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  "notes": "The slide compares adoption rates of four FinTech categories across three countries. The text provides context on why emerging markets (like South Africa) show different adoption patterns compared to developed markets (UK, USA).",
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      "text": "More than half (56%) of SMEs worldwide have used banking and payments services, making it the most widely used category, followed by financial management, financing and insurance.",
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      "text": "Banking and payments; Financial management; Financing; Insurance",
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      "text": "SME FinTech adoption rate: 56%",
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      "text": "FinTechs in emerging markets can address the needs of underserved customer segments, including SMEs, by providing them with solutions for key areas of their business, such as banking and payments. SMEs also tend to follow the lead of their customers, many of whom are already significant users of FinTech services for everyday activities, by accepting the consumers’ preferred payments methods.",
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      "text": "These differences between emerging and developed markets help explain the varying popularity of specific services across the four categories. In developed markets, the most widely used FinTech services are online bookkeeping and payroll management tools, online billing tools, and online payment processors. In emerging markets, the top services are online payment processors, online billing and invoice management tools, and mPOS machines and readers.",
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      "text": "More than half (56%) of SMEs worldwide have used banking and payments services, making it the most widely used category, followed by financial management, financing and insurance. We consider the rate of use per category as the percentage of SMEs that have used at least one FinTech service in that category in the past six months.",
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      "text": "SMEs in emerging markets are particularly heavy users of banking and payments services, with 63% using services in that category. In China, the rate is 92%. These high rates reflect conditions characteristic of emerging markets. Developed markets have long-established financial infrastructures, and FinTech challengers can offer alternatives to products provided by incumbents. Emerging markets, by contrast, have less sophisticated financial infrastructures, which creates opportunities for FinTech challengers to build products and services from the ground up.",
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