Fintech is one of the highest-growing technology segments in India, bringing innovation in various applications including loans, payments, stock trading, and credit scoring. As of 2020, India accounted for the highest fintech adoption rate (87%) and is the biggest destination for investment deals worldwide.
Within the country, some of the top fintech destinations are Mumbai, Gurugram, Bengaluru, New Delhi, and Hyderabad. Mumbai and Bengaluru together represent ~42% of the fintech hub in India.
The fintech market was valued at INR 2.30 Trn in 2020. It is expected to expand at a compound annual growth rate (CAGR) of ~24.56% between 2021 and 2026 to reach ~INR 8.35 Trn by 2026. Increased penetration of the internet and smartphones, and a rise in partnerships between fixed service incumbents and fintech companies propel its growth.
Furthermore, funding through the Start-up India initiative, financial inclusion and enablement, tax and surcharge relaxation, and financial support to promote digital payments drive the market. Furthermore, funding support by the Indian government under the Start-up India initiative, financial inclusion and enablement, tax and surcharge relaxation, and financial support to promote the use of digital payments have also propelled the growth of the industry.
Major economic interventions such as demonetization, promotion of digital payments through the Digital India initiative, and cashless economy movements have fueled the use of fintech. However, complex regulatory and compliance laws, concerns regarding data security, and threat of cybercrime are a few of the factors that impede growth.
Major players operating in the market include PhonePe Private Limited, One97 Communications Limited (Paytm), One Mobikwik System Private Limited (Mobikwik), and PolicyBazar.com.
COVID-19 Impact Analysis:
The fintech market has benefited from the pandemic. With the onset of the pandemic, the fintech sector became the forefront of the country’s financial inclusion struggle. The adoption of digital payments and lending surged. The market witnessed ~40% rise in the number of digital transactions amid the lockdown.
Owing to the fear of public gatherings, people started shifting from traditional financial methods to cashless and digital methods of payment. The InsurTech segment experienced significant growth as people increasingly adopted life and health insurance. The market is expected to develop substantially with the surge in digital payments other financial technology solutions
- ET Money
- Freecharge Payment Technologies Private Limited
- Mswipe Technologies Private Limited
- One Mobikwik System Private Limited
- One97 Communications Limited
- PhonePe Private Limited
- Pine Labs Private Limited
- PayU Payments Private Limited
Key Topics Covered:
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
Chapter 4: Evolution of fintech in India
4.1. Evolution of fintech in India
Chapter 5: Global fintech market
5.1. Global fintech market – An overview
5.2. Global position of India fintech market
Chapter 6: India fintech market
6.1. India fintech market – An overview
6.2. Fintech clusters in India
6.3. Fintech hub development opportunities in India
Chapter 7: Key market indicators
7.1. Funding in India fintech market
7.2. Digital payments in fintech solutions
Chapter 8: Applications of fintech in India
8.1. Market segmentation – Digital payments
8.1.1. Digital payments segment
8.1.2. Impact assessment of tech innovations on the digital payments segment
8.1.3. Lending segment
8.1.4. WealthTech segment
8.1.5. InsurTech segment
8.1.6. RegTech segment
8.1.7. Key players in the market
Chapter 9: COVID-19 impact analysis
9.1. COVID-19 impact analysis
Chapter 10: Market influencers
10.1. Market drivers
10.2. Market challenges
Chapter 11: Government initiatives
11.1. Government initiatives
Chapter 12: Market trends
12.1. Market trends
Chapter 13: Competitive landscape
For more information about this report visit https://www.researchandmarkets.com/r/2johb6
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