Indian FinTech industry projected to reach $420 bn by 2029

The government's push towards a digital economy, coupled with a young and tech-savvy population, is likely to propel the fintech sector to new heights, Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, National Payments Corporation of India, said.

The Indian fintech industry is estimated to be around USD 110 billion in 2024 and its projected to reach about USD 420 billion by 2029, Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, National Payments Corporation of India, said.

The sector, he said, is expected to continue to grow due to factors like favourable policies of the government.

The government's push towards a digital economy, coupled with a young and tech-savvy population, is likely to propel the fintech sector to new heights, he added.

"As of 2024, Indian FinTech Industry is estimated to be around USD 110 billion and by 2029, it is projected to reach an impressive number of around 420 billion at a cumulative annual growth rate of 31 per cent," industry chamber Assocham said in a statement, quoting Choudhary.

It said the advent of the fintech ecosystem, driven by technology-linked innovation, has revolutionised traditional financial services and led to improvement in the efficiency of delivery of financial products and services.