India's fintech sector is poised for significant growth, projected to reach $420 billion by 2029, according to Ajay Kumar Choudhary of the National Payments Corporation of India (NPCI). This ambitious target reflects a compound annual growth rate (CAGR) of 31%.
The sector's expansion is driven by the rapid adoption of digital payment platforms like UPI, which has already seen widespread use domestically and internationally. The Indian fintech ecosystem, bolstered by government policies, a young tech-savvy population, and robust public-private partnerships, is set to achieve an impressive 1 billion UPI transactions per day in the coming years. This growth highlights India's position as a global fintech leader and its potential to attract significant investment and innovation in the digital finance space.
