India’s Leading BFSI and FinTech Companies 2023

India’s Leading BFSI and FinTech Companies 2023 | 73 [ INDIAN FINTECH COMPANIES OVERVIEW ] CHALLENGES No tw i t hs t and i ng t he huge opportunities, there are concerns. A host of issues have cropped up in the meanwhile which may moderate the current unbridled positivity around the FinTech space. The rising concern over data protection is bound to drive up the compliance cost. Also, the geo-pol i t ical happenings could raise protectionist walls around data. Read against these backdrops, assorted other factors have seen global equity funding becoming a lot more circumspect. Global equity funding declined by 28% in April-June 2002. In India, dip has been a bit steeper at 36% decline with an equivalent decline in deal flows. OUTLOOK Transformation of Indian payment landscape: As per RBI and NPCI guide, the future of the Indian payments landscape like credit on UPI and card on file tokenization are likely to have a far-reaching impact on digital payments and credit space. ƒ There are close to 900 million internet users in India. This number is seen to go up to 1.3 billion by 2030 ƒ The total number of UPI (Unified Payment Interface) transactions was at around 116 billion at the end of August 2022 ƒ The total value of the UPI transaction was around INR 2.4 trillion at the end of August 2022. Survival through funding winter: Indianstart-upswhichsawamassive 35 per cent drop in funding in 2022 are bracing themselves for a deepening funding winter in 2023. In order to survive the drought, startups are taking unit economics more seriously. Companies needs to re-look at their business models to survive funding winter. Dun & Bradstreet