India's Unified Payments Interface crossed eight billion transactions in January, the National Payments Corporation of India said on Wednesday in a tweet, with transactional value touching nearly Rs 13 lakh crore.
It's 8 Billion+ transactions in Jan`23! Make seamless payments from your mobile in real time with UPI. #upichalega @upichalega @UPI_NPCI pic.twitter.com/bNIVGW7SG5
— NPCI (@NPCI_NPCI) February 1, 2023
The Indian Fintech industry ecosystem comprises several subsegments, such as payments, lending, wealthtech, personal finance management, insurtech, regulation technology (RegTech), etc.
The fintech industry completely disrupted the finance and payments space in India over the past five years, with the introduction of the Unified Payments Interface. Since then, several fintech startups have mushroomed, aimed at everything from easy banking to loans spanning categories — personal, auto, and even home.
India is among the fastest growing fintech markets in the world, with more than 2,000 startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT). As 2021, the fintech sector was worth $50 billion, and is expected to treble by 2025.
Also read: Budget 2023 | FM Sitharaman announces Rs 7,000 crore outlay for 3rd phase of eCourts project
As per InvestIndia.gov.in, this sector in India is expected to have $1 trillion in Assets Under Management (AUM) and $200 billion in revenue this year. Payments,
In the 2021-22 financial year, the fintech sector in India has seen a funding of $8.53 billion across 278 deals. As of July 2022, India has 23 fintech companies which have gained ‘Unicorn Status’ with a valuation of over $1 billion, as per InvestIndia.gov.in.
As of September 2022, UPI has seen participation of 358 banks and has recorded around 6.8 billion transactions worth over $135 billion.
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