Sector Snapshot · Financial Technology (Fintech)

India's Fintech Industry Is Set to Nearly Quadruple

A fast-read primer on India's fintech sector — the backdrop against which we benchmark every company's cost structure in this category.

US$110 bn

Fintech industry size, 2024

US$420 bn

Projected fintech industry size by 2029

65%

Digital payment share projected by 2026

20.39 bn

UPI transaction volume, Feb 2026

49%

UPI's share of global real-time payments

The Fintech Industry Is Set to Scale Fast

India's fintech market is on track to nearly quadruple this decade, powered by the world's largest real-time payment rails.

Fintech Industry Size (US$ billion)

2024 → 2029 forecast

$110bn

2024

$420bn

2029F

UPI's Share of Global Real-Time Payments

As of December 2025

UPI — 49%

Rest of World — 51%

What's Pushing the Sector Forward

Rapid scale, digital payments leadership, and rising investment define the category.

Rapid Scale

Fintech industry set to grow nearly 4x by 2029

Digital Payments Leadership

UPI is the world's largest real-time payment system (IMF, Dec 2025)
Accounts for 49% of global real-time payment transactions

Investment

Mobile wallet industry projected to grow at a 23.9% CAGR, 2023-2027

Recent Developments

A sample of the industry-wide and policy moves shaping the sector through early 2026.

→ The IMF recognised UPI as the world's largest real-time payment system by transaction volume.
→ UPI transactions reached 20.39 billion in volume, worth Rs26.84 lakh crore, in February 2026.
→ India's fintech industry, valued at Rs9,40,170 crore (US$110bn) in 2024, is projected to reach Rs35,89,740 crore (US$420bn) by 2029.
→ India's mobile wallet industry is projected to grow at a 23.9% CAGR between 2023 and 2027.
→ The RBI cut the policy repo rate to 5.5% in June 2025 to support liquidity and lending.
→ The Unified Lending Interface (ULI) was launched to widen access to credit across the country.

Companies We Benchmark in This Sector

Listed Indian Financial Technology (Fintech) companies in tDoBe's cost-benchmarking coverage.

One 97 (Paytm)

PB Fintech

Pine Labs

AvenuesAI

Seshaasai Technologies

Turtlemint Fintech

Network People Services

One Mobikwik

MOS Utility

Finbud Financial

WSFX Global

Suvidhaa Infoserve

AGS Transact

See How These Companies Compare on Cost

The numbers above set the stage. Our Report translates it into a company-by-company cost benchmark — down to the category — so you can see exactly where a business sits against its peers.

Explore the Financial Technology (Fintech) Report