India’s fintech market will reach $1 trillion by 2030, says Chief Economic Advisor

According to Dr V. Anantha Nageswaran, the Chief Economic Advisor of India, India’s fintech market will reach $1 trillion by 2030 from $31 billion in 2021.

According to Chief Economic Advisor Dr V. Anantha Nageswaran, India’s fintech market will reach $1 trillion by 2030 from $31 billion in 2021.

He spoke at the “Global Fintech Fest 2022” (GFF 2022) and noted that there has been a shift in investment distribution across all sectors, including insurtech, wealthech, etc.

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“We are talking to bridge the digital divide as well as the economic divide. Nageswaran explained that the current focus is on the technology-finance combination, which enables access to financing and other opportunities.

The next wave of the fintech industry could see cash flow lending to MSMEs through Account Aggregator and UPI, as well as Open Credit Enablement Networks (OCEN).

Nageswaran stated that the potential lending of $3 trillion in 2013 will be based upon GST invoices and bank statements available through Account Aggregator and banks adopting OCEN.

Praveena Rai (COO), National Payments Corporation of India, spoke out about the obstacles and drivers that prevent digital payments from growing for the next half a million users. She stated that digital payments are available for all, regardless of where they are made.

Rai stated that “Everyone” challenges us because it must address the greatest barriers, such as affordability, access to identity and literacy, as we expand our market and user base.

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