India is one of the fastest-growing FinTech markets in the world.
With a FinTech adoption rate of 87% against the global average of 64%, More than 6,636 FinTech start-ups in India meant that the industry had a market size of $50 billion in 2021, and it is estimated to reach $150 billion by 2025.
India still has the second largest population without access to banking services with 190 million unbanked people. Therefore, there is a need to extend technology-based financial services across the length and breadth of the country in a secured manner.
In FY22, India’s Fintech sector received $8.53 billion in investment (in 278 deals). India’s Unified Payments Interface (UPI) had 313 banks participating as of March 2022, resulting in 5.4 billion monthly transactions totaling approximately $ 128 billion. These statistics reveals the rapid expansion of the FinTech sector and depict the huge job opportunities available for skilled individuals who have a deep understanding of the technical aspects of the industry (The Economic Times, 22 June 2022).