FINTECH INDUSTRY IN INDIA SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


India Fintech Market Analysis:

The fintech market in India is anticipated to experience a Compound Annual Growth Rate (CAGR) of over 10% during the projected period. The COVID-19 pandemic had a positive impact on the overall fintech market in India, primarily due to the government-imposed lockdowns and restrictions on movement across the country. The reliance on online payment methods, e-commerce, and other digital financial services grew exponentially in 2020 and 2021, and this trend has continued into 2021 and 2022 as people have recognized the convenience of online financial management over traditional methods.

The Indian fintech industry has demonstrated significant growth in recent years, with India gradually emerging as a hub for numerous fintech startups, including Paytm, Pine Labs, PayU, and Faircent. SoftBank has been actively investing in several promising fintech startups. The government’s initiatives to promote the digitization of financial systems and a cashless economy have helped shift consumer focus towards digital alternatives for financial transactions and services.

The growth in digital payments has been fueled by funding from diverse domestic and international stakeholders. The rise of digital commerce, payment technology innovations using AI, blockchain, the Internet of Things (IoT), real-time pricing, and the introduction of mobile point of sale (POS) devices have also contributed to the growth. The majority of banking activities at top banks in the country are conducted through digital channels, and the country has remittance programs that include FXNetworks, InstaReM, and Remitly. Many of these companies have launched innovation labs, partnering with fintech firms to develop Proof of Concept (POC) and roll out products. The Reserve Bank of India provides loans for technology to finance startups, while the government has approved new banking licenses and increased the FDI limit in the insurtech sector.

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