Indian Fintech Market Insights, 2020 - Digital Transactions Volume Has Declined due to COVID-19, Severely Affecting the Market - ResearchAndMarkets.com

▤ Summary

As of March 2020, India, alongside China, accounted for the highest fintech adoption rate (87%), out of all the emerging markets in the world. Initiatives undertaken by the government to drive digitization like demonetization, Jan Dhan Yojana, Aadhaar and Unified Payment Interface (UPI) have further contributed to the growth of the industry. However, lack of consumers trust on digital modes of payment, and the rising threat of cyber and data security are impeding market growth. Further, the industry is witnessing increased application of artificial intelligence (AI) and Big Data for enhancing personalized offerings. In terms of investment, PayTM, Cred, Acko, InCred Finance and BharatPe emerged as the top five fintech players in 2019.

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