Startup culture in India is picking up steam, and along with it is a new buzzword gaining huge interest which is fintech. India’s fintech industry has reached its peak and no one wants to miss out on this new lucrative field. Many private players are entering the market, and the government is supporting these endeavors, contributing to growth and success.
When it comes to size, how big is the fintech industry?
There are more than 2000 fintech companies in India right now and, according to economic times, the market capital totals up to 31 billion dollars in 2021.
Numerous factors play into this rapid growth. Digital money is among the biggest contributors because of government initiatives to improve the online infrastructure and raise awareness. Millions of individuals have started using online banking in India since the introduction of digital wallets and UPI (Unified Payment Interface). This has contributed to the expansion of the Fintech industry in India.
With these new technological advancements, it has become very convenient for people to do everyday banking activities easily and worry-free. Over physical financial institutions, these fintech companies have the upper hand…
