Rapid technological advancements, with cutting-edge innovation that is emerging on a regular basis, have helped the global financial services industry, particularly fintech, to experience exponential growth. Even in India, where the fintech scene was never in better shape, this is true.
The Indian fintech industry was valued at Rs 2.30 trillion in 2020 and is forecast to touch about Rs 8.35 trillion by 2026 at a compounded annual growth rate (CAGR) of 25%. Two of the biggest innovations in financial services that have emerged in India are digital lending and payments.
While traditionally these two categories have only been completely controlled by established players, the segments are now hot battlegrounds for more than two-thirds of the world’s fintech ‘unicorns’, startups that have a market value of more than $1 billion.