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Fintech Outlook 2019: Addressing the Unbanked Indian

Datalabs by Inc42+

Fintech Outlook 2019: Addressing the Unbanked Indian

India’s fintech ecosystem got a head start with the surprise move by the government to ban INR 500 and INR 1,000 currency notes in 2016. In a first, the fintech startup ecosystem in India received a much-needed push in 2017 after the announcement of demonetisation by the government in November the previous year. Overall, the report showcases the milestones achieved by fintech startups in India so far and underlines how a proactive approach by the government and build standards to pave way for Indian startups to scale globally.

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Key Highlights

The demonetisation move by the government in November 2016 led to a major boom for digital payments systems. India currently has an adoption rate of 72% for digital payments solutions, the highest in the world.

2,707

India has 2,707 fintech startups

26

unicorns in India, out of whic three are fintech companies

399

fintech startups have shut operations to date

73.37%

of total bank accounts opened under the government’s financial inclusion-focussed scheme Jan Dhan have been established by public sector banks


Table Of Contents

  • Scope Of The Report
  • Executive Summary
  • Fintech In India: An Overview
  • Fintech Funding Statistics: A Brief Look
  • Top Fintech Investors In India
  • Sector Landscape
  • Top Fintech Hubs In India
  • The Changemakers
  • Government Policies Supporting The Fintech Ecosystem In India
  • Future Fintech
  • The Roadblocks
  • Projections For 2019
  • Methodology
  • Glossary
  • Bibliography

Summary

India’s fintech segment has expanded by leaps and bounds, and data points at a strong growth potential going forward. The country’s adoption rate for fintech products stands at 59%, the second highest pace worldwide, and significantly higher than the global average of 33%, DataLabs data shows.

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