According to Minister of State for Finance Pankaj Chaudhary, the rise of Indian fintech firms has been exponential, and the sector is predicted to reach a valuation of USD 150 billion by 2025. Chaudhary said fintech has emerged as one of India’s fastest-growing areas, attracting increased attention from all stakeholders, both within and beyond the nation, at a conference organised by industry association Assocham.

“While the bulk of Indian fintech businesses is under a decade old, their success and growth over the last few years have been exponential.”

By 2025, the Indian fintech sector is estimated to be worth USD 150 billion, according to the ministry. According to him, India’s fintech acceptance rate is 87 percent, compared to 64 percent globally.

According to UIDAI CEO Saurabh Garg, the Aadhaar Enabled Payment System has revolutionized banking by eliminating the requirement for a physical branch. He stated that the technology is being used by more than 50 lakh banking correspondents throughout the country to conduct “cash-in cash-out” transactions. He also stated that Aadhaar allows clients to be easily onboarded.

By 2025, the Indian fintech sector is estimated to be worth USD 150 billion, according to the ministry. According to him, India’s fintech acceptance rate is 87 percent, compared to 64 percent globally.

According to UIDAI CEO Saurabh Garg, the Aadhaar Enabled Payment System has revolutionized banking by eliminating the requirement for a physical branch. He stated that the technology is being used by more than 50 lakh banking correspondents throughout the country to conduct “cash-in cash-out” transactions. He also stated that Aadhaar allows clients to be easily onboarded.

Ambarish Kenghe, Google Pay’s Vice President of Product, stated that the Unified Payments Interface (UPI) has made transactions simple for individuals and that the technology is effective because of the different partnerships that have been established to implement it. “Success is impossible without collaboration. We consider it a zero-sum game. Fintech, in particular, has been a victim of this. There has been discussion regarding who is competing against whom, as well as who will eat, who will have lunch, and so on.

“But, to return to Indian philosophy, the entire planet is my family. The fact is that systems like UPI are made safer by a diverse ecology of participants working together toward a common purpose “Kenghe said According to Paytm Vice President Dharmender Jhamb, the fast growth of the fintech industry has contributed to the government’s digitization aim of reaching more than 3,000 cities by 2025.