India’s fintech sector has seen unprecedented investment, totaling $31 billion over the past decade, according to the country’s Prime Minister Narendra Modi.
At the Global Fintech Fest 2024, which wrapped on Friday in Mumbai, Modi noted that startups in this field have surged by 500 percent, WAM reported.
Read more: India’s foreign exchange reserves climb to $674.66 billion
He highlighted that the proliferation of affordable smartphones, low-cost data, and a vigorous effort to integrate more Indians into the commercial banking system have transformed the landscape of financial technology across the nation.
Modi noted that the number of broadband users in India had surged from 60 million to 940 million over the past ten years. He also mentioned that more than 530 million individuals had opened new bank accounts, pointing out that since 2014, a population comparable to that of the entire European Union had been connected to commercial banking services.
India’s fintech landscape
India has become a leading fintech economy, showcasing innovations like paperless lending, mobile banking, and secure payment gateways. Key growth areas include:
- Financial inclusion: Startups create affordable, accessible products for underserved customers, utilizing low-cost technology and digital-only banks.
- Financial literacy: fintech firms educate users on finance through practical learning, covering topics like accounting and cash flow analysis.
- Insurance: InsureTech startups are transforming consumer behavior and attracting significant investment with innovative distribution models.
Besides, companies like Naffa Innovations and Umbo Idtech highlight India’s thriving fintech landscape. The sector continues to gain global attention, supported by initiatives from Startup India.
For more news on technology, click here.
