Please Wait.....
Report
India Fintech Market Assessment, By Deployment Mode [On-Premises, Cloud], By Technology [Application Programming Interface, Artificial Intelligence, Block Chain, Robotic Process Automation, Data Analytics, Others], By Application [Payment and Funds Transfer, Loans, Wealth Management, Insurance and Personal Finance, Others], By End User [Banking, Insurance, Securities, Others], By Region, Opportunities and Forecast, FY2018-FY2032F
Market Report I 2024-05-15 I 124 Pages I Market Xcel - Markets and Data
India's fintech market is expected to witness a CAGR of 16.85% during the forecast period FY2025-FY2032, growing from USD 64.18 billion in FY2024 to USD 223.06 billion in FY2032. The market is rapidly growing due to various financial services offered with the integration of technology. India's fintech market has seen significant growth in recent years, driven by factors such as an increase in smartphone penetration, growth in digital payments, and government initiatives to promote digital financial inclusion. One of the key drivers of the fintech market in India has been the government's push towards a cashless economy. Initiatives such as the introduction of the Unified Payments Interface (UPI) and the Digital India campaign have helped to increase the adoption of digital payments, making it easier for fintech companies to offer their services to a wider audience.
The market is highly diverse, with companies offering a wide range of financial products and services, including payment and lending solutions, digital wallets, insurance, and wealth management. Nowadays, many companies operate on a digital-only basis, using technology to streamline operations and offer faster and more efficient services to customers. With the increase in the number of collaborations between financial institutions and national regulatory bodies, insurance companies and banks are rapidly adopting cutting-edge technology use in day-to-day operations rather than using outdated operating systems, thus leading to the FinTech market opportunities.
Increasing Smartphone Penetration in India to Drive Market Growth
India's increasing smartphone penetration has been a significant driver of growth for the fintech market. India has over 700 million smartphone users, including 425 million in rural areas, as of January 2023. It has created a massive opportunity for fintech companies to leverage mobile technology to offer innovative financial products and services. Mobile banking, digital wallets, online lending, and investment services are some of the ways that increase smartphone penetration, driving the growth of the fintech market in India. Moreover, comprehensive growth in the distribution network of smartphone companies has made smartphone devices easily available for end-users. For example, Samsung and MI are major mobile phone brands in rural India, owing to their pan-India distribution channel, making online payments accessible to the rural population via their mobile phones. Moreover, the increase in the use of smartphones and the expansion in faster connectivity have enabled retailers and customers to receive and make payments through their smartphones leading to growth in the fintech market.
Rising Demand for Digital Payments
With the government actively promoting a cashless economy, there has been a surge in demand for digital payment solutions such as mobile wallets, payment gateways, and online payment platforms. Retail digital payments in India grew from 162 crore transactions in FY2012-13 to over 14,726 crore transactions in 2023-24. The rise in digital payments and wallets was triggered after demonetization and continues to operate the payment landscape in the country. Companies are leveraging this trend by offering innovative digital payment solutions that are faster, more convenient, and more secure than traditional payment methods. Mobile wallets have become increasingly popular in India, with companies such as Paytm, PhonePe, and Google Pay gaining millions of users in recent years. August 2023 recorded the highest-ever volume of UPI transactions at 10.58 billion. In addition to mobile wallets, there has been a significant increase in demand for online payment platforms and payment gateways as well.
Cloud Revolution in Indian Fintech
The fintech industry in India is expanding quickly, especially in the realm of cloud-based services. Companies in this sector are turning towards cloud technology to boost their security, scalability, and overall efficiency. The shift is motivated by the desire for affordable and adaptable solutions that can manage large amounts of financial data securely. Cloud computing offers additional benefits, in addition to Machine Learning (ML) and Artificial Intelligence (AI), which have transformed banking to cost reduction and improved performance of its products and services. Fintech companies can increasingly develop and launch creative solutions and respond swiftly to the growing market needs.
Future Market Scenario (2025- 2032F)
- India fintech market is projected to witness continuous expansion in the coming years, propelled by the rising embrace of digital technologies, government support, and shifting consumer choices.
- In the future, we can expect major progress in technologies such as artificial intelligence, blockchain, and data analytics in the fintech industry. It will result in the development of more creative and advanced fintech solutions and services.
- Regulations will play a significant role in influencing the future of India's fintech market, emphasizing the importance of competition, safeguarding consumers, and ensuring data privacy.
- India's FinTech sector has secured a remarkable 14% share of global funding, making it a strength to be evaluated with on the global stage.
- Fintech companies in India will continue to focus on promoting financial inclusion by reaching underserved populations, offering tailored products and services, and leveraging technology to bridge the gap between traditional banking and unbanked or underbanked segments of society.
Key Players Landscape and Outlook
The research focuses on top competitors in the Indian fintech market. Due to the increased number of companies in the fintech business, the Indian fintech market is fragmented. Fintech firms sponsored by foreign investors are actively competing in the industry and challenging current market competitors in India. The market is being driven by government moves towards smartphone usage, a cashless economy, and other considerations.
Pine Labs acquired a proprietary enterprise platform from Bengaluru-based Saluto Wellness Private Limited in January 2023 to strengthen its services across employee rewards and recognition, customer loyalty programs, and channel partner programs for SMEs and large enterprises.
Lendingkart Technologies Private Limited acquired the digital lending platform Upwards Fintech Private Limited to provide finance to the underserved through robust technology. Upwards provides facilities such as automated loan underwriting and disbursement process; crunching the timeline for the process to a few hours rather than days.
1. Research Methodology
2. Project Scope & Definitions
3. Executive Summary
4. Impact of COVID-19 on India Fintech Market
5. Voice of Customer
5.1. Customer Demographics (Gender, Age, Income, Profession, etc.)
5.2. Market and Product/Service Intelligence
5.3. Brand Recall and Loyalty
5.4. Reasons of Brand Choice
5.4.1. Brand Name and Market Presence
5.4.2. Reliability and Security
5.4.3. Features and Service Available
5.4.4. Application User Interface
5.4.5. Integrity of Various Platforms
5.4.6. Offers and Discounts
5.5. Usage Frequency
5.6. Average Transaction Value
5.7. Frequently Used Features/Services
5.8. Pain Areas Experienced by the Consumer
6. India Fintech Market Outlook, FY2018-FY2032F
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Deployment Mode
6.2.1.1. On-Premises
6.2.1.2. Cloud
6.2.2. By Technology
6.2.2.1. Application Programming Interface (API)
6.2.2.2. Artificial Intelligence (AI)
6.2.2.3. Block Chain
6.2.2.4. Robotic Process Automation
6.2.2.5. Data Analytics
6.2.2.6. Others
6.2.3. By Application
6.2.3.1. Payment and Funds Transfer
6.2.3.2. Loans
6.2.3.3. Wealth Management
6.2.3.4. Insurance and Personal Finance
6.2.3.5. Others
6.2.4. By End User
6.2.4.1. Banking
6.2.4.2. Insurance
6.2.4.3. Securities
6.2.4.4. Others
6.2.5. By Region
6.2.5.1. North
6.2.5.2. South
6.2.5.3. East
6.2.5.4. West and Central
7. India Fintech Market Mapping, FY2024
7.1. By Deployment Mode
7.2. By Technology
7.3. By Application
7.4. By End User
7.5. By Region
8. Pricing Analysis
9. Macro-Business Environmental Scope
9.1. Value Chain Analysis
9.2. Demand and Supply Analysis
9.3. Import Export Analysis
9.4. Porter's Five Force Industry Analysis
9.4.1. Threat of New Entrants (Emerging Players)
9.4.2. Threat of Substitutes (Other Substitutes for Perfumes)
9.4.3. Competitive Rivalry
9.4.4. Bargaining Power of Suppliers
9.4.5. Bargaining Power of Consumer
9.5. PESTEL Analysis
9.5.1. Political Factors
9.5.2. Economic Overview
9.5.3. Social Implications
9.5.4. Technological Advancements
9.5.5. Environmental Impact
9.5.6. Legal Policies & Regulatory Bodies
10. Market Dynamics
10.1. Trends & Developments
10.2. Growth Drivers
10.3. Growth Inhibitors
11. Case Studies
12. Competitive Landscape
12.1. SWOT Analysis of Key Five Market Players
12.2. Competition Matrix of Key Five Market Leaders
12.3. Market Revenue Analysis of Key Five Market Leaders (in %, 2022)
12.4. Mergers & Acquisitions/ Joint Ventures (If Applicable)
13. Competition Outlook
13.1. One97 Communications Limited
13.1.1. Company Details
13.1.2. Products & Services
13.1.3. Financials (As reported)
13.1.4. Key Market Focus & Geographical Presence
13.1.5. Recent Developments
13.1.6. Key Management Personnel
13.2. PhonePe Private Limited
13.3. Razorpay Software Private Limited
13.4. Pine Labs Private Limited
13.5. Policybazaar Insurance Brokers Private Limited
13.6. Lendingkart Technologies Pvt. Ltd.
13.7. One MobiKwik Systems Limited
13.8. Dreamplug Technologies Private Limited
13.9. ACKO Technology and Services Private Limited
13.10. InCred Financial Services Limited
*Companies mentioned above DO NOT hold any order as per market share and can be changed during the course of work
14. Strategic Recommendations
15. About Us & Disclaimer
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security