🔴 Top line stat: More than $9Bn in investments were made in digital lending in the last 5 years and the market is expected to grow to $515 Bn in book size by 2030!
The report has ten sections covering verticals, like payments, lending, wealth, neobanking, insurance,... and more (even about the metaverse).
Exporting the Indian #tech stack globally was one of the most interesting sections for me:
📍The Indian regulatory framework has mandated openness and interoperability
📍India has shown the world how to think and act on Payments as a public service
🔴 Top line stat: 99.5 % of Indianas have an Aadhar ID and 50 million authentications are processed daily.
India is seeking collaborations with other countries in partnership with the World Bank to uplift the under developed world!
UPI now works in the UK! See news in the comments.
India has established partnerships with Partnership
📍Singapore`s PayNow linking India’s UPI - allowing cross-border instant money transfer at merchant locations to ease the transactions experience of Indian tourists.
📍Partnerships with Merchantrade Asia and its network to facilitate remittances to beneficiary banks in India via UPI.
📍Partnerships with Gateway Payment Service & Manam Infotech to deploy UPI in Nepal.
📍Partnership with Royal Monetary Authority of Bhutan to enable BHIM-UPI acceptance at merchant locations.
The other interesting section was the Fintech startups aiming to serve Tier 3+ markets (slide 56): people that lack identification, lack collateral, lack access to reliable mobile networks etc.
There is so much to be done in India.
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