The government’s push towards the adoption of digital payments and introduction of innovative and simple online platforms to move money has led to the growth of the India FinTech Transactions Market through FY2027. According to TechSci Research report, “India FinTech Transactions Market By Payment Modes (Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others), By Services (Payments, Fund transfer, Personal Finance, Loans, Insurance & Others), By Application (Banking, Insurance, Securities & Others), By Region, By Top 10 States, Competition, Forecast & Opportunities, FY2017-FY2027”,the India FinTech Transactions Market is projected to cross USD8384.48 billion by FY2027 at a CAGR of 49.13%, on account of strong support by the government for a cashless economy.
The Important Elements of India FinTech Transactions Market
The government’s vision of ‘Cashless Bharat’ has led to the launch of various initiatives for the inclusion of technology-enabled digital payment services. The adoption of FinTech products in India among customers has increased significantly due to personalized services and superior customer experience via digital channels. Services like BBPS (Bharat Bill Payment System), which is an integrated bill payment system that offers interoperable bill payment service to customers online, have increased the adoption rate. Moreover, the increasing adoption of smartphones, the launch of 5G, etc, is expected to act as a catalyst for the growth of Indian FinTech Transactions Market.
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India FinTech Transactions Market is segmented based on payment modes, services, applications, and regions. On the basis of payment modes, the Indian FinTech Transactions Market can be divided into Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others. The Payment Interfaces segment held the largest market share in FY2021 as the launch of Unified Payments Interface (UPI) has made digital payments extremely convenient and hassle-free for consumers. The UPI interface powers multiple bank accounts into a single mobile application that merges several banking features enabling seamless fund routing and merchant payments into one hat. The UPI interface is developed by the National Payments Corporation of India and is regulated by the Reserve Bank of India.
In terms of Services, the Indian FinTech Transactions Market is categorized into Payments, Fund Transfer, Personal Finance, Loans, Insurance & Others. The Payments service dominated the market in FY2021 owing to the growth of smartphones, e-commerce, and connected devices. The government’s push along with the ease of payments from digital channels has led to the growth of payment services in the India FinTech Transactions Market. Moreover, the development of innovative mobile applications such as Coin, Groww, etc., and with advanced technologies such as Artificial Intelligence and Data Analytics will lead to the growth of other sectors such as insurance, personal finance, etc. in the forecast period.
In terms of Application, the Indian FinTech Transactions Market can be segmented into Banking, Insurance, Securities & others. The banking applications segment is leading the India FinTech Transaction Market in FY2021. Due to the rising internet penetration, smartphone usage, a crowd of payment apps, and booming e-commerce have made direct fund transfers from bank accounts hassle-free, increasing the use of FinTech technologies in banking applications. Further, the Insurance segment is the fastest-growing segment and is forecast to grow at the swiftest pace until FY2027. The growth of the insurance segment can be attributed to the launch of on-demand digital insurance from banks and other financial institutions.
The India FinTech Transactions Market by Region is segmented into South, North, West, and East. In this segment, a south region dominated the market in FY2021 with a share of 37.39%. This is because the majority of the start-up companies are based in the southern region which leads to the growth of the FinTech Transaction Market dominantly in this specific region, making customers fully satisfied with the services. The north region has been forecast to grow at a high pace until FY2027 as the region has emerging start-ups as well as there is an increase in the customer’s adoption of these technologies.
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The Major competitors in India FinTech Transactions Market
- PhonePe Private Limited
- Google India Digital Services Private Limited (GooglePay)
- One97 Communications Limited(Paytm)
- National Payments Corporation of India (NPIC)(BHIM App)
- Amazon Pay (India) Private Limited
- ONE MOBIKWIK SYSTEMS LIMITED
- Pine Labs Pvt. Ltd.
- Mswipe Technologies Private Limited
- Razorpay Software Private Limited, IndiaIdeas.com Limited (Billdesk)
- Lendingkart Finance Limited
- Policybazaar Insurance Brokers Private Limited
- Zerodha Broking Ltd.
- State Bank of India (YONO), and Dhani Services Limited, etc. are among the leading players operating in the India FinTech Transactions Market. The companies operating in the market are focusing on adapting to changing technology, bringing innovative solutions for the customers, data security, and expansion of sources to increase their shares in the market. Companies operating in the market are using strategies such as product advancements through the addition of new features, mergers, and collaborations to boost their share.
“The shift in customer preferences from traditional banking to online banking over the past few years has risen owing to the rapid increase in the availability of supporting platforms, digitization, and services provided at no cost. Moreover, there is a rapid advancement and adaptation of new technologies by the FinTech players, and all these are highly supported by government initiatives towards digitization, and cashless economy, etc. The shift of customer base from traditional banking methods to digital platforms is expected to drive the India FinTech Transactions Market through FY2027.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India FinTech Transactions Market By Payment Modes (Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others), By Services (Payments, Fund transfer, Personal Finance, Loans, Insurance & Others), By Application (Banking, Insurance, Securities & Others), By Region, By Top 10 States, Competition, Forecast & Opportunities, FY2017-FY2027” has evaluated the future growth potential of India FinTech Transactions Market by providing the statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India FinTech Transactions Market.
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