, newsletters, blogs, and research.

    Finding information regarding the generational uptake of each of the apps proved more difficult. There was no domestic data available in respect of the apps despite extensively searching various financial databases, websites offering app usage statistics and other research and articles of this nature. 

    Where an app was available internationally, we searched various e-commerce and financial articles and research to determine the generational breakdown. We felt this data could enable us to draw some broad conclusions concerning the UK market. PayPal was the only app that had specific data in this regard. Given the strong US focus and the strong cultural similarities between the two countries, we had some confidence applying this information to the UK market.

    We then considered the uptake of mobile wallets generally in the hope that this would provide us with information regarding generational differences. After reviewing various data, we found good UK data on generational usage rates. We felt confident applying this information to specific mobile wallet apps in the UK, especially given the market share commanded by PayPal and Google Pay. We were less confident in applying this data to the other apps on our list given the sparseness of information around them.

    Finally, in an attempt to gauge generational differences, we attempted to ascertain through various financial records, databases, and industry research, the generational breakdown for each of the major financial institutions. We searched similar sources to determine the uptake rates for the apps at each of the major financial institutions. We hoped that we could cross-reference this data and draw some tentative conclusions regarding generational usage rates. Unfortunately, this approach was unsuccessful as the information was not readily available in the public domain. This is likely due to its commercially sensitive nature.
    Sources
    Sources

    From Part 01
    Quotes
    • "PicPay, the largest payment application in Brazil with more than 10 million users – has recently sealed a partnership with Feedzai, becoming a pioneer in the use of AI within a robust security system"
    Quotes
    • "In Brazil, popular wallets also include PagSeguro, Stelo, and Mercado Pago."
    Quotes
    • "A way to explain what PicPay is to those who don't know the app yet and build a young, contemporary, dynamic brand identity, ”explains Leo Avila, VP of Creation at Santa Clara"
    Quotes
    • "Mercado Pago's target audience is small and medium business owners who have e-commerce stores."
    From Part 04
    Quotes
    • "The financial checker app helps teenagers and young adults to control their income and expenses. So they can better allocate their own money and know how much they can spend. After the download, the app can also be used offline."
    Quotes
    • " Recognize financial and savings potential and stay in control of your income and expenses."
    Quotes
    • "Sparda cash: withdraw and deposit cash without BankCard. Simply generate barcodes and redeem them in the trade (at participating Sparda banks)."
    • "Make transfers - now also from the checking account to the passbook"
    • "Use of payees from SpardaNet Banking"
    From Part 06
    Quotes
    • "Afterpay was the #1 downloaded app in Australia on Black Friday with the total download of 8.5k in a single day."
    • "The user profile is improving, one in four millennials in Australia have now used Afterpay "
    Quotes
    • "Launched in 2015, Afterpay has proved a revelation in Australia, with 2.2 million people having made a transaction on the platform as of July 2018."
    Quotes
    • "It seems Australians agree: Raiz hit one million app downloads last month. "
    Quotes
    • "Winner – 2019 Fintech Business Awards Personal Finance Innovator of the Year - Winner – 2018 Finnies Awards Excellence in Wealth Management"
    Quotes
    • " 30% of millennials use PayPal as opposed to 15% of Gen Xers and Baby Boomers. 40% of millennials choose to access PayPal on their mobile device."
    Quotes
    • "Apps like Raiz (formerly Acorns), which is popular among millennials for its micro-investing "round up" feature, invests in a range of ETFs on behalf of its users"
    Quotes
    • "Pocketbook, which has 350,000 users and is popular among the millennial demographic"
    Quotes
    • "Meanwhile, 10.4 per cent of Millennials and 10.6 per cent of Gen Zers admitted to using fintechs, such as Android Pay, Apple Pay, Samsung Pay and Google Wallet, over the same time period."