India is slow in Fintech market because of slow adoption rates, key drivers being UPI, blockchain, financial inclusion, P2P leanding, Security and biometric bank recognition and Robo-advisory
The next big thing UK is bidding audieu to is, cash. As per the latest reports, UK will go completely cashless by 20 years. Countries like Singapore, Netherlands, France and Sweden are also in the same league with 61%, 60%, 59% and 59% payments being cash-less already in the respective countries, as per the Master Card data.
India, a predominantly cash based economy, is moving but slowly towards technology driven finances. Currently only 2% of total transactions in the nation are cashless. India ia ranked in thir stage stage by NASSCOM, meaning that fintech growth in India is sector specific. Around half of the Indian fintech companies, 46%, are focusing on a specific sector of payments and trade processes, as per NASSCOM. Top three leading Fintech companies, namely, Paytm, Billdesk and Freecharge are payment gateway ventures; implying that Next Generation payment methods are one of the highly adopted sectors in India.
Indian fintech software market is currently at USD 1.2 billion but as per NASSCOM, it will touch USD 2.4 billion by 2020; mostly backed by next generation payments, unified payment interfaces, financial inclusions, blcokchain technologies and biometric security systems etc.
UPI and financial inclusion are one of the highly adopted areas in Indian financial technologies. Peer to peer lending (P2P lending), Security and biometric bank recognition system (backed by Aadhar scheme) and Robo-advisory are at medium level of maturity and adoption level followed by Blockchain technologies (mostly ventured in by IT companies) having low maturity and adoption rate in India, as per NASSCOM.