FinTech in India
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FinTech or financial technology has emerged as a relatively new industry in India. FinTech is an industry comprising companies that use technology to offer financial services. These companies operate in insurance, asset management and payment, and numerous other industries.
Market size and growth
According to the report of The National Association of Software and Services Companies (NASSCOM), India has a presence of approximately 400 companies in the fintech industry, with an investment of about $420 million (in 2015). The NASSCOM report also estimated the fintech software and services market to grow 1.7 times by 2020, making it worth $8 billion.
The Indian fintech landscape is segmented as follows: 34% in payment processing, followed by 32% in banking and 12% in the trading, public and private markets. Accelerators and incubators tapping the startup ecosystem include PayPal’s Star Tank, Yes Bank’s collaboration with T-Hub, among others. Visakhapatnam (Vizag) is being developed as fintech valley and the local government of Andhra Pradesh opened Fintech Valley to promote the investments in this area.
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