India's Fintech Market To Triple To Rs 6.2 Lakh Cr By 2025: Bhagwat Karad

Bhagwat K Karad, Minister of State for Finance, on Wednesday said that central government policies have resulted in fast growth in the fintech sector, which is expected to triple to Rs 6,20,700 crore in value by 2025. 

He said that India is a leader when it comes to adopting financial technology in emerging markets. He also said that India had an 87 per cent adoption rate in March 2020, if we compared it to the global average of 64 per cent 

"In 2019 India's fintech market was valued at Rs 1,920 billion. By 2025, it is expected to grow into a Rs 6,207 billion market. Skilled workforce and technological enormity in India makes it a great destination to develop financial technology," he said while addressing a virtual event organized by Assocham. 

He further said that India has been ranked number one in terms of digital transactions and the total digital transactions have crossed 25 billion. 

India provides a great ecosystem for Fintech development like access to bank accounts under the PM Jandhan Yojana, digilockers, and scalable platforms including UPI.

"The government is making efforts to build a strong and safe technology ecosystem and we are confident that the public-private partners will increase financial inclusion and provide modern financial services for all Indians," he said.

Talking about modern technology and how it can be the most powerful tool to increase financial inclusion, he said, it has been demonstrated during the pandemic period as seamless cash transfers into crores of accounts was done with a click of a button.

Meanwhile, he said that Financial Inclusion has also acted as an important factor during the coronavirus pandemic for cash transfer to poor and vulnerable sections of society.  

(With PTI inputs)