India FinTech Transactions Market to Grow at a CAGR of 49.13% until FY2027
Government’s push towards the adoption
of digital payments and introduction of innovative and simple online platforms
to move money has led to the growth of the India FinTech Transactions Market
through FY2027.
According to TechSci Research report, “India FinTech Transactions Market By Payment Modes (Payment Interfaces, Payment
Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others), By Services
(Payments, Fund transfer, Personal Finance, Loans, Insurance &
Others), By Application (Banking, Insurance, Securities & Others), By Region, By Top 10 States, Competition,
Forecast & Opportunities, FY2017-FY2027”,
the India FinTech Transactions Market is projected to cross USD8384.48 billion
by FY2027 at a CAGR of 49.13%, on account of strong support by the government
for a cashless economy. The government’s vision of ‘Cashless Bharat’ has led to
the launch of various initiatives for the inclusion of technology-enabled
digital payment services. The adoption of FinTech products in India among
customers has increased significantly due to personalized services and superior
customer experience via digital channels. Services like BBPS (Bharat Bill
Payment System), which is an integrated bill payment system that offering
interoperable bill payment service to customers online, has increased the
adoption rate. Moreover, the increasing adoption of smartphones, the launch of
5G, etc, is expected to act as a catalyst for the growth of India FinTech
Transactions Market.
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India FinTech Transactions Market is segmented based on payment modes,
services, application, and region. On the basis of payment modes, the India FinTech
Transactions Market can be divided into Payment Interfaces, Payment Gateways,
PoS Terminals, Prepaid Payment Instruments, Remittance & Others. The
Payment Interfaces segment held the largest market share in FY2021 as the
launch of Unified Payments Interface (UPI) has made digital payments extremely
convenient and hassle-free for consumers. The UPI interface powers multiple
bank accounts into a single mobile application that merges several banking
features, enables seamless fund routing and merchant payments into one hat. The
UPI interface is developed by the National Payments Corporation of India and is
regulated by the Reserve Bank of India.
In terms of Services, the India FinTech Transactions Market is
categorized into Payments, Fund Transfer, Personal Finance, Loans, Insurance
& Others. The Payments service dominated the market in FY2021 owing to the
growth of smartphones, e-commerce, and connected devices. The government’s push
along with the ease of payments from digital channels has led to the growth of
payment services in the India FinTech Transactions Market. Moreover, with the
development of innovative mobile applications such as Coin, Groww, etc. and
with advanced technologies such as Artificial Intelligence and Data Analytics
will lead to the growth of other sectors such as insurance, personal finance,
etc. in the forecast period.
In terms of
Application, the India FinTech Transactions Market can be segmented into
Banking, Insurance, Securities & others. Banking applications segment is
leading the India FinTech Transaction Market in FY2021. Due to the rising
internet penetration, smartphone usage, a crowd of payment apps and booming
e-commerce have made direct fund transfer from bank accounts hassle-free,
increasing the use of FinTech technologies in banking applications. Further,
the Insurance segment is the fastest-growing segment and is forecast to grow at
the swiftest pace until FY2027. The growth of the insurance segment can be
attributed to the launch of on-demand digital insurances from banks and other
financial institutions.
The India FinTech Transactions Market by Region is
segmented into South, North, West, and East. In this segment, south region
dominated the market in FY2021 with a share of 37.39%. This is because the
majority of the start-up companies are based in the southern region which leads
to the growth of FinTech Transaction Market dominantly in this specific region,
making customers fully satisfied with the services. North region has been
forecast to grow at a high pace until FY2027 as the region has emerging start-ups
as well as there is an increase in the customer's adoption of these
technologies.
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PhonePe Private Limited, Google India Digital
Services Private Limited (GooglePay), One97 Communications Limited(Paytm), National Payments Corporation of India
(NPIC)(BHIM App), Amazon Pay (India) Private Limited, ONE MOBIKWIK SYSTEMS LIMITED, Pine Labs Pvt. Ltd., Mswipe Technologies
Private Limited, Razorpay Software Private Limited, IndiaIdeas.com Limited
(Billdesk), Lendingkart Finance Limited, Policybazaar Insurance Brokers Private
Limited, Zerodha Broking Ltd., State Bank of India (YONO), and Dhani
Services Limited, etc. are among the leading players operating
in the India FinTech Transactions Market. The
companies operating in the market are focusing on adapting to changing
technology, bringing innovative solutions for the customers, data security, and
expansion of sources to increase their shares in the market. Companies operating in the market are using
strategies such as product advancements through the addition of new features,
mergers, and collaborations to boost their share.
“The
shift in the customer preferences from traditional banking to online banking
over the past few years has risen owing to the rapid increase in the
availability of supporting platforms, digitization, and services provided at no
cost. Moreover, there is a rapid advancement and adaptation of new technologies
by the FinTech players, and all these are highly supported by government
initiatives towards digitization, and cashless economy, etc. The shift of
customer base from traditional banking methods to digital platforms is expected
to drive the India FinTech Transactions Market through FY2027.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“India
FinTech Transactions Market By Payment
Modes (Payment Interfaces, Payment
Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others), By Services (Payments, Fund
transfer, Personal Finance, Loans,
Insurance & Others), By Application (Banking, Insurance, Securities &
Others), By Region, By Top 10 States,
Competition, Forecast & Opportunities, FY2017-FY2027” has
evaluated the future growth potential of India FinTech Transactions Market by providing
the statistics and 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 India FinTech Transactions Market.
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