FinTech adoption is highest in the 2534 age bracket

India mirrors global trends in the adoption statistics by demographics. The demographic most likely to use FinTech are millennials – 25 to 34 years old, followed by the 35 to 44 year old.

Respondents in this age range are comfortable with technology and they also require a wide range of financial services as they achieve milestones such as completing their education, gaining full-time employment, becoming homeowners and having children.

The key reasons for increased adoption have been the ease of setting up accounts (31%) when compared with the traditional financial services, access to a wide range of offerings (19%) with quality service (13%).

There is however also growing adoption among the older generations: 56% of respondents between 55 to 64 years old and 27% of those between 65-74 years said they regularly use FinTech services.