<abstract xmlns="http://www.w3.org/1999/xhtml"><p>This paper examines digital finance usage in the UK, US, India and Nigeria. Using data from the global financial development indicators, the findings reveal that the UK and US have higher digital finance usage than India and Nigeria. The US has higher credit card usage compared to the UK while the UK has higher debit card usage compared to the US. Also, Nigeria has higher debit card usage than India. The findings also show that higher debit card usage is correlated with higher domestic credit to the private sector in the US and Nigeria. Higher credit card usage is correlated with lower domestic credit to the private sector, lower private credit by deposit money banks, and fewer remittances to the UK. The implication of the findings is that policy makers in developing countries should develop the digital finance and payment systems in their countries to close up the wide gap in digital finance adoption between developing and developed countries.</p></abstract>

This paper examines digital finance usage in the UK, US, India and Nigeria. Using data from the global financial development indicators, the findings reveal that the UK and US have higher digital finance usage than India and Nigeria. The US has higher credit card usage compared to the UK while the UK has higher debit card usage compared to the US. Also, Nigeria has higher debit card usage than India. The findings also show that higher debit card usage is correlated with higher domestic credit to the private sector in the US and Nigeria. Higher credit card usage is correlated with lower domestic credit to the private sector, lower private credit by deposit money banks, and fewer remittances to the UK. The implication of the findings is that policy makers in developing countries should develop the digital finance and payment systems in their countries to close up the wide gap in digital finance adoption between developing and developed countries.

Comparing Digital Finance in the UK, US, India and Nigeria

Financial Internet Quarterly

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"Comparing Digital Finance in the UK, US, India and Nigeria"}

This paper examines digital finance usage in the UK, US, India and Nigeria. Using data from the global financial development indicators, the findings reveal...

Comparing Digital Finance in the UK, US, India and Nigeria

Published Online: Dec 31, 2020

Page range: 1 - 11

Received: Sep 21, 2020

Accepted: Oct 19, 2020

DOI: https://doi.org/10.2478/fiqf-2020-0023

Keywords
Fintech, Digital finance, Credit card, Debit card, Payment system, Digital financial services, financial technology, financial institutions

© 2020 Peterson K. Ozili, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Comparing Digital Finance in the UK, US, India and Nigeria

Published Online: Dec 31, 2020

Page range: 1 - 11

Received: Sep 21, 2020

Accepted: Oct 19, 2020

DOI: https://doi.org/10.2478/fiqf-2020-0023

KeywordsFintech, Digital finance, Credit card, Debit card, Payment system, Digital financial services, financial technology, financial institutions

© 2020 Peterson K. Ozili, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
Fintech, Digital finance, Credit card, Debit card, Payment system, Digital financial services, financial technology, financial institutions