Digital India has been at the very heart of Prime Minister Narendra Modi’s vision and the Fintech Industry has been at the forefront of that vision by enabling technologies that fundamentally change the way Indians transact in the new economy. The statistics point to a large scale Fintech movement taking shape in India:
- The Indian Fintech industry is poised to grow to $2.4 Billion by 2020.
- The total transaction value of the entire Indian Fintech industry is forecasted to reach $73 Billion in 2020 growing at a CAGR of 22%
The tremendous talent advantage that India has coupled with the cost benefit provides a lucrative proposition for Fintech start-ups to sprout in India or to have bases in India. The increasing adoption of Fintech technologies by the large base of Indian consumers has positioned India as an attractive market worldwide. The primary players of any Fintech ecosystem include the following
- Government & Regulators
- Financial Institutions
- Incubators, Accelerators, Innovation Hubs
- Tech Vendors
For any upcoming industry to thrive in a vast and complex country like India there needs to be enough impetus from the government in terms of policies, infrastructure and taxes to build confidence among entrepreneurs.
In a diverse economy such as India, a wide range of Fintech products and services are required to cover the needs of a diverse demographic. Fortunately, India has the entire range of new age Fintech products and services, be it insurance financial services marketplaces, payment gateways, mobile wallets and payment aggregators.
As a testimony to the Indian market, PayTabs has recently started operations in India and you can experience the full scale of PayTabs’ global payment processor for receiving international payments by signing up for a free demo. We are a leading enabler in connecting Indian merchants to buyers across the world.
Data Sources: KPMG India Fintech Report