Fintech market predicted to surge by 30% annually
Finance Minister Nirmala Sitharaman says India's fintech industry is on track to grow over 30% each year, reaching $400 billion by 2028-29.
She called for more innovation and inclusion in the sector while speaking at the Digital Payments Awards 2025.
Current size and growth drivers
Right now, India's fintech market is worth about $110 billion, with digital payments—especially UPI—leading the charge.
Since 2018, digital transactions have surged (the RBI's Digital Payments Index has jumped four times), and India now handles nearly half of all real-time digital payments worldwide.
Take your ideas global, explore rural markets: Sitharaman to startups
Sitharaman pointed out that UPI payments are already accepted in seven countries and encouraged startups to explore rural markets and take their ideas global.
She also highlighted how new tools like the Account Aggregator framework are making it easier for small businesses to access credit and grow.