As India’s fintech landscape continues to experience unprecedented growth, it is not only transforming the financial sector but also advancing sustainability
Fintech, or financial technology, is revolutionising the financial sector by expanding accessibility, reducing costs, and boosting efficiency while fostering an equitable financial environment. It has assisted in overcoming the shortcomings of traditional financial services. India is presently witnessing a fintech transformation marked by an impressive growth trajectory. With a market size of $50 billion in 2021, it is expected to surge to $150 billion by 2025. It boasts 17 Fintech Unicorns, making it the third largest fintech ecosystem globally.
The regulatory landscape is robust, with the government’s initiatives and support in mobile connectivity; policies like Direct Benefit Transfer and Atal Pension Yojna have accelerated the digital revolution, bringing citizens, especially in rural areas within the digital financial services domain. The Reserve Bank of India (RBI) Payments Vision 2025 outlines ambitious goals including a substantial increase in digital and payment transactions. The fast expansion of Fintech puts forth optimistic growth numbers, it can also be pivotal in advancing sustainability by leveraging digital innovations to promote environmentally and socially responsible financial practices.