Fintech Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers the Market Share of Fintech Companies in India and is Segmented by Service Proposition (Money Transfer and Payments, Savings and Investments, Digital Lending and Lending Marketplaces, Online Insurance and Insurance Marketplaces, And Other Service Propositions) and 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

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India Fintech Market Summary
Study Period 2020- 2029
Base Year For Estimation 2023
Market Size (2024) USD 111.14 Billion
Market Size (2029) USD 421.48 Billion
CAGR (2024 - 2029) 30.55 %
Market Concentration Low

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 size is estimated at USD 111.14 billion in 2024, and is expected to reach USD 421.48 billion by 2029, growing at a CAGR of 30.55% during the forecast period (2024-2029).

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 initiatives toward promoting the digitization of financial systems and a cashless economy have 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.

Key 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 was triggered after demonetization and continues to run the payment landscape in the country. One of the world's biggest markets for mobile phones is India. 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.

India Fintech Market: Transaction Value of Digital Payments, In USD Billion, India, 2020-2023

Increase in Fintech Deals in Indian Startups is Boosting the Market

Indian fintech startups are making waves in the industry with their innovative solutions. They are leveraging technology to provide convenient and accessible financial services to a wide range of users. Indian fintech startups have made a significant impact on digital payments. With the adoption of a cashless economy and the rise of mobile payments, startups like Paytm and PhonePe have gained immense popularity. Lending platforms like Lendingkart and Capital Float are revolutionizing the way small businesses access credit. These startups are not only attracting investments but also collaborating with traditional financial institutions to expand their reach and offerings. The growth of Indian fintech startups is boosting the overall fintech industry by driving innovation, creating jobs, and improving financial inclusion.

India Fintech Market: Leading Start-up Sectors, By Funding, In USD Millions, India, 2023

India Fintech Industry Overview

The India Fintech Market is fragmented, with many players. 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

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India Fintech Market News

  • September 2023: PayU, an Indian payments company, partnered with WhatsApp to considerably improve Indians' purchasing experience.
  • November 2022: The Hyderabad-based SaaS business CreditVidya was acquired by Bengaluru-based financial unicorn CRED in a deal that included cash and stock. The value of the agreement has not been made public by the companies.

India Fintech Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Demand for Digital Services

      2. 4.2.2 Rapid Advancement in Technology is Driving the Market

    3. 4.3 Market Restraints

      1. 4.3.1 Concerns about Data Security and Privacy

    4. 4.4 Market Opportunities

      1. 4.4.1 Rise of Blockchain Technology is Creating an Opportunity

    5. 4.5 Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insights on Technological Innovations in the Market

    7. 4.7 Impact of COVID-19 on the Market


    1. 5.1 By Service Proposition

      1. 5.1.1 Money Transfer and Payments

      2. 5.1.2 Savings and Investments

      3. 5.1.3 Digital Lending and Lending Marketplaces

      4. 5.1.4 Online Insurance and Insurance Marketplaces

    2. 5.2 By Application

      1. 5.2.1 E-Commerce

      2. 5.2.2 Utilities

      3. 5.2.3 Travel


    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 Indsutry Segmentation

The term "fintech," which is an acronym for "financial technology," refers to businesses that use cutting-edge technology to offer financial services competitively with more established economic models. 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. It also analyses the key players and the competitive landscape in the Indian Fintech market. The Indian fintech market is segmented by service proposition, including money transfer and payments, savings and investments, digital lending and lending marketplaces, online insurance, and insurance marketplaces, and by application, including e-commerce, utilities, and travel. The report offers market size and forecasts for the India fintech market in value (USD) for all the above segments.

By Service Proposition
Money Transfer and Payments
Savings and Investments
Digital Lending and Lending Marketplaces
Online Insurance and Insurance Marketplaces
By Application
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India Fintech Market Research FAQs

The India Fintech Market size is expected to reach USD 111.14 billion in 2024 and grow at a CAGR of 30.55% to reach USD 421.48 billion by 2029.

In 2024, the India Fintech Market size is expected to reach USD 111.14 billion.

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

In 2023, the India Fintech Market size was estimated at USD 77.19 billion. The report covers the India Fintech Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Fintech Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The key trends in the India Fintech Market are a) Increasing application of fintech due to rising mobile phone adoption and internet penetration b) Widespread utilization of mobile-based payment platforms c) Growing popularity of peer-to-peer (P2P) lending platforms d) Increasing use of robot-advisors and insurance technology (insurtech) e) Growing regulations to ensure consumer protection, data security, and healthy competition

The different segments covered in the India Fintech Market Report are a) Deployment Mode: On-premises and Cloud-based b) Technology: Application Programming Interface, Artificial Intelligence, Blockchain, Robotic Process Automation and Data Analytics c) Application: Payment and Fund Transfer, Loans, Insurance and Personal Finance and Wealth Management d) End User: Banking, Insurance and Securities

India Fintech Industry Report

The India fintech market is experiencing robust growth, driven by the integration of advanced technologies such as artificial intelligence, blockchain, and data analytics across various applications including payments, loans, insurance, and wealth management. Cloud-based solutions are gaining prominence in the fintech sector in India due to their scalability and cost-effectiveness, with widespread adoption across banking, insurance, and securities. This growth is supported by government initiatives promoting digitalization and financial inclusion. A comprehensive regional analysis shows a significant uptake of fintech solutions across the country, enhancing market dynamics. The competitive landscape among fintech companies in India is vibrant with continuous innovations and strategic activities that propel market growth, ensuring the fintech ecosystem remains dynamic and responsive to a diverse consumer base. For detailed statistics on market share, size, and revenue growth rate of the fintech market size in India, refer to Mordor Intelligence™ Industry Reports, which include market forecasts, historical overviews, and a free report PDF download available as a sample of this industry analysis.

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Fintech Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)