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:
Value of digital payments transactions through UPI (2018)
Highest expected RoI on Fintech projects globally
FinTech software market size
Investmens in FinTech (2014-18)
Highest FinTech adoption rate globally
2nd highest funded sector (after E-commerce)
3rd largest FinTech ecosystem globally
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