Do top, or left aligned field labels perform better at form completion?

I have designed these two forms and would like to know which would be more effective at conversion i.e form filling up.

Here's the first one which I feel is more effective reason being the separate rectangle containers break the eye motion and when the eye focuses on the next element it will read from left to right, which would help users just fill up a form one step by step.

Here's another form that was made. The form fields differ but this is what is used by Android.

Which would perform better? Type of user: 20-30's, mid level income, constantly in touch with farmers, has a vehicle for commute given by the company, uses phone mostly for calling and texting people. Smart phone can be in the price range of $100 to $150. Make Samsung, OPPO, Motorola.

My consensus is to user would read the text in the first image and see the text in grey realise that needs to be filled and fills it up. This goes against the top down approach of how mobile users read forms. But it really helps the user focus on the one field they're filling and that I think is worth the trade offs of material designed form field.