Fintech
Indian FinTech sector is expected to reach $420 billion by 2029
New Delhi: India’s fintech sector is estimated to be worth around $110 billion in 2024 and is expected to reach around $420 billion by 2029, said Ajay Kumar Choudhary, non-executive chairman and independent director of National Payments Corporation of India.
According to him, the sector is expected to continue to grow due to factors such as favorable government policies.
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 is expected to reach a whopping $420 billion by 2029, with a cumulative annual growth rate of 31 percent,” 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.
Published on Jul 18, 2024, 13:11 IST