Coronavirus lockdowns and social-distancing fuel surge in use of fintech apps
The coronavirus pandemic has fueled a 72% surge in the use of fintech apps in Europe in the past week as consumers adjust to social distancing, self-isolation and lockdowns, according to new research by deVere Group.
“The world has changed in the last few weeks. The measures we’re now all taking to help the fight back against coronavirus are affecting the way we interact, live, work, and take care of our finances,” James Green, group divisional manager for the Swiss-based financial services company said on Monday.
“A new era has already begun, with digitalisation and new technologies driving the shift,” Green said. “Fintech is fast-becoming the new normal.”
DeVere Group calculated the 72% rise from the use of its own fintech apps, which include deVere Vault, a global e-money currency app and multi-currency prepaid card, as well as deVere Crypto, a cryptocurrency app to store, transfer and exchange major cryptocurrencies, including Bitcoin.
However, it said that it was seeing increased demand for apps in other areas, particularly video-calling platforms such as Google Hangouts, Skype, FaceTime and Zoom, among others, as more people than ever work remotely.
“Indeed, Zoom Video Communications has been a remarkable performer in recent times, with its shares gaining more 32% since the market began its decline in mid-February,” Green said.
Last week, British-based startup Glint Pay Services, which operates in the U.S., the U.K. and continental Europe, said it had seen a 718% increase in clients purchasing gold over the last five weeks as volatility stemming from the coronavirus pandemic swept through markets.
Glint, which provides customers with gold as a usable currency, said it has seen the average individual purchase of gold via its app double in the last few weeks, from £1,373 to £2,739. “During these extraordinary days people are demonstrating that gold remains powerfully attractive and very useful,” said Glint founder and CEO Jason Cozens.