Market Trends of India Fintech Industry
Increase in Mobile Banking Payments is Surging the Growth of the Market
Digital payments are rapidly growing across India. The increase in digital payments and wallets was triggered after demonetization and continues to run the payment landscape in the country. One of the world's biggest markets for mobile phones is India. The government's initiative for a cashless economy boosts the digital payments scenario in the country. This exponential growth of the digital payment sector is driven by multiple factors, including convenience to pay, the ever-growing smartphone penetration, the rise of non-banking payment institutions (payments banks, digital wallets, etc.), progressive regulatory policies, and increasing consumer readiness to the digital payment platform. Another key driver of digital payments is positive policy framework changes and government initiatives.
Increase in Fintech Deals in Indian Startups is Boosting the Market
Indian fintech startups are making waves in the industry with their innovative solutions. They are leveraging technology to provide convenient and accessible financial services to a wide range of users. Indian fintech startups have made a significant impact on digital payments. With the adoption of a cashless economy and the rise of mobile payments, startups like Paytm and PhonePe have gained immense popularity. Lending platforms like Lendingkart and Capital Float are revolutionizing the way small businesses access credit. These startups are not only attracting investments but also collaborating with traditional financial institutions to expand their reach and offerings. The growth of Indian fintech startups is boosting the overall fintech industry by driving innovation, creating jobs, and improving financial inclusion.
