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ARTICLE · 06 NOVEMBER 2020

Market Updates And Recent Legal Developments In India

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The Indian fintech space has been undergoing a radical transformation.

IndiaTechnology
Avimukt Dar
Avimukt Dar
Suneeth Katarki
Suneeth Katarki
Namita Viswanath
Namita Viswanath
Shreya Suri
Shreya Suri
Shobhika Upadhyay
Shobhika Upadhyay
Nilima Pant
Nilima Pant
Siddharth Dalmia
Siddharth Dalmia
Author LinkedIn connections

INTRODUCTION

The Indian fintech space has been undergoing a radical transformation. According to the EY Global Fintech Adoption Index, India has the highest fintech adoption rate of 87%, which is significantly higher than the global average of 64%. In fact, the Indian digital payment industry is expected to touch USD 10.07 trillion by 2026.1 With a view to building a 'cash-free' economy, the policymakers are aiming towards uninterrupted availability of safe, secure, and affordable e-payment systems.2

Despite the recent economic slowdown in India with the extended lock-down, the fintech industry has continued to attract investments, with Covid-19 having fast-tracked adoption of digital solutions by consumers, banks, and insurance companies. In the first six months of 2020, fintech startups have raised USD 1.7 billion compared to USD 726.6 million during the same period in 2019, according to reports.3 The Indian fintech industry is also witnessing the increased

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