Business Standard

Budget 2023: Fintechs expect subsidies for growing digital payments network

Firms operating in this space expect easing of taxes alongside special budgetary allocations for the sector to grow

Illustration: Ajay Mohanty
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Illustration: Ajay Mohanty

Barkha Mathur New Delhi
Fintechs are expecting measures to strengthen digital payments and partnerships with banks in the upcoming Budget 2023-24 for the growing sector.

According to an EY report on fintech, the sector in India is expected to reach $1 trillion in assets under management (AUM) and $200 billion in revenue by 2030. The report revealed that the neo-banking space has seen a five-fold uptick in funding in the last year and is expected to hit the $215 billion mark by 2030.

Industry experts who spoke to Business Standard highlighted that finance minister Nirmala Sitharaman is likely to announce additional allocations and sops

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First Published: Jan 30 2023 | 7:53 PM IST

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