Fintech expansion in india - changing spending habits!
The Internet has played a major role in the development of Fintech in India. After the arrival of 5g, it is expanding even more rapidly. If the data is to be believed, the Internet has reached 80 crore people in india at this time. In a way, 80 crore consumers are ready, that is, a new kind of market is ready where transactions worth several crores of rupees are done in just a few seconds.
According to the survey, 88 percent of the households have smartphone and internet connectivity. With this, the total mobile holders using 5g will become 65 percent by the year 2029. By january 2025, 54.58 crore Jan Dhan accounts have been opened. Out of which 55.7% account holders are women. It is believed that in the coming 5 years, the share of UPI in retail digital payments will reach 90 percent.
Use of different credit model for disbursing loans: Loans given through Fintech analyze customers through AI instead of credit check. The advantage of this is that small industries and gig workers get loans easily. With the introduction of new systems like BUY NOW, Paylater, shopping has become even easier. However, this is also a means of lending. According to the data, the size of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital lending companies is expected to reach $ 515 billion by the year 2030.
Apart from fintech, new technologies like wealthtech and insurtech are also expanding. The wealthtech market in india is expected to exceed $ 60 billion by the end of this year.
Development of embedded finance: This is a service where financial services are being run through non-financial platforms in which amazon Pay, ola Money are playing a major role. Embedded finance can be estimated from the fact that $ 25 billion revenue can be obtained by the year 2030.
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