Fintech
Indian FinTech sector is expected to reach $420 billion by 2029
July 19, 2024
Written by FinTech Alliance in Financial Technology
The Indian fintech sector is poised for significant growth, projected to reach $420 billion by 2029, according to Ajay Kumar Choudhary of the National Payments Corporation of India (NPCI). This ambitious target reflects a compound annual growth rate (CAGR) of 31%.
The sector’s expansion is being driven by the rapid adoption of digital payment platforms such as UPI, which has already seen widespread use domestically and internationally. The Indian fintech ecosystem, strengthened by government policies, a young tech-savvy population, and strong public-private partnerships, is set to reach an impressive one billion UPI transactions per day in the coming years. This growth highlights India’s position as a global fintech leader and its potential to attract significant investment and innovation in the digital finance space.