India is leading the pack

when it comes to fintech

• Over the last decade, India's payment environment has evolved into the world's most
sophisticated payment system in terms of the volume (compound annual growth rate) and
value of digital payments.

• During the fiscal year 2022, the fintech industry in India received a capital of $8.53 billion (in
278 separate agreements).

• The Unified Payments Interface (UPI) in India has seen participation from 323 banks as of
May 2022. It has registered 5.9 billion monthly transactions with a total value of over $130
billion.

• There are already 23 fintech companies in India that have reached "Unicorn Status," and the
sector accounts for one in every five startup unicorns.

• The market for digital investments is projected to be worth $14.3 billion by 2025, up from
$6.4 billion in 2021, with a compound annual growth rate (CAGR) of 22.4%. It is anticipated
that India's market for digital payments will more than treble by 2026, going from $3 trillion
to $10 trillion. (Source)

• One of the most important initiatives undertaken by the Indian government has been the
setting up of the National Centre for Financial Education (NCFE). The NCFE is aimed at
promoting financial literacy across India for all sections of the population. This is an
important step in improving the overall financial inclusion in the country.

• Another important initiative has been the launch of the e-RUPI platform. e-RUPI is a digital
payment instrument allowing contactless and cashless payment solutions. The platform is
being adopted for cashless payments for COVID-19 vaccination.

• The India Stack is another important initiative launched by the Indian government. It is a set
of APIs that allow governments, businesses, startups, and developers to use a unique digital
infrastructure to solve India's hard problems towards presence-less, paperless, and cashless
service delivery.