Fintech apps have seen a surge in take-up in Europe over the past week, as people adapt their lifestyles to cope with limitations on mobility amid the Covid-19 pandemic.
As people are told to stay at home, digital banking apps are being increasingly used, along with other digital services.
According to a study by financial advisory deVere Group, the use of fintech apps in Europe surged 72% in the past week. Meanwhile, the use of cash in the UK dropped by 50% in the days following the UK government announcing limits on people’s movements, known as lockdown, according to the UK ATM network Link. The exchanging of cash can spread the virus and some retailers stopped accepting it early in the lockdown.
“The world has changed in the past few weeks,” said James Green, divisional manager Europe at deVere Group. “The measures we’re now all taking to help the fightback