Fintech sector revenues will reach $190 bn by 2030

Mumbai: The Indian fintech sector continues to remain resilient and its revenues are projected to reach $190 billion by 2030, contributing to more than 20 per cent of all banking revenues, a new report has said.

The Indian fintech sector grew 50 per cent by revenue in 2023 and the growth trajectory is expected to continue, according to the Boston Consulting Group (BCG) report.

The path ahead, the report mentioned, is to leverage critical and emerging technologies - Generative AI and API-based open architecture - across diverse functions such as customer service automation to fraud detection, said the report launched during the Global Fintech Fest (GFF) here.

The foundation of the robust fintech ecosystem in India was laid by the digital public infrastructure 1.0 (Aadhaar and UPI, etc).

“It is creditable that Indian fintechs have achieved a 50 per cent growth rate in 2023 compared to the global average of 13 per cent. It is also encouraging that Indian fintechs are demonstrating a path to profitability earlier than what was expected 2-3 years ago,” said Yashraj Erande, Global Head of Fintech and India Head of Financial Institutions at BCG.