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How Fintech is growing in China and Germany?

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The Fintech transaction in 2019 in China amounted to $1,999,192 whereas in Germany it amounted to $136,357. The overall period of the transaction has been used to analyze the forthcoming scenarios and predict the Fintech growth in 2023.

The Fintech transaction has been predicted in 2023 to be $4,317,279 in China and Germany $195,669. The huge growth shows that Digital payments, Personal Finance, Alternative lending, and Alternative Financing are creating a huge turnover over the period.

In China, the market is expected to grow by 116% in 2023 and Germany by 43.5%.

If we compare the individual market,

In China, the largest segment in the Fintech market is Digital payments. In 2019, the market volume was $1,585,555 whereas, in 2023, the market volume is expected to grow by $3,081,261. However, if you compare the annual growth rate (CAGR), the personal finance segment showed a remarkable growth of 47.9% in the period 2019-2023.

On a larger consumer base usage, the user penetration in digital payments is expected to hit 81% by 2023. In 2019, in the digital segments, around US$1,548.57 transaction value was seen per user.

Fintech market

In Germany, also, the scenario is almost the same with the Fintech segments. The largest segment is the digital payments segment but an annual growth rate (CAGR) of 5.7% in 2019- 2023.

However, the second largest segment in Personal finance, the CAGR of 32.3% was seen in 2019-2023. But the market volume of the Personal Finance segment amounts to $14, 173 expected to increase to $43,426 by 2023.

The user penetration is going to hit the digital payment segment by79.9% by 2023. In 2019, the average transaction value per user amounts to US$1,893.82. The Fintech transaction forecasted a growth rate of 43.5% by 2023.

Fintech market

The Personal finance market segment is not a huge market as the Digital payment segment. But the annual growth is far higher compared to the Digital Payment segment. As most countries are emphasizing cashless systems, the segment is going to expand but how saturated the market can become may impact the forthcoming years.

The segments don’t have to be branded like the Auto manufacturers or status icons like Apple products but need to be secured enough for transactions. Fintech is the segment where it is nothing like the electronics you are buying for your home but a segment that needs to be built on the trust factor.

One of the weaknesses is that the segments need internet and good knowledge to use such segments before getting scammed or get locked for improper usage.

Source:- Statista

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