You are here: Home » PTI Stories » National » News
Business Standard

Fintech market in India to touch USD 31 billion in 2020

Business Finance

Press Trust of India  |  New Delhi 

Fintech market in India is likely to expand to USD 31 billion in 2020, Niti Aayog CEO Amitabh Kant said Thursday.

Speaking at an event here he further said India is one of the fastest growing fintech markets globally.

India is the only country in the world with over a billion mobile connections and biometrics, providing enough scope for penetration of fintech technology, Kant said.

"The Indian fintech ecosystem is the third largest in the globe. USD 6 billion investments have already happened in fintech market in the country in the last 3-4 years.

"Fintech market in India is likely to expand to USD 31 billion in 2020," Kant said at the event organised by industry body Assocham.

He also said the government has played key role in building fintech startups in the country.

Noting that unlike China where all data is owned by Alibaba, and the US where data is owned by Google and Facebook, Kant said, data in India is owned by the government.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, May 30 2019. 14:10 IST