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
The Nasscom (NASSCOM)-KPMG (KPMG) report estimates that the total fintech software and services market in India was around $8 billion in 2016 and likely to grow 1.7 times by 2020. The report adds that the transaction value for the Indian fintech sector was approximately $33 billion in 2016 and slated to reach $73 billion in 2020 growing at a five-year compound annual growth rate (CAGR) of 22%.
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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- "What's Driving India's Fintech Boom?". Wharton School of the University of Pennsylvania. 11 Feb 2018. Retrieved 11 Mar 2019.
- "India emerging as fastest-growing market for fintech software products". ZDNet. 3 May 2016. Retrieved 22 May 2016.
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- "Fintech Valley Vizag". fintechvalleyvizag.com. Retrieved 2017-02-02.