Bridging the financial inclusion divide: Bringing Fintech to everyday customers in India
Fintech holds the promise of transforming how people manage their finances by reaching every corner of the country. However, is India there yet? Challenges abound, but, complex as they are, financial systems of the country can push to bridge the financial inclusion gap.
India's fintech landscape has evolved rapidly, in which, technological innovation and a surge in digital adoption has helped. India is the world's third-largest fintech market, boasting over 9,000 fintech companies, with a projected revenue of US $200 billion by 2030.
As per a report just released by tech-VC fund advisor Chiratae Ventures and The Digital Fifth, a fintech and digital finance consulting and advisory firm, Indian enterprise fintechs will grow with projections estimating a market size of approximately US$20 billion by 2030.
“The tide of change is upon us, and it's happening right now. The distinctiveness of this sector lies in its capacity for multiple contenders to drive the market. Every breakthrough in this sector ripples through the BFSI realm, advancing it tenfold,” Sameer Singh Jaini, co-founder and CEO, The Digital Fifth said.
According to Statista, the total transaction value in the Indian digital payments market is projected to reach US$254.60 billion in 2024. In fact, this value is expected to show an annual growth rate (CAGR 2024-2028) of 11.56% resulting in a projected total amount of US$394.40 billion by 2028.
“This incredible growth has been possible through India having the advantage of building a world-class mobile-first payment infrastructure,” says Rab Govil, CEO and Founder of Naehas, a fintech company, and chairman and co-founder of Zenarate, an AI coach.
The major changes that shine out because of the fintech shift to digital payments are a mobile-first approach among traditional payments service providers and the usage of channels like cards, UPI, and wallets. The National Payments Corporation of India (NPCI) has been working to improve the central retail payments
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