Fintech has potential to transform India’s financial landscape: MoS Finance

Pankaj Chowdhary, Minister of State for Finance expressed confidence in industry estimates of the Fintech market to reach $150 billion by 2025, as he inaugurated Assocham’s International Fintech Festival here on Wednesday. This is five times the industry’s current market size of about $31 billion according to the latest estimates.

Choudhary stressed the need to bridge the digital divide and promote broad-based customer participation. “With adoption rate at 87 per cent against the global average of 64 per cent, Fintech has the potential to fundamentally transform the financial landscape, provide consumers with a greater variety of financial products at competitive prices and improve efficiency,” he said.