‘Indian FinTech Industry to Reach $420 Billion by 2029’ | India News

NEW DELHI: India’s fintech sector is expected to reach around $110 billion by 2024 and $420 billion by 2029, according to Ajay Kumar Choudhary, non-executive chairman and independent director of National Payments Corporation of India.

He further said that several factors, including government support policies, are the main reasons behind the expected growth in the sector.

Chaudhary said the government’s efforts to promote a digital economy, coupled with the country’s young and tech-savvy population, should take the fintech sector to unprecedented heights.

“India’s FinTech sector is estimated to be worth around $110 billion by 2024 and will reach a whopping $420 billion by 2029, with a cumulative annual growth rate of 31 percent,” Assocham quoted Choudhary as saying.

According to Assocham, the emergence of the fintech ecosystem, fueled by technology-driven innovation, has transformed traditional financial services, resulting in greater efficiency in the provision of financial products and services.
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