ATM Transactions Drops By 50% With A Corresponding Increase In Fintech Apps Downloads

ATM Transactions Drops By 50% With A Corresponding Increase In Fintech Apps Downloads
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    Last updated on July 15th, 2020 at 01:36 pm

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    The global ATM transactions had dropped by 50 percent since the outbreak of COVID-19.

    From a recent virtual press conference that was co-organised by AppsFlyer and Google, the global cash and Automated Teller Machine (ATM) transactions have reduced by 50 per cent. 

    Since the outbreak of COVID-19, there has been a corresponding increase in the use of mobile apps developed by FinTech players. This is welcome development because financial transactions have been made easier and safer.

    Read Also: Why Nigeria Banks Should Collaborate With Fintech Including Blockchain Powered Fintech to Revive the Economy.

    Apps Project Lead at Google, Mr. Rama Afullo, who spoke at the virtual conference, said: “In many parts of Africa, internet, online banking, payments and investments Google searches are increasing, insurance is resurging, and banks need to push digital offerings during Covid-19, to match the surge.”

    According to Afullo; “Globally, we observe an increase in app usage amid Covid-19, including over 20 per cent time spent in apps, and over 22.5 billion new downloads in Q1 2020, and over $15 billion spent in iOS apps.

    “This has included a significant global uptake of FinTech Apps, which was already seeing significant investment before Covid-19, but during Covid-19, we are seeing 50 per cent decrease in cash and ATM and branch usage, over 15 per cent in finance search queries, and over 72 percent usage of FinTech apps.”

    Read Also: CAFEi Nigeria Suggests Blockchain for Identity Management to Achieve Financial Inclusion.

    Regional Account Executive, Africa, at AppsFlyer, Mr. Idan Horenczyk, also said at the virtual conference, that Africa recorded the highest with a month on month increase in financial app downloads during the pandemic.

    They however cautioned businesses to be aware of security of the transactions. They are of the view that with an increased rate of financial transactions using mobile apps, there will be a high risk of security bridge with it. 

    They advised various FinTech providers to prioritize customers’ data. Ensuring that it is kept safe and risk-free from hack attempts.

    The organisers of the conference released a report which shows that Nigeria and South Africa, topped the fraud rates in the Middle East and Africa. 

    Read Also: Conventional Banks in Nigeria Loses 4.1 Million Bank Customers to Mostly Quick Loan Service Fintech Companies Including Creditcoin.

    Nigeria has 29.3 percent in fraud rate; South Africa, 23.9 per cent; Saudi Arabia, 18.5 per cent; Morocco, 15.4 per cent; Egypt, 12.5 per cent; Turkey, 6.3 per cent; and Iran, 5 percent.

    Nigeria topped the chart with the recent Hushpuppi Instagram celebrity cyber criminal arrested by the Dubai Police.

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