India Fintech Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Indian Fintech Market is segmented by type (Digital Payments, Personal Finance, and Alternative Lending) and by Application (E-commerce, Utilities, Travel, and Other Applications). The report offers market size and forecasts for the India Fintech Market in value (USD Million) for all the above segments.

India Fintech Market Size

India Fintech Market Summary
Study Period: 2018-2028
CAGR: > 10 %

Major Players

India Fintech Market Major Players

*Disclaimer: Major Players sorted in no particular order


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India Fintech Market Analysis

The India fintech market is poised to grow at a CAGR of more than 10% during the forecast period.

The COVID-19 pandemic positively impacted the overall fintech market in India. This was mainly due to the lockdowns imposed by the government and restrictions on movement across the country. The dependency on online payment methods, e-commerce, and others grew exponentially during 2020 and 2021. Additionally, the trend continued into 2021 and 2022 as people realized the ease of online financial management over physical methods.

The Indian fintech industry has shown massive growth over the past few years. India is gradually becoming a hub for many Fintech startups. The prominent names in the list are Paytm, Pine Labs, PayU, and Faircent. SoftBank has been actively investing in many potential fintech startups. Government initiative toward promoting the digitization of financial systems and a cashless economy has helped shift consumer focus toward digital alternatives for financial transactions and services.

Funding from diverse domestic and international stakeholders also contributed to the growth in digital payments. The rise of digital commerce, innovation in payment technology using AI, blockchain, the Internet of Things (IoT), real-time prices, and the introduction of mobile point of sale (POS) devices have also contributed to growth. 80% of the banking activities at top banks in the country run on digital channels; the country also has remittance programs that include FXNetworks, InstaReM, and Remitly. Many of these companies launch innovation labs, partnering with fintech firms to develop Proof of Concept (POC) and roll out products. Reserve Bank of India helps finance startups with loans for technology, while the government approved new banking licenses and increased the FDI limit in the insurtech sector.

India Fintech Industry Segmentation

This report aims to provide a detailed analysis of the Indian Fintech market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights into various product and application types. Also, it analyses the key players and the competitive landscape in the Indian Fintech market. The Indian Fintech Market is segmented by type (Digital Payments, Personal Finance, and Alternative Lending) and by Application (E-commerce, Utilities, Travel, and Other Applications). The report offers market size and forecasts for the India Fintech Market in value (USD Million) for all the above segments.

Digital Payments
Alternative Lending
Personal Finance

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India Fintech Market Trends

Increase in Mobile Banking Payments is Surging the Growth of the Market

Digital payments are rapidly growing across India. The increase in digital payments and wallets triggered after demonetization in 2016 and continued to run the payments landscape in the country. India is one of the largest markets in the world for mobile phones. The government's initiative for a cashless economy boosts the digital payments scenario in the country. This exponential growth of the digital payment sector is driven by multiple factors, including convenience to pay, the ever-growing smartphone penetration, the rise of non-banking payment institutions (payments banks, digital wallets, etc.), progressive regulatory policies, and increasing consumer readiness to the digital payment platform. Another key driver of digital payments is positive policy framework changes and government initiatives, like the launch of new payment systems, like - UPI, Aadhar linked electronic payments, and digital infrastructure improvement.

India Fintech Market: Mobile Banking Payment in India, In Crore, 2021-2022

Increase in Fintech Deals in Indian Startups is Boosting the Market

Indian startups in the edutech space received about 15% of the total funding in 2021. These two sectors received nearly 30% of the total funding during that time, along with about 13% for Fintech startups. The number of Fintech deals has increased in the country. In the second quarter of 2019, India witnessed 23 deals and China 15 deals in the same period. Some of the large Indian Fintech deals in 2019 are payment firm Razor Pay raised USD 75 million in June by Sequoia and Ribbit Capital and a digital insurance startup Acko raised USD 65 million from Binny Bansal (Co-Founder of Flipkart), SAIF Partners, and others. Investors have invested more than USD 13.3 billion in Fintech companies since 2014 in India.

India Fintech Market: Share of Start-up Funding Value in India in 2021, by Sector

India Fintech Industry Overview

The report covers the major players operating in the Indian Fintech market. The Indian Fintech market is fragmented due to the increase in the number of startups in the Fintech market. Fintech startups, funded by global investors, are actively participating in the market competition and giving challenges to established market players in India. Government initiatives toward a cashless economy, smartphone penetration, and many other factors drive the market. Companies including Paytm, MobiKwik, Policy Bazaar, PayU, and Kissht, among others, have been profiled in the report.

India Fintech Market Leaders

  1. Paytm

  2. MobiKwik

  3. Policy Bazaar

  4. PayU

  5. Kissht

*Disclaimer: Major Players sorted in no particular order

India Fintech Market Concentration

India Fintech Market News

  • November 2022: The Hyderabad-based SaaS business CreditVidya was purchased by Bengaluru-based financial unicorn CRED in a deal including cash and stock. The value of the agreement has not been made public by the companies.
  • October 2022: The Indian government proposed the agenda for setting up 75 digital banking units in 75 different country districts by scheduled commercial banks. The plan was presented during the country's 75th Independence Day. These DBUs will offer various services, including debit and credit cards, current accounts, mobile and internet banking, digital kits, and other products for merchants and customers.

India Fintech Market Report - Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Impact of COVID-19 on the Market


    1. 5.1 Application

      1. 5.1.1 E-Commerce

      2. 5.1.2 Utilities

      3. 5.1.3 Travel

    2. 5.2 Type

      1. 5.2.1 Digital Payments

      2. 5.2.2 Alternative Lending

      3. 5.2.3 Personal Finance


    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Paytm

      2. 6.2.2 MobiKwik

      3. 6.2.3 Policy Bazaar

      4. 6.2.4 PayU

      5. 6.2.5 Kissht

      6. 6.2.6 Shubh Loans

      7. 6.2.7 Lending Kart

      8. 6.2.8 Phonepe

      9. 6.2.9 Faircent

      10. 6.2.10 ET money*

    3. *List Not Exhaustive

  8. 8. APPENDIX

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India Fintech Market Research FAQs

The India Fintech Market is studied from 2018 - 2028.

The India Fintech Market is growing at a CAGR of >10% over the next 5 years.

Paytm, MobiKwik, Policy Bazaar, PayU, Kissht are the major companies operating in India Fintech Market.

India Fintech Industry Report

Statistics for the 2023 India Fintech market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Fintech analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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