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India’s Fintech market to touch $1trillion by 2030; Deets inside

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On Tuesday, the chief Economic Advisor DR. V. Anantha Nageswaran said that India’s Fintech market is likely to reach $1 trillion by the year 2030, from $31 billion in 2021. During this year’s Global Fintech fest, the Advisor said that a major shift towards a more equitable distribution of investment across sectors along with insurtech and wealthtech, etc has commenced emerging.

Nageswaran further claimed, “We are discussing about bridging the digital divide and the economic divide. So, the focus now is on how the combination of technology and finance is allowing access to finance and opportunities.” The coming wave in the Fintech sector could be the cash flow lending to MSMEs with the help of Account Aggregator, UPI and Open Credit Enablement Network. 

He said the lending potential of $3 trillion in 2023 will be according to GST invoices and bank statements made available on Account Aggregator and banks adopting.

The Chief Operating Officer of National Payments Corporation of India, Praveena Rai said that digital payments are for everyone, everytime and everywhere, based on the RBI’s Payments Vision 2025. He said everyone challenges them to a great extent as it needs to address some of the huge barriers like access to identity, affordability and literacy as they go deeper broader into their markets and user base.

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