The unbanked population in the went from about 557 million in 2011 to around 233 million in 2015, a period of 4 years according to a report by Internet and Mobile Association of India (IAMAI) and Payments Council of India (PCI). A later report by the World Bank in April 2018 puts the number of the unbanked population in India at 190 million, second largest in the world, while China is the largest with 225 million people still without a bank account.
The above numbers give a very clear picture of the opportunity in these markets, where despite intensive efforts, financial inclusion remains a challenge.
Blockchain startups from India that have global reach still remain only a handful – mostly exchanges and me-too platforms/solutions have been active. The ongoing ban on regulated entities prevents financial institutions from providing services to individuals or businesses dealing in cryptocurrencies has resulted in a severe lack of liquidity for trading by cutting off the fiat currency INR from the system to an extent.
After prepaid wallets, online and offline payments, lending solutions, the market in India is seeing a rise in investment and finance management products for young Indians. Paytm Money launched earlier this month with an offering of ‘all schemes and direct plans from 25 mutual fund houses, including all large fund houses, that cover around 90% of the industry’s ₹22 trillion worth of assets under management’ according to Livemint. The company will be targeting 100% coverage across all fund-houses.
Scripbox, ClearTax are among the existing leaders of the investment and finance management category thus far. Paytm Money also plans to introduce a stock trading feature, a category currently led by FinTech startup and stock broker Zerodha which claims 8% of all trading volume across the 3 leading Indian exchanges. Insurance broking startups Acko and Coverfox offer a convenient interface for an average retail buyer, allowing comparison and purchase of insurance plans along with assistance in claims processing.
These solutions and products are led by exceptional leaders who are presently guiding the Indian FinTech market through a phase of rapid adoption. LATTICE80 KAYA Network, presently in Beta, is tracking over 450 FinTech & Blockchain companies within India.
LATTICE80 has put together this report on the top Fintech influencers in India you need to watch for developments in the Indian FinTech ecosystem.
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Published: 26 September, 2018