With Demonetisation in 2016, began the digitization revolution of the financial industry. In FY18, India’s digital lending stood at US$ 75 billion and is estimated to reach US$ 1 trillion by 2024. India’s digital economy is estimated to reach US$ 1 trillion by 2025.
Fintech has more than 1200 active companies working to decrease customer acquisition costs while enhancing customer experience with the application of technology. Innovation is thriving at the grass roots of all business endeavours in the country. Like all sectors, the financial services sector has startups working day and night to bring simplicity and integration to practices and solutions.
Mobile banking is one of the most prominent current trends in the Indian banking system. India’s mobile wallet industry is expected to grow at a compound annual growth rate (CAGR) of 52% to US$ 4.4 billion by 2022, with projected worth of mobile wallet transactions at US$ 492.6 billion. The Unified Payments Interface (UPI) had recorded 1.25 billion transactions by March 2020, valued at US$ 29.22 billio.
India’s leading financial services company offering full-stack payments & financial solutions to consumers, offline merchants and online platforms – Paytm - is on a mission to include 500 million Indians into the mainstream economy through payments, commerce, banking, investments, and financial services.
Premier policy ‘Think Tank’ NITI Aayog is developing IndiaChain – the country’s largest blockchain network.