Boasting over 9,000 fintech companies, India ranks third globally in terms of the highest number of fintech entities and commands a 14% share of startup funding in the country. Approximately 84% of surveys anticipate a substantial or predominant influence of fintech’s in the future, with respondents identifying SME lending, retail lending, fintech SaaS, and wealth management (including advisory and brokerage services) as the sectors poised for the most significant fintech advancements and innovations.
Fintech companies have transformed into pivotal players within the financial services sector, capturing substantial market share in key segments like payment gateways, small-ticket personal loans, and buy now, pay later (BNPL) lending. The sector is swiftly expanding its influence in areas like card issuance, asset management, and insurance distribution, currently constituting 3-5 percent of the overall income in financial services.
Despite these advancements, industry insiders posit that sustained growth for fintech’s hinges on addressing specific challenges. These include the attainment of enduring profitability, the establishment of a business model in compliance with regulations, and the adherence to stringent risk and security standards.
Furthermore, most individuals, especially those in remote regions, are already linked to Aadhaar. In the post-pandemic financial environment, AePS (Aadhar enabled payment system) can play a vital role in enabling the essential paradigm to shift toward a new, critical financial ecosystem.
Market Insights:
The fintech market was valued at INR 3.70 Trn in FY 2023. The market is expected to reach INR 11.36 Trn by FY 2028, expanding at a CAGR of ~24.95% during the FY 2024 - FY 2028 period.Fintech companies have transformed into pivotal players within the financial services sector, capturing substantial market share in key segments like payment gateways, small-ticket personal loans, and buy now, pay later (BNPL) lending. The sector is swiftly expanding its influence in areas like card issuance, asset management, and insurance distribution, currently constituting 3-5 percent of the overall income in financial services.
Despite these advancements, industry insiders posit that sustained growth for fintech’s hinges on addressing specific challenges. These include the attainment of enduring profitability, the establishment of a business model in compliance with regulations, and the adherence to stringent risk and security standards.
COVID-19 impact analysis:
Future fintech services will be entrusted with making the financial scenario safer, as well as more efficient, accessible, and affordable. To accomplish this, financial service providers have incorporated cutting-edge, contactless payment methods and made them available to consumers. Among these are dynamic QR codes, contactless biometric authentication, and contactless card payment options.Furthermore, most individuals, especially those in remote regions, are already linked to Aadhaar. In the post-pandemic financial environment, AePS (Aadhar enabled payment system) can play a vital role in enabling the essential paradigm to shift toward a new, critical financial ecosystem.
Table of Contents
Chapter 1: Executive summaryChapter 2: Socio-economic indicators
Chapter 3: Introduction
Chapter 4: Evolution of fintech in India
Chapter 5: Global fintech market
Chapter 6: India fintech market
Chapter 7: Fintech market in India - Current landscape
Chapter 8: Cross border payments
Chapter 9: Applications of fintech in India
Chapter 10: COVID-19 impact analysis
Chapter 11: Market influencers
Chapter 12: Market trends
Chapter 13: Competitive landscape
Chapter 14: Recent developments
Chapter 15: Appendix
Companies Mentioned
- ET Money
- Ezetap
- Freecharge Payment Technologies Private Limited
- Mswipe Technologies Private Limited
- One Mobikwik System Private Limited
- One97 Communications Limited
- PhonePe Private Limited
- Pine Labs Private Limited
- PolicyBazaar.com
- PayU Payments Private Limited
Methodology
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