India's fintech market estimated to be $150 billion by 2025: PaySprint CEO

The Indian fintech market size is estimated to touch $150 billion by the year 2025 according to the Chief Executive Officer and Co-Founder of PaySprint S Anand. He also said that digital payments are projected to reach $10 trillion by 2026.

"The Indian fintech market has received $29 billion in funding across 2,084 deals to date (January 2017-July 2022), gaining 14% share of the global funding and ranking #2 on the deal volume," he informed.

In 2008, the US FinTech industry received $100 million in investments, while in 2016 it received $17.4 billion.

With the onset of the COVID-19 pandemic, venture capitalists and angel investors saw the spike in digital wallets adoption and P2P payments in 2020, which drove Fintech funding to skyrocket.

Sharing his view on digital payments, Anand said "The total annual value of digital transactions in the US is expected to grow 100% over the next five years, reaching $28.4 trillion in 2027."

FinTech investment in the Asia-Pacific region reached an annual record high of $41.8 billion with 607 deals in the first half of the year, he said adding, "the FinTech adoption rate of a whopping 87% in India is far ahead of the global average rate of 64%."

The expert advised investors, looking for opportunities in FinTech, to consider Exchange Traded Funds(ETFs) that provide exposure across the FinTech value chain.

He said FinTechs are here to stay as it delivers an unprecedented & invaluable convenience of conducting business that every facet of the Financial industry can benefit from. "With every FinTech innovation, the world takes another step towards Financial Inclusion for all," he added.