India has a diversified financial sector undergoing rapid elaboration, both in terms of strong growth of existing financial services firms and new entities entering the market. The sector is incorporate commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds, mutual funds and other smaller financial entities.
Due to internet revolution and the mobile internet/smartphone revolution, growth in financial technology is explosively and Financial Technology, which traditionally preferred to computer technology applied in banks or trading firms, now a broad variety of technological interventions into personal and commercial finance.
The analyst estimates the demand for FinTech services to grow with CAGR of 25% to 30% during the forecast period of 2019 to 2025. India has experienced the emergence of numerous FinTech start-ups, accelerators and incubators over the last few years. India has everything going for it to establish itself as a global FinTech hub. The growth of the fintech market is aided by several key factors such as India’s booming economic growth, large population, Customers’ preference for digital experience, access to right talent, government backing and the quickly developing digital infrastructure and Fintech market potentially touching US$ 2.4 billion by 2020.