A Quick Snapshot of the Recent Key Growth Factors for FinTech India:
1) Formal Employment Boom: EPFO accounts doubled from 6.1M (FY19) to 12.2M (FY22). More people now rely on banks & NBFCs over local lenders.
2) Income Surge: Gross National Income per capita shot up by 60% in the last decade, rising from $1,360 in 2011 to $2,170 in 2021.
3) Expanding Financial Inclusion: Bank account holders (15 years & above) jumped from 35% (2011) to 78% (2021). Even the 40% poorest population saw a rise from 27% (2011) to 78% (2021).
4) Smartphone Revolution: From 91M users in 2012 to a whopping 931M in 2022. India now stands as the 2nd largest smartphone market.
5) Internet Growth: Brace for 1.3Bn internet users by 2030, a 1.7x growth from 2020.
6) Internet Speed: Mobile internet speed doubled since 2018 from 9.11 Mbps to 18.6 Mbps as of July 2022. With 5G around the corner, expect a 20x (372 Mbps) speed boost by 2023.
7) Growing Venture Capital Inflow: The fintech sector has emerged as a major recipient of investments in the Indian startup ecosystem, with a five-year CAGR of 20% (2019-2022).
8) Expanding Market Potential: The fintech pie is set to be worth $2.1Tn by 2030 with an 18% CAGR.
9) Major Unicorn Alert & IPOs: Fintech dominates the unicorn ecosystem at 32%. With giants like Paytm and Fino Payments Bank going public, investor trust in Indian IPOs is solidifying.
India’s fintech journey is more than just numbers; it’s a testament to innovation, resilience, and a promising future.
Source: Inc42 Media‘s State of The Indian Fintech Report Q2 2023
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