Fintech
Indian Fintech Sector Expected to Reach $420 Billion by 2029 at a CAGR of 31% | News
The government’s push for a digital economy, coupled with a young, tech-savvy population, will likely propel the fintech sector to new heights.
The advent of the fintech ecosystem, driven by technology-related innovation, has revolutionized traditional financial services (Photo: Reuters)India’s press confidence New Delhi
According to Ajay Kumar Choudhary, non-executive chairman and independent director of National Payments Corporation of India, the Indian fintech sector is estimated to be worth around $110 billion in 2024 and is expected to reach around $420 billion by 2029.
According to him, the sector is expected to continue to grow due to factors such as favorable government policies.
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The government’s push for a digital economy, coupled with a young, tech-savvy population, is likely to propel the fintech sector to new heights, he added.
“The Indian 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%,” the Indian chamber of commerce (Assocham) said in a statement, quoting Choudhary.
He said the advent of the fintech ecosystem, driven by technology-related innovation, has revolutionized traditional financial services and led to improved efficiency in the provision of financial products and services.