Fintech is booming, with crypto and forex trading on the rise around the world. But app store rules are making it tough for finance companies to get their apps into the hands of desired users. This article explores how alternative app stores for fintech and crypto apps offered by mobile OEM manufacturers (mobile OEMs) offer a lifeline. These stores can help fintech and finance apps flourish by giving them an easier path to users.
Soaring Fintech Demand Around the Globe
A Case for Alternative App Stores for Fintech and Crypto Apps
Cryptocurrency and Forex on the Rise: The number of crypto wallets has grown by a staggering 2700% since 2013, with a worldwide market exceeding $2.7 trillion as of March 2024. Daily forex trading volume averages a staggering $7.5 trillion globally, with several Asian countries, together with the UK and US, accounting for 78% of all forex trading worldwide.
Vietnam: A Crypto Powerhouse: In Vietnam, crypto is surprisingly huge, with around 17% of Vietnam’s population using or owning cryptocurrency, with only Thailand topping that number in ASEAN. With a youthful population (70% below 35) and increasing internet penetration, Vietnam offers fertile ground for fintech apps, boasting 7 of the top 200 global blockchain organizations.
Indonesia: A Fintech Hub: Indonesia’s massive population of over 270 million, growing smartphone use, and booming digital transactions make it prime territory for fintech growth. In 2020, crypto trading reached $4.6 billion, with that number skyrocketing to $56 billion by 2022. Indonesia has an estimated 17 million cryptocurrency users and one of the largest forex markets in South-east Asia, with domestic forex trading volume coming in at an average of $10 billion daily.
India: Leading Crypto Adoption: Crypto adoption rates are the highest in the world in India, putting them ahead of China, the US, and Brazil, with projections exceeding 328 million crypto users by 2028, nearing the entire US population. From July 2022 to June 2023, India saw a $250 billion surge in crypto value, ranking second only to the US. With a thriving IT sector and enthusiastic youth embracing fintech, India emerges as a global leader in the field.
Europe & UK: Powerhouse in Digital Finance: According to Statista, online banking penetration exceeds 90% in certain European countries, and in digital payments, the European user base is projected to surpass 547 million in 2024. In 2023, the United Kingdom had the highest number of fintech users in Europe, with an estimated 106.53 million fintech users, followed by Germany and France, with 96.4 and 79.4 million users, respectively. Additionally, Europe ranks second globally in cryptocurrency transaction volume (17.6%), solidifying its position as a key player in the future of finance.
In short, crypto and forex are big business, and they are in a unique position to both have such great exponential growth potential whilst already having such a large and lucrative market. The decentralized nature of both crypto and forex trading makes it ripe for use with smartphones. With the ubiquity of smartphones and how users interact and participate in modern finance, now more than ever it’s crucial for fintech apps to efficiently target potential users and secure downloads without breaking the bank. How you may ask? Through mobile OEMs and their alternative app stores of course!
Google and Apple Restrictions
Opens Up Alternative App Stores for Fintech and Crypto Apps
While inherent risks like financial instability justify stricter regulations for crypto and forex apps, tech giants like Google and Apple add another layer of complexity. Their app store policies restrict activities like on-device mining and promotional rewards involving crypto. Additionally, Apple enforces a 30% fee on in-app purchases, impacting features like NFT transfers and user “tips” in crypto.
These constraints limit crypto firms’ access to major mobile user bases. While alternative marketing channels like Demand-Side Platforms (DSPs) exist, they have limitations. The recent removal of major crypto apps from Apple and Google’s app stores in India further highlights the challenges faced by the industry.
This situation underscores the importance of diversification for crypto firms. Having a presence in various alternative app stores and exploring alternative distribution and advertising methods is crucial to navigating the complex regulatory and tech giant landscape.
Enter Mobile OEMs and their Owned App Stores
Benefits of Mobile OEMs and Alternative App Stores for Fintech and Crypto Apps
These “alternative “app stores, offered by companies like Xiaomi, Huawei, Vivo, Oppo, and Transsion, among others, distribute apps through their independent platforms. These alternative app stores not only cater to a wide audience but also allow financial product advertising with certain certifications. Alternative App Stores for Fintech and Crypto apps provide several benefits:
- Lower Costs & Higher Engagement: Sophisticated targeting leads to lower Cost per Install (CPI) and higher user engagement.
- Data-Driven Marketing: Access to detailed user data (while following GDPR) allows for better ad targeting.
- Global Reach & Expansion: Target new markets and lookalike audiences for wider business reach.
- Flexible Campaign Models: Mobile OEMs support various campaign models, including CPI, Cost per Revenue (CPR), and Cost per Action (CPA), especially beneficial for trading apps using CPR campaigns.
- Fraud Protection: OEMs provide a direct link between advertisers and their platforms, ensuring a fraud-free advertising ecosystem and controlled ad placements.
The Time is Now to Take Action
Embrace Alternative App Stores for Fintech and Crypto Apps
AVOW, the leading mobile OEM advertising specialist, plays a pivotal role in navigating the landscape of alternative app stores for fintech and crypto apps. By partnering with mobile OEMs globally which cover 63% of the global Android market, AVOW helps clients feature their apps on these platforms, offering guidance throughout the campaign lifecycle for expanded reach and new revenue opportunities. Furthermore, our proprietary tool AVOW Intelligence (AI) fine-tunes campaigns in real-time across OEM inventory, aligning them with performance goals for enhanced Return On Ad Spend (ROAS).
More and more countries are adopting legislation similar to the EU Digital Markets Act, paving the way for mobile OEMs and their alternative app stores for fintech and crypto apps to have a stronger foothold in the mobile space. As such, now is the perfect time for fintech apps to get in on the ground floor of this flourishing means of mobile advertising and user acquisition. With AVOW’s entry into the top 3 of the Global Finance category of the 16th AppsFlyer Performance Index, you can rest assured that your fintech app will be in safe, reliable, and experienced hands – contact our team today for a free consultation.