Transforming Finance: A Comparative Analysis of the Evolution, Financial Inclusion, and Future Prospects of FinTech Startups in India and Worldwide (Asian Journal of Management and Commerce)
Summary
- India records over 40 billion UPI transactions annually, positioning it as a leader in fintech adoption.p.1
- Approximately 2.5 billion adults worldwide lacked access to basic financial services as of 2011.p.4
- Between 2011 and 2017, fintech startups enabled over 1.2 billion adults to gain access to financial services.p.4
- Digital payments in India generate an annual turnover of $60 billion across 200+ players, compared to $5 trillion globally across 2,000+ players.p.5
- The global cryptocurrency segment accounts for $1 trillion in annual turnover with 400+ players.p.5
- Neo-banking in India is projected to reach a $10 billion market by 2030, compared to $650 billion globally.p.7
Key insights
- Mobile payment platforms like M-Pesa revolutionized money transfers for unbanked populations in Sub-Saharan Africa.p.4
- Developed markets lead in decentralized finance and open banking, while emerging markets drive solutions for financial inclusion gaps.p.1
- Regulatory complexities, cybersecurity risks, and the digital divide remain primary challenges facing fintech growth.p.1
- Partnerships between traditional banks and fintech startups combine regulatory experience with technological agility.p.6
- Cross-border payments in India account for $20 billion in annual turnover with 20+ active players.p.5
- The COVID-19 pandemic accelerated the adoption of digital wallets, insurtech, and regtech platforms globally.p.3
Topics and entities
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