Fintech market in India to touch $31 billion in 2020, says Niti Aayog CEO Amitabh Kant

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.