India FinTech Transactions Market By Payment Modes (Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others), By Services (Payments, Fund transfer, Personal Finance, Loans, Insurance & Others), By Application (Banking, Insurance, Securities & Others), By Region, By Top 10 States, Competition Forecast & Opportunities, 2017-2027

Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format

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India FinTech Transactions Market By Payment Modes (Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others), By Services (Payments, Fund transfer, Personal Finance, Loans, Insurance & Others), By Application (Banking, Insurance, Securities & Others), By Region, By Top 10 States, Competition Forecast & Opportunities, 2017-2027

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India FinTech transactions market stood at USD766.90 billion in FY2021 and is forecast to grow at a CAGR of 49.13% through FY2027 as advancements in financial technologies, digital enhancements have brought significant changes in the money regulation industry of the country.

This advancement has reduced the cost which has led new players to enter the market. These services are found at at a very low cost or for free to the customers, which has led to a huge growth in the market. The advancement of technology has become the key enabler of e-commerce which is expected to boost the India FinTech transactions market in the forecast period as online payment modes are mostly used in the digital shopping platform. Consumers have transferred to net banking and other digital payment facilities to avail products including essential goods, groceries, electronics, clothing, medications, education related expenditures, and others. Moreover, the digital India campaign is increasing the use of digital payments in brick & mortar retailers including roadside vendors and small shops. All these factors are expected to drive the growth of the India FinTech transaction market. The COVID-19 pandemic has accelerated the digital transformation, as the physical interactions are getting replaced through digital connectivity among the users which has given a boost to provide the financial services digitally to the end customers. A strong push from the government is anticipated to act as a key enabler for the growth of the India FinTech transactions market.

India FinTech transactions market can be segregated into payment modes, services, applications and regions. Based on payment modes, the market can be divided into Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others. Out of these, payment interfaces segment held the largest market share of 69.99% in FY2021 as these payment models allow users to use their smartphones as a virtual debit card that has made the sending and receiving of money instant. Moreover, the concept of QR codes has removed the use of digital wallets altogether.

In terms of services, the market can be segmented into Payments, Fund transfer, Personal Finance, Loans, Insurance & Others. Payment services has dominated the market in 2021 as digital payments are widely accepted among all end users as compared to other financial services such as personal finance, loans, insurance, etc. Moreover, the risk and challenges associated with carrying a large amount of cash are shifting the preference of consumers towards digital payment methods. Merchants are also adopting online acceptance of payments owing to governmental steps such as demonetization, GST, etc.

India FinTech transactions market based on application can be segmented into Banking, Insurance, Securities & Others. The banking applications had a mar

Major players leading in the India FinTech Transactions market are PhonePe Private Limited, Google India Digital Services Private Limited (GooglePay), One97 Communications Limited (Paytm), National Payments Corporation of India (NPIC)(BHIM App), Amazon Pay (India) Private Limited, ONE MOBIKWIK SYSTEMS LIMITED, Pine Labs Pvt. Ltd., Mswipe Technologies Private Limited, Razorpay Software Private Limited , IndiaIdeas.com Limited (Billdesk), Lendingkart Finance Limited, Policybazaar Insurance Brokers Private Limited, Zerodha Broking Ltd., State Bank of India (YONO), and Dhani Services Limited, etc. The top companies operating in the market are focusing on higher security data storage, in-house services, and expansion of sources to increase their shares in the market.

Years considered for this report

Historical YearsFY2017-FY2021

Base YearFY2021

Estimated YearFY2022

Forecast PeriodFY2023-FY2027

The Objective of the Study

  • To analyze the historical growth in the market size of India FinTech Transactions Market from FY2017 to FY2021.
  • To estimate and forecast the market size of the India FinTech Transactions Market from FY2022 to FY2027 and growth rate until FY2027.
  • To classify and forecast India FinTech Transactions Market based on payment mode, services, and application.
  • To identify the dominant region or segment in the India FinTech Transactions Market
  • To identify drivers and challenges for India FinTech Transactions Market
  • To identify and analyze the profile of leading players operating in the India FinTech Transactions Market
  • To identify key sustainable strategies adopted by market players in the India FinTech Transactions Market

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MIR performed both primary as well as exhaustive secondary research for this study. Initially, MIR sourced a list of service providers across the country. Subsequently, MIR conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, MIR was able to include the service providers which could not be identified due to the limitations of secondary research. MIR analyzed the vendors and presence of all major players across the country.

MIR calculated the market size of the India FinTech Transactions Market using a top-down approach, wherein data for various end-user segments were recorded and forecast for the future years. MIR sourced these values from the industry experts and company representatives and externally validated them through analyzing historical data of these services and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations, and financial reports were also studied by MIR.

Key Target Audience

• FinTech service providers, vendors and other stakeholders

• Organizations, forums and alliances related to FinTech

• Government bodies such as regulating authorities and policymakers

• Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, end-users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Key Market Players
One MobiKwik Systems Limited (MobiKwik)
InCred Financial Services Limited
Zerodha Broking Ltd
Policybazaar Insurance Brokers Private Limited
Pine Labs Private Limited
Razorpay Software Private Limited
Google India Private Limited (Google Pay)
PhonePe Private Limited
Lendingkart Technologies Private Limited
One97 Communications Limited (Paytm)

Report Scope

In this report, the India FinTech Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below

India FinTech Market, By Type
o   Paytech

o   Insurtech

o   Lendtech

o   Wealthtech

India FinTech Market, By Region
o   North

o   West

o   South

o   East

 

Table of Content

Table of content
1.    Introduction

1.1.  Market Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Assumptions and Limitations

2.6.  Forecasting Methodology

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  FinTech Platform Awareness

4.2.  Factors Influencing Availing Decision

4.3.  Customer Satisfaction Level

5.    India FinTech Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value & Volume (Transactional Value & Volume)

5.2.  Market Size & Forecast

5.2.1.    By Type Market Share Analysis (Paytech, Insurtech, Lendtech, Wealthtech)

5.2.2.    By Region Market Share Analysis

5.2.2.1.        North India Market Share Analysis

5.2.2.2.        South India Market Share Analysis

5.2.2.3.        East India Market Share Analysis

5.2.2.4.        West India Market Share Analysis

5.2.3.    By Top 5 Companies Market Share Analysis, Others (2024)

5.3.  India FinTech Market Mapping & Opportunity Assessment

5.3.1.    By Type Market Mapping & Opportunity Assessment

5.3.2.    By Region Market Mapping & Opportunity Assessment

6.    India Paytech Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value & Volume

6.2.  Market Share & Forecast

6.2.1.    By Type Market Share Analysis (UPI, Mobile Wallet, POS, Others)

6.2.2.    By End User Market Share Analysis (Retail, Telecom, Media & Entertainment, Transportation, etc.)

6.3.  Competitive Landscape

6.3.1.    By Top 3 Companies

7.    India Insurtech Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value & Volume

7.2.  Market Share & Forecast

7.2.1.    By Type Market Share Analysis (Life Insurance, Health Insurance, Travel Insurance, Home Insurance, Property Insurance, Auto Insurance Others (Theft Insurance, Corporate Insurance)

7.3.  Competitive Landscape

7.3.1.    By Top 3 Companies

8.    India Lendtech Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value & Volume

8.2.  Market Share & Forecast

8.2.1.    By Type Market Share Analysis (Personal Loan, Auto Loan, Peer to Peer Lending, Crowdfunding, BNPL, Others (Education Loan, etc.))

8.2.2.    By Borrower Type Market Share Analysis (Salaried, Business Owner, Student, Retired, Others (Self-employed, Homemaker))

8.3.  Competitive Landscape

8.3.1.    By Top 3 Companies

9.    India Wealthtech Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value & Volume

9.2.  Market Share & Forecast

9.2.1.    By Type Market Share Analysis (SIP, Stocks, Bonds, IPO, Others (NPS Retirement Funds, etc.))

9.3.  Competitive Landscape

9.3.1.    By Top 3 Companies

10. Market Dynamics

10.1.            Drivers

10.2.            Challenges

11. Market Trends & Developments

12. Impact of COVID-19 on India FinTech Market

13. SWOT Analysis

14. India Economic Profile

15. Competitive Landscape

15.1.            Company Profiles

15.1.1. One MobiKwik Systems Limited (MobiKwik)

15.1.1.1.     Company Details

15.1.1.2.     Products

15.1.1.3.     Key Market Focus & Geographical Presence

15.1.1.4.     Recent Developments

15.1.1.5.     Key Management Personnel

15.1.2. InCred Financial Services Limited

15.1.2.1.     Company Details

15.1.2.2.     Products

15.1.2.3.     Key Market Focus & Geographical Presence

15.1.2.4.     Recent Developments

15.1.2.5.     Key Management Personnel

15.1.3. Zerodha Broking Ltd

15.1.3.1.     Company Details

15.1.3.2.     Products

15.1.3.3.     Key Market Focus & Geographical Presence

15.1.3.4.     Recent Developments

15.1.3.5.     Key Management Personnel

15.1.4. Policybazaar Insurance Brokers Private Limited

15.1.4.1.     Company Details

15.1.4.2.     Products

15.1.4.3.     Key Market Focus & Geographical Presence

15.1.4.4.     Recent Developments

15.1.4.5.     Key Management Personnel

15.1.5. Pine Labs Private Limited

15.1.5.1.     Company Details

15.1.5.2.     Products

15.1.5.3.     Key Market Focus & Geographical Presence

15.1.5.4.     Recent Developments

15.1.5.5.     Key Management Personnel

15.1.6. Razorpay Software Private Limited

15.1.6.1.     Company Details

15.1.6.2.     Products

15.1.6.3.     Key Market Focus & Geographical Presence

15.1.6.4.     Recent Developments

15.1.6.5.     Key Management Personnel

15.1.7. Google India Private Limited (Google Pay)

15.1.7.1.     Company Details

15.1.7.2.     Products

15.1.7.3.     Key Market Focus & Geographical Presence

15.1.7.4.     Recent Developments

15.1.7.5.     Key Management Personnel

15.1.8. PhonePe Private Limited

15.1.8.1.     Company Details

15.1.8.2.     Products

15.1.8.3.     Key Market Focus & Geographical Presence

15.1.8.4.     Recent Developments

15.1.8.5.     Key Management Personnel

15.1.9. Lendingkart Technologies Private Limited

15.1.9.1.     Company Details

15.1.9.2.     Products

15.1.9.3.     Key Market Focus & Geographical Presence

15.1.9.4.     Recent Developments

15.1.9.5.     Key Management Personnel

15.1.10.               One97 Communications Limited (Paytm)

15.1.10.1.  Company Details

15.1.10.2.  Products

15.1.10.3.  Key Market Focus & Geographical Presence

15.1.10.4.  Recent Developments

15.1.10.5.  Key Management Personnel

16. Strategic Recommendations

16.1.            Key Focus Areas

16.2.            Target Type

16.3.            Target Region

17.  About Us & Disclaimer

 

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