Fintech Services Contribute to Increase in Financial Literacy in India
By Aaron Raj
With nearly 2000 fintech startups in the country, one would imagine India’s financial literacy to be high. Yet, statistics show that despite a population of over 1.3 billion people, about 76% of the adult population still lacks basic financial concepts.
Interestingly though, things are beginning to change in India. Financial literacy in India continues to see positive improvements as the adoption of fintech grows in the country. This is proven by the number of successful fintech companies in India and the increased adoption of fintech use cases.
Invest India stated that as of December 2021, India has over 17 fintech unciorn companies with a valuation of over US$ 1 billion. The digital payments sector has seen tremendous growth with around 5.7 billion transactions completed. India is also home to the highest number of real-time online transactions and is ahead of the US, UK, and China combined.
Photo courtesy of Ismael Ferdous.