India is the fastest growing start-up ecosystem in the world with 11,500 start-ups expected by 2020. It is set to provide the world’s largest number of engineers. With most of the population living in rural areas, the FinTech sector will face diverse challenges to reach the mainstream.
The FINTECH TWIN$ wanted to understand what could be the solutions to meet the needs of the unbanked part of the population, what were the financial services being used by the population: payment, money transfer, saving, etc. ? As well as the type of infrastructure they could rely on to allow financial revolution : post offices, smartphones, telecom providers etc. ?
We met entrepreneurs and went on to ask directly to the Indians.
Fintech in India – Key figures
1.26 billion people are living in India
70% of the population live in rural areas
94% of transactions are made in cash
1 billion phones in india
29% of Indians will have a smartphone by 2019
60% of people are unbanked
90% of SMEs have no link with formal financial institutions