India FinTech Market is Being Fueled by Paytech Industry Type
The rising number of FinTech
startups in India, growing dependency on online payment methods and different
government initiatives are expected to drive the India FinTech market during the
forecasted period.
According to TechSci Research report, “India FinTech Market- By
Region, Competition Forecast and Opportunities, 2018-2028”, The India FinTech market is expected to experience
high demand during the forecast period owing to the changing preference for the
mode of payment in India from traditional mode of payments to an online
payments mode among the individuals in the country for daily payments. The
demand from 33 million mass affluent households is expected to raise
consumption across different income levels. Micro, small, and medium-sized
enterprises (MSMEs) will be crucial target segment for the FinTech market with
its significant contribution to the economy, along with households.
India has around 190
million people without access to banking services, making it the country with
the second-largest population without such access despite experiencing
tremendous growth in recent years supported by the growing internet adoption.
The Indian government has made numerous significant moves to make regulatory
compliance for traditional banks as well as FinTech companies easier in order
to cover populations under various financial services. As a result, there are significantly
rising number of companies which are offering financial services based on
technology and banking services all across the nation. By collaborating with
existing banks and utilizing technology, FinTech firms are offering banking
services at a low cost to a large segment of the population. Moreover, the
country is anticipated to experience rise in consumer use of digital media as
the government continues the push toward a cashless economy with initiatives such
as moving government payment and taxes online, incentives for digital
transactions, etc. Consumer behavior has changed as a result of this and there
has been an increase in e-commerce transactions. FinTech is also being promoted
by governments and startup accelerators through financial and infrastructure
support.
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Key market players in
the India FinTech market include:
- One MobiKwik Systems
Limited (MobiKwik)
- InCred Financial
Services Limited
- Zerodha Broking Ltd
- Policybazaar Insurance
Brokers Private Limited
- Pine Labs Private
Limited
- Razorpay Software
Private Limited
- Google India Private
Limited (Google Pay)
- PhonePe Private Limited
- Lendingkart Technologies
Private Limited
- One97 Communications
Limited (Paytm)
FinTech is a term used
to describe the market that will be created as a diverse, secure, and reliable
platform for providing financial services. Compared to traditional banks, FinTech
companies are less diverse and provide different services and effective
learning opportunities for enhancing competencies and culture. Financial
inclusion is also growing as a result of digital financial services, which are
expanding access and encouraging the customization of both products and client
experiences. The Jan Dhan-Aadhaar-Mobile (JAM) trinity, Unified Payments
Interface (UPI) rails, and other supportive regulatory frameworks have laid a
solid basis upon which the epidemic has helped accelerate digital adoption and
given FinTech companies' digital products a boost.
The India FinTech market
is segmented into PayTech, InsurTech, LendTech, and WealthTech. The PayTech segment
is witnessing high growth owing to the rising online payments among consumers
in India due to easiness which the process provides and several government
initiatives to make India a cashless economy. Under the PayTech segment the
market is further fragmented into UPI, mobile wallet, POS and others. The UPI
segment is expected to witness considerable growth owing to the rising
dependency of online payments through UPI. According to Economic Times, more
than 260 million people in India are consuming UPI for day-to-day payments.
The India InsurTech market
is divided into life insurance, health insurance, travel insurance, home
insurance, property insurance, auto insurance, and others. Others include theft
insurance and corporate insurance. The life insurance is gaining a lot of
momentum due to the rising awareness among consumers regarding the importance
of life insurance, especially after COVID-19 and the easy availability through
different online mediums.
WealthTech combines
finance and technology to offer online services that improve portfolio
management, investment, and personal wealth management. A fully automated asset
management system has emerged due to the development of digital payment
methods, e-KYC via Aadhar, online money transfers, and online investment
reporting. Certain prominent examples of innovations include the analysis of
investment alternatives, the enhancement of portfolios, and the management of
risks using Big Data, AI, and deep learning.
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“The India FinTech
market is expected to register significant growth in the coming years owing to
the rising awareness among consumers regarding online services such as online
insurance, loans, multiple investment options, etc. Moreover, the changing tradition
from cash payment to cash less payments and the increasing popularity of UPI for
investment activities and the growing support of funding for FinTech startups
is further accelerating the growth of India FinTech market,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
India FinTech Market, By Type
(PayTech, InsurTech, LendTech, WealthTech) By Region, Competition, Forecast
& Opportunities, 2018-2028, has evaluated the future growth potential of India FinTech market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the FinTech market in India.
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