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Contribution Details

Type Other Publication
Scope Discipline-based scholarship
Title The Global Impact of COVID-19 on Fintech Adoption
Organization Unit
Authors
  • Mrinal Mishra
  • Jonathan Fu
Language
  • English
How Published CEPR COVID Economics Vetted and Real-time Papers
Date 2020-01-01
Abstract Text We draw on mobile application data from 74 countries to document the effects of the COVID-19 pandemic on the adoption of digital finance and fintech. We estimate that the spread of COVID-19 and related government lockdown have led to between a 24 and 32 percent increase in the relative rate of daily downloads of finance mobile applications in the sample countries. In absolute terms, this equates to an average daily increase of roughly 5.2 to 6.3 million application downloads and an ggregate increase of about 316 million app downloads since the pandemic’s outbreak, taking into account prior trends. Most regions across the world exhibit notable increases in absolute, relative, and per capita terms. Preliminary analysis of country-level characteristics suggest that market size and demographics, rather than level of economic development and ex-ante adoption rates, drive differential trends.
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Official URL https://cepr.org/sites/default/files/news/CovidEconomics12.pdf
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Additional Information Issue 12, 1 May 2020