India's fintech industry is projected to reach US$ 420 bn by 2029 at a CAGR of 31%

The Indian fintech industry, as projected by Non-Executive Chairman and Independent Director of the National Payments Corporation of India, Mr. Ajay Kumar Choudhary, is anticipated to grow significantly. In 2024, it stands at approximately US$ 110 billion. It is expected to reach around US$ 420 billion by 2029, reflecting a cumulative annual growth rate of 31%. He attributed this growth to favourable government policies promoting digital economy initiatives, complemented by a youthful and technology-savvy demographic.

According to industry chamber Assocham, the fintech sector's expansion is driven by technological innovations transforming traditional financial services. This evolution has notably enhanced the efficiency of financial product delivery and service provision.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.