India’s fintech market to triple to Rs 6.2 trn by 2025: MoS Finance Karad

The government’s various initiatives have led to fast growth in the fintech sector, which is likely to triple to Rs 6,20,700 crore in value terms by 2025, Minister of State for Finance Bhagwat K Karad said on Wednesday.

Highlighting that India is a leader in adopting financial technology among emerging markets, he said, the country had an adoption rate of 87 per cent in March 2020, as compared to the global average of 64 per cent.

“In 2019 India’s fintech market was valued at Rs 1,920 billion. By 2025, it is expected to grow into a Rs 6,207 billion market. Skilled workforce and technological enormity in India makes it a great destination to develop financial technology,” he said while addressing a virtual event organised by Assocham.