Owing to several initiatives taken by the government, the fintech sector is set to witness three-times growth in terms of value by 2025 to reach Rs 6,20,700 crore. This was stated by Minister of State for Finance Bhagwat Karad, who was addressing a virtual event organised by industry body Assocham.
"In 2019 India's fintech market was valued at Rs 1,92,000 crore. By 2025, it is expected to grow into a Rs 6,20,700 crore market. Skilled workforce and technological enormity in India makes it a great destination to develop financial technology," he said.
The junior minister for finance added that India has been on top of the rankings in terms of digital transactions, which have crossed more than 25 billion.
Referring to the fintech ecosystem available in the country, Mr Karad said that access to bank accounts under the Pradhan Mantri Jan Dhan Yojana, digilockers and scalable platforms including UPI provide a lot of scope to the financial market.
"The government is making efforts to build a strong and safe technology ecosystem and we are confident that the public private partners will increase financial inclusion and provide modern financial services for all Indians," the minister said.
Financial Inclusion has also played an important role during the pandemic for cash transfer to poor and vulnerable sections of society, he added.