New Delhi: According to Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director of National Payments Corporation of India, the fintech sector in India is expected to generate approximately USD 110 billion in revenue in 2024 and grow to approximately USD 420 billion by 2029.
He stated that the industry is anticipated to keep expanding because of things like the government's
supportive policies.
The populace is youthful and tech-savvy, and the government's aim for a digital economy would probably lead to the fintech industry reaching new heights, he continued.
Industry chamber Assocham quoted Choudhary in saying, "As of 2024, the Indian FinTech Industry is estimated to be around USD 110 billion and by 2029, it is projected to reach an impressive number of around 420 billion at a cumulative annual growth rate of 31 per cent."
According to the statement, the emergence of the fintech ecosystem, propelled by innovation connected to technology, has transformed conventional financial services and enhanced the effectiveness of financial product and service delivery.
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