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BFSI

One of the fastest growing FinTech markets in the world, India ranks the highest in the FinTech adaptation rate amounting to 87%; a number that is significantly higher than the global average rate of 64%.

India has transpired as a global FinTech giant with digital payments valued at $65 billion expected to grow at a CAGR of 20% till 2023. Indian FinTech market’s overall transaction value is estimated to increase from $65 billion in 2019 to $140 billion in 2023.
With investments amounting to $286 million approximately, India has overtaken China as Asia’s top FinTech funding target. India’s investments of around $286 million were spread across 29 deals as compared to China’s investments of $192.1 million spread across 29 deals in Q1 of 2019.

The rapid growth of Indian FinTech markets can be attributed to the following:

Government initiatives like UPI and Digital India
Growing disposable income
Identity formalization through Aadhar which saw 1.2 billion enrollments
Increased smartphone diffusion
Increased level of banking penetration via the Jan Dhan Yojna
Wide middle-class expansion

$14.1 bn

Value of digital payments transactions through UPI (2018)
29 %

Highest expected RoI on Fintech projects globally
$2.4 bn

FinTech software market size
$5.7 bn

Investmens in FinTech (2014-18)

1

Highest FinTech adoption rate globally
2

2nd highest funded sector (after E-commerce)
3

3rd largest FinTech ecosystem globally

The Indian FinTech industry consists of 4 major segments- WealthTech, Payments, Lending, and InsureTech.
The WealthTech Industry is India has witnessed a rapid growth thanks to factors like growing personal wealth, increased penetration of mobiles and digital channels, and reduced unevenness of information between small & large financial institutions and investors.
In terms of digital payments, India has made significant progress. India’s first real-time payment systems ‘IMPS’ was introduced in 2010 and UPI was introduced in 2016. Currently, there are 375 Payment startups in the country out of which 50% startups are digital wallets, gateways, mobile POS sub-segments.
When it comes to consumer credit, it is more probable that the urban population will leverage FinTech lending services in order to avoid heavy documentation, and the rural population can benefit from alternative credit scoring methods to avoid loan sharks.
Currently, there are 110+ InsureTech start-ups operating in India.

Jan Dhan - Aadhar - Mobile
JAM Trinity enabled Govt. to make direct transfers of INR 740 bn
India stack
Open API platforms i.e. Aadhar, UPI, Bharat Bill Payments, GSTN
Favourable Govt. initiatives
Digital India, National Payments Council, tax benefits on surcharges etc.
Blockchain
Blockchain market in India is expected to grow at a CAGR of 37% till 2024
Start-up India
GoI's flagship initiative to build strong start-up ecosystem in India
Aadhar
Biometric identification database - more than 1.2 bn citizens enrolled
New business models
Implementation of new business models driven by technologies such as Artificial Intelligence and Machine Learning

August 6, 2019: In a Series C equity round led by CDC Group, FinTech startup Indifi has raised Rs. 1.450 billion. CDC Group is the development finance institution owned by the UK government.
August 13, 2019: L&T Finance arm gets $ 100 mn from AIIB for green energy funding.
August 13, 2019: Rupeek, a FinTech startup, led by Bertelsmann India Investments, with participation from existing investors Accel and Sequoia India has raised $30 million.

The sector attracted USD 80.7 bn FDI inflows from April 2000 to December 2019
The service sector (finance, banking, insurance, non-fin/ business, outsourcing, R&D, tech testing and analysis, and courier) attracted foreign direct investment equity inflows worth $76.9 billion.
It is expected that the digital payments market will reach $1 trillion by 2023.