Fintech Lifestyles: Mapping Consumer Segments

As part of the BESIDE Fintech project, an analysis was conducted to explore how different psychographic segments of the population engage with fintech services. The study covered Georgia, Armenia, Azerbaijan, Kazakhstan, Uzbekistan, and Kyrgyzstan, enabling comparison of engagement levels, revealing behavioral differences, and identifying which groups are driving growth and which remain on the periphery.

To assess engagement, the following categories were evaluated: Mobile Banking, Digital Wallets / NFC Payments, QR Payments, Online Utility Payments, BNPL / Installments, Microloans, Online Insurance, Investments / Crypto, Budgeting / PFM, and Subscriptions / AutoPay.

Fintech Engagement in the Caucasus and Central Asia

Kazakhstan: the regional leader in fintech development (Average Engagement Score: 6.9). High mobile internet penetration and widespread use of e-wallets have made fintech an integral part of everyday life – from online transfers and utility payments to BNPL and investments.

Uzbekistan: fintech is growing rapidly but still trails Kazakhstan (Average Engagement Score: 5.3). Key drivers include government-led digitalization programs and the expansion of e-commerce. Market players are shaping consumer habits and driving adoption of digital payments.

Kyrgyzstan: at an early stage of fintech development (Average Engagement Score: 4.5). A key feature is the importance of remittances from abroad, which are increasingly being digitized.

Georgia: one of the most dynamic markets (Average Engagement Score: 5.7). Growth is fueled by high smartphone penetration, rapid development of leading banks’ mobile apps, and the expansion of e-commerce.

Armenia: in an active development phase (Average Engagement Score: 5.3).  Market players are focusing on mobile applications and digital service expansion.

Azerbaijan: showing rapid but more moderate growth compared to Kazakhstan (Average Engagement Score: 5.5). Both established players and fintech startups are prioritizing mobile payments and e-wallet solutions.

Engagement by Category (average score 1-10)

Key Insights:

Mobile Banking and P2P Transfers are the universal drivers across all countries. In Georgia and Kazakhstan, they have become everyday norms.

NFC and QR Payments are most advanced in Kazakhstan, moderate in Georgia, Azerbaijan, and Uzbekistan, and weakest in Armenia and Kyrgyzstan.

Online Utility Payments act as a common entry point into fintech, with above-average engagement throughout the region.

BNPL and Microloans are in demand but at different stages of maturity: BNPL is expanding quickly in Kazakhstan and Azerbaijan, while microloans are especially relevant in Kyrgyzstan and Uzbekistan.

Online Insurance and PFM tools are the weakest categories, with underdeveloped product offerings holding back adoption.

Investments / Crypto show moderate demand, mainly among younger segments.

Subscriptions / AutoPay are at a medium level, with strong growth in Georgia and Kazakhstan, but remain niche in other markets.

Engagement by Psychographic Segments

Key Observations:

Achievers and Fashionistas are the primary drivers of fintech adoption, actively using mobile banking, P2P transfers, and digital payments while exploring innovations (NFC, BNPL, crypto).

Gamblers show strong interest in credit products and cryptocurrencies, with particularly high engagement in Kazakhstan and Georgia.

Carefree display moderate usage, typically relying on straightforward services like P2P transfers, NFC, and auto-payments.

Survivors engage mainly out of necessity, using microloans and utility payments. Slightly higher levels are observed in Kazakhstan and Georgia.

Traditionalists demonstrate low engagement across all countries, generally limited to mobile banking and utility payments.

Homebodies are the most conservative, showing consistently minimal involvement.

Conclusion

Fintech in the region is expanding primarily through progressive consumer segments –  Achievers, Fashionistas, and Gamblers. Conservative groups  – Traditionalists, Survivors, Homebodies  lag behind, slowing overall adoption. Kazakhstan demonstrates the highest levels of engagement, followed by Georgia and Azerbaijan, while Armenia, Uzbekistan and Kyrgyzstan remain at medium to low levels of digitalization in financial services.