Indian Fintech Revenues Projected To Hit $190 Billion By 2030
Indian fintechs' revenue will reach $190 billion by 2030, accounting for over 20% of all banking revenues, according to a report by consulting firm Boston Consulting Group.
Globally, India ranks third in terms of the number of fintechs and fintech unicorns, the report said. The report stated that Indian fintechs achieved a 50% revenue growth rate in 2023 and expect this growth trajectory to continue.
The digital public infrastructure (DPI) 1.0 (Aadhaar, UPI, etc.) laid the foundation of the fintech ecosystem in India. The next wave of growth will be powered by DPI 2.0 (e.g., ONDC, National Health Stack, etc.) and DPI 3.0: AI-driven Digital Public Intelligence, the report said.
The global fintech sector is on track to achieving $1.5 trillion in revenues by 2030. The AsiaPacific (APAC) and North American (NAMR) regions are primarily driving this growth, generating revenues three times higher than the next set of regions by 2030.
The report further said that 80% of surveyed fintech CxOs believe that higher scale is critical for profitability in India, but “profitable and compliant growth” is the new mantra rather than unbridled growth.
Indian fintechs are demonstrating a path to profitability earlier than what was expected 2-3 years ago. As the industry matures, a collaborative regulatory framework that supports innovation while safeguarding systemic risks will be crucial in shaping the future of finance. Creation of a Fintech SRO1 will be a key step in this direction.
Founders are increasingly looking to leverage critical and emerging technologies. Generative AI and API-based open architecture are seen as key drivers of future growth, with applications ranging from customer service automation to fraud detection. Fintechs are increasingly exploring strategic international expansion.
At least 25% of Indian fintechs have more than one-quarter of their revenues from international markets. Middle East and Southeast Asia East are top choices for international expansion for Indian CxOs, said the report.
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