Comments
The Indian fintech sector is projected to touch $150-160 billion market size by 2025 according to a report by MAAS, an Affle Company.
The report, titled Decrypting the fintech gold rush in the new normal, added that fintech users in India are clocking the most minutes in-app per session. In 2021, Indian users averaged 17.38 minutes per session. Further, 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.
Digital finances
Stock trading apps made up 27 per cent of sessions; cryptocurrency apps contributed 12 per cent and banking apps made up 8 per cent of sessions. The report noted that Gen Z and millennials are looking beyond the traditional financial models — leading to growing popularity of cryptocurrency trading, NFTs and mutual funds. Black swan events such as demonetisation in India and the global pandemic are said to have enforced the importance of digital finances.
India has the youngest user base in the region via both Google Play and App store, at approximately 28 for female users and 24 for male users. As per apps downloaded in INSEA in 2021, Google Pay, Paytm and PhonePe are in the lead, followed by YONO SBI, Dhan and HDFC Bank.
Seeking convenience
“Just a few years ago, carrying cash in our wallets was a regular practice. Today, cashless transactions dominate our purchases. For the younger generations — millennials and Gen Z — wealth management is gradually becoming synonymous with fintech apps. Youngsters are demanding ease and convenience to manage their finances and are quite eager to break away from traditional models. This year is set to be quite interesting for fintech sub-verticals like alternative lending, digital asset management and neobanks in how they appeal to hopeful users and establish themselves as mainstream players in the sector,” said Vipul Kedia, Chief Data and Platforms Officer – Head Of Business (India) at MAAS.
To map key user behavior trends, MAAS and Adjust analysed data collected from various sub-verticals of popular fintech apps across India and SEA. The report also looked at data before, during and after the pandemic to understand its impact on the fintech industry and how it is contributing to the overall growth of the sector.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.