The Future of Fintech in India 2023 and Beyond
fintech india awards & summit 2023

Written by Raghu Rao

The Director of Content & Strategy, who covers how fintech is transforming and disrupting the financial industry in India. Also writes about digital financial services, sustainable finance and fintech market outlook.
Published on 05/07/2023

The Future of Fintech in India 2023 and Beyond

India has the highest fintech adoption rates in the world at 87%, much ahead of the global average of 67% and India stands at 3rd place behind USA and China in the digital payments space. With such a phenomenal performance in the financial technology sector, India is positioned to have a revenue of $200 billion by 2030, with an AUM of $1 trillion. The estimated FinTech market opportunity by 2030 will be $2.1 Tn in India.
India now has over 2,200 fintech companies and more than 6,386 startups in the fintech space, making it the 3rd largest Fintech industry in the world.

Key sub sectors growing in the fintech space are

Buy Now Pay Later market, which is driving financial inclusion of the underserved customers and lending tech companies are effectively moving ahead in the market. $270 Bn is the Estimated Size Of The Lendingtech Market By 2030 in India.

Open Banking is an evolving market, financial institutions are fast adopting opening banking and APIs to elevate customer experience. From payments, to investments to allied financial offerings, open banking concepts are driving innovation and transparency. Impact of AI on Fintech, implementation of AI is becoming common across sectors and financial services
is no different. AI integration is bound to revolutionize how financial planning, regulations, compliance, customer engagement works in the future. Other areas of Fintech that are fast growing in India are Insurtech expected to control 14% of the FinTech market size by 2030, Payments which will grow to 12% of the Fintech market size by 2030, Neo banking and Investment Tech will grow to 9% and 3% of the fintech market by 2030 respectively and Fintech SaaS will reach 1.5% of the fintech market size by 2030.

From mainstream financial services to the start up eco system, Fintech in India is positioned to drive India’s digital economy and support the sustainable growth of the Indian economy. To understand fintech trends and how innovation and technology is transforming the financial industry in India, being present at the 2nd Fintech India Summit & Awards is essential. For your special invite to the event, please register now. If you want to leverage your brand and fintech company as a market leader, please submit your Nomination for the 2nd Fintech Awards 2023. Don’t miss out the opportunity!

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