India’s fintech sector can buck global headwinds

A global bull run in fintech that started over a decade ago is facing a perfect storm. As recessionary fears stalk the world, as interest rates climb and quantitative tightening becomes the norm, the era of dubious business models and reckless unprofitable growth seems to be coming to an end.

But despite headwinds in global fintech, India appears poised to strengthen its position. Thanks to critical path-breaking innovations such as the Unified Payment Interface (UPI) and the e-Rupee (CBDC), Indian fintech is estimated by EY to grow at a CAGR of 31 per cent and reach $1.3 trillion by 2025, with a secular rise across digital payments, digital lending, insur-tech, retail investing, neo-banking, and embedded finance.

This presumption of growth is supported by near-ubiquitous access to affordable smartphones, no-frills bank accounts, national digital identity management, and frictionless acceptance based on QR codes, all acting in tandem. Today, one in five unicorns in India are fintech firms, but only one in 15 global fintech unicorns are Indian. Furthermore, RBI’s Financial Inclusion Index, which measures financial inclusion in India by way of access, usage, and quality stands at a mere 56.4 out of 100. The opportunity to accelerate the democratisation of financial access therefore appears unlimited.

 

Read the full article here https://www.thehindubusinessline.com/opinion/indias-fintech-sector-can-buck-global-headwinds/article66664710.ece

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