NEW DELHI: The Indian fintech industry expected to reach around $110 billion by 2024 and $420 billion by 2029 according to Ajay Kumar Choudharynon-executive chairman and independent director of the National Payments Corporation of India.
He further said that various factors including supportive policies of the government are the main reasons for the projected growth in the sector.
Chaudhary said the government’s efforts to promote a digital economy, along with the country’s young and tech-savvy population, are expected to propel the fintech sector to unprecedented levels.
“In 2024, the Indian FinTech industry is estimated to be worth around $110 billion and by 2029, it is expected to reach an impressive number of around $420 billion with a cumulative annual growth rate of 31 percent,” Assocham said. quoting Choudhary.
The emergence of the fintech ecosystem, fueled by technological innovation, has transformed traditional financial services, leading to increased efficiency in the delivery of financial products and services, according to Assocham.
He further said that various factors including supportive policies of the government are the main reasons for the projected growth in the sector.
Chaudhary said the government’s efforts to promote a digital economy, along with the country’s young and tech-savvy population, are expected to propel the fintech sector to unprecedented levels.
“In 2024, the Indian FinTech industry is estimated to be worth around $110 billion and by 2029, it is expected to reach an impressive number of around $420 billion with a cumulative annual growth rate of 31 percent,” Assocham said. quoting Choudhary.
The emergence of the fintech ecosystem, fueled by technological innovation, has transformed traditional financial services, leading to increased efficiency in the delivery of financial products and services, according to Assocham.