India FinTech Transactions Market

India FinTech Transactions Market: Strategies for New Players

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Browse 28 Figures spread through 110 Pages and an in-depth TOC on India FinTech Transactions Market.”

As per the TechSci Research report titled “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 anticipated to surpass USD 8384.48 billion by FY2027, exhibiting a remarkable CAGR of 49.13%. This growth is attributed to robust government initiatives promoting a cashless economy, and fostering various technology-enabled digital payment services. The vision of a ‘Cashless Bharat’ has spurred the adoption of FinTech products among consumers, driven by personalized services and enhanced digital customer experiences. Initiatives like the Bharat Bill Payment System (BBPS) have further accelerated adoption rates, providing seamless online bill payment services.

Techsci Report: 

The market segmentation encompasses payment modes, services, applications, and regions. Payment Interfaces emerged as the largest segment in FY2021, chiefly due to the convenience and ease of digital payments facilitated by the Unified Payments Interface (UPI). UPI integrates multiple bank accounts into a single mobile application, streamlining fund routing and merchant payments. In terms of services, Payments led the market in FY2021, propelled by smartphone proliferation, e-commerce growth, and government incentives for digital payments. Moreover, advancements in mobile applications and technologies like Artificial Intelligence and Data Analytics are expected to fuel growth in sectors such as insurance and personal finance.

Banking applications currently lead the market, driven by rising internet penetration and the proliferation of payment apps, facilitating hassle-free fund transfers. The Insurance segment is forecasted to witness the fastest growth, supported by the launch of on-demand digital insurance products by financial institutions.

Report Scope:

In this report, the India FinTech Transactions Market has been segmented into the following categories in addition to the industry trends which have also been listed below:

  • India FinTech Transactions Market, By Payment Modes:

o   Payment Interfaces

o   Payment Gateways

o   PoS Terminals

o   Prepaid Payment Instruments

o   Remittance

o   Others

  • India FinTech Transactions Market, By Services:

o   Payments

o   Fund Transfer

o   Personal Finance

o   Loans

o   Insurance

o   Others

  • India FinTech Transactions Market, By Application:

o   Banking

o   Insurance

o   Security

o   Others

  • India FinTech Transactions Market, By Region:

o   South

o   North

o   West

o   East

  • India FinTech Transactions Market, By Top 10 States:

o   Maharashtra

o   Tamil Nadu

o   Karnataka

o   Kerala

o   Andhra Pradesh

o   Delhi

o   Uttar Pradesh

o   Gujarat

o   Telangana

o   West Bengal

o   Others  

Regionally, the southern region dominated the market in FY2021, attributed to the concentration of start-up companies and high customer satisfaction levels. The northern region is poised for rapid growth until FY2027, fueled by emerging start-ups and increasing consumer adoption of FinTech technologies.

Key India FinTech Transactions Market Players:

  • PhonePe Private Limited
  • Google India Digital Services Private Limited (GooglePay)
  • Paytm
  • BHIM App (National Payments Corporation of India)
  • Amazon Pay (India) Private Limited
  • Pine Labs Pvt. Ltd.
  • Mswipe Technologies Private Limited
  • Razorpay Software Private Limited
  • Billdesk ( Limited)
  • Lendingkart Finance Limited
  • Policybazaar Insurance Brokers Private Limited
  • Zerodha Broking Ltd.
  • State Bank of India (YONO)
  • Dhani Services Limited

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These companies prioritize technology adaptation, innovation, data security, and market expansion through product enhancements, mergers, and collaborations to bolster their market share.

Mr. Karan Chechi, Research Director at TechSci Research, emphasizes the shift in consumer preferences from traditional to online banking, driven by platform availability, digitization, and free services. Government initiatives supporting digitization and a cashless economy, coupled with FinTech players’ rapid technological advancements, are poised to propel the India FinTech Transactions Market through FY2027.

In conclusion, the report provides comprehensive insights into the future growth potential of the India FinTech Transactions Market, offering statistics, market structure analysis, and forecasts. It aims to equip decision-makers with actionable market intelligence, identifying emerging trends, drivers, challenges, and opportunities in the FinTech sector.

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