The Indian financial services market is among the fastest growing ones. The fintech sector in India is the third largest after the US and China. BLinC Insights estimates that fintech in this country is growing at 22% annually and can reach nearly $70bn by the end of 2025 (as compared to $31bn in 2021). BCG predicts that India's digital payments market will more than triple from $3 trillion to $10 trillion by 2026.
The financial services market in India has huge potential since about 15% of the local population remains unbanked. In comparison, in the United States, this share is 6%. What do young fintech startups need to know to avoid unpleasant surprises after entering this promising market? Having launched an online lending platform in India, Viva Money shares its insights.
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