The Indian fintech industry, currently valued at approximately USD 110 billion, is projected to surge to around USD 420 billion by 2029, according to Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director of the National Payments Corporation of India (NPCI).
Choudhary highlighted the robust growth prospects for the sector, emphasizing the role of favorable government policies in driving this expansion.
"The government's push towards a digital economy, coupled with a young and tech-savvy population, is likely to propel the fintech sector to new heights," Choudhary said.
He pointed out that these factors are instrumental in fostering an environment conducive to innovation and growth within the fintech ecosystem.
Industry chamber Assocham, in a statement quoting Choudhary, noted that the fintech industry is expected to grow at a cumulative annual growth rate (CAGR) of 31 percent over the next five years.
"As of 2024, the Indian FinTech Industry is estimated to be around USD 110 billion, and by 2029, it is projected to reach an impressive number of around USD 420 billion," the statement read.
The advent of the fintech ecosystem has not only revolutionized the sector but also significantly improved the efficiency of delivering financial products and services.
The growth of India's fintech industry aligns with the government's broader agenda to promote digital transactions and financial inclusion.
Initiatives such as the Unified Payments Interface (UPI) and the increased penetration of mobile internet have been pivotal in advancing the digital payments landscape.
Follow us
