India’s Fintech Market Projected To Touch $150–160 Billion By 2025
As per a recent report, Indian users use most of their time in-app per session at 17.38 minutes per session. According to a report by MAAS, an Affle Company, the Indian Fintech sector is expected to touch the $150-160 billion market size by 2025.
A report titled Decrypting the Fintech gold rush in the new normal said that Fintech users in India are clocking their most time in-app per session. In 2021, the average time Indian users were on the app averaged 17.38 minutes per session. If we diversify all the apps, then a majority (81 per cent) of app installs in 2021 were payment apps; banking came second with 10 per cent, followed by stock trading and crypto at 6 per cent and 3 per cent, respectively.
Stock trading apps were about 27 per cent of sessions, while cryptocurrency apps contributed 12 per cent, and banking apps contributed up to 8 per cent of sessions, respectively. The report further noticed that Gen Z and millennials are looking beyond the traditional financial models, which means they are leading to the growing popularity of cryptocurrency trading, mutual funds and NFTs. Black swan events such as demonetisation in India and the global pandemic have imposed the importance of digital finances.
India is the country which has the youngest user base in the region via both Google Play and App store, with approximately 28 female users and 24 male users. As per apps downloaded in INDIA in 2021, Google Pay, PhonePe and Paytm are in the lead, followed by YONO SBI, Dhan and HDFC Bank.
Vipul Kedia, the Chief Data and Platforms Officer – Head of Business (India) at MAAS, said that a few years ago, carrying cash was normal in our daily lives today; cashless transactions rule our purchases. For the younger generations, the millennials and Gen Z, wealth management is progressively becoming synonymous with fintech apps. The current generation is demanding ease and convenience in managing their finances and is eager to break away from traditional models. This present year is quite interesting for Fintech sub-verticals like alternative lending, digital asset management and neobanks in how they appeal to users and create themselves as mainstream players in the sector.
MAAS and Adjust evaluated data collected from various sub-verticals of popular Fintech apps across India and SEA to become key users. Furthermore, the report also looked at data before, during, and after the pandemic to understand its impact on the Fintech industry and how it contributes to the sector’s overall growth.