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New Delhi: The <keyword id="21833060" type="General" weightage="20" keywordseo="Fintech-ecosystem" source="keywords">Fintech ecosystem</keyword> of the country now cumulatively valued at over USD 100 billion, is at a pivotal stage of evolution, with the potential to create two to three times its current value over the next decade, as per a report by <keyword id="20058186" type="General" weightage="20" keywordseo="BCG" source="keywords" meta.keywordsubtype="org" meta.entityname="BCG" meta.hostid="269" meta.entityid="BCG">BCG</keyword> and Z47. The report highlighted that India remains one of the top three global Fintech destinations, with the ecosystem witnessing exponential growth across all levels. It added that over the past four years, the number of <keyword id="22974213" type="General" weightage="20" keywordseo="Minicorns" source="keywords">Minicorns</keyword> (valuation at least USD 1 million but less than USD 1 billion) in the country has increased by 3.5 times, while the number of <keyword id="19944451" type="General" weightage="100" keywordseo="Unicorns" source="keywords">Unicorns</keyword> and Soonicorns (startup that is growing quickly and has the potential to become a "unicorn" valued at USD 1 billion) has tripled. The report noted that in 2023, the country's Fintech market achieved a revenue size of USD 25 billion, marking a 56 per cent year-on-year growth which is a remarkable contrast to the global Fintech growth rate of just 13 per cent during the same period. However, the report also added that despite generating over USD 100 billion in value within the last decade, Indian Fintechs are still considered to be in the "middle" phase of their development, especially when compared to traditional incumbents who have created USD 600 billion+ in value over 30 to 50 years. The report mentioned that now the growth and the further expansion of the fintech ecosystem in the country is expected to come from the Tier 2 cities where majority of the Indian population resides. "With 63 per cent of the Indian population outside the top cities, huge opportunity exists to serve Bharat with next wave of penetration expected to come from Tier 2 cities" the report added. As Fintechs mature, profitability has become a central focus across the sector, with over 40 per cent of founders and CXOs (Chief Experience Officers) prioritizing unit economics alongside market expansion. Those preparing for or currently undergoing the IPO process are increasingly emphasizing governance, investment in infrastructure, and security. The report noted that in a recent survey of over 60 executives from top Fintechs, the majority cited market share expansion and growth as key priorities, especially for early and growth-stage companies. Post-IPO stage Fintechs, however, are placing greater emphasis on profitability and investments in technology, infrastructure, and security. "Mature Fintechs preparing for or in the IPO journey are emphasizing governance, investment in infrastructure, security Across survey of 60+ Executives of top Fintechs, market share expansion &amp; growth emerged as priorities for early and growth stage" added the report. Notably, the report stated that the profitability outlooks are improving year-on-year across all segments, with Neobank and InsurTech showing the most significant positive shifts since 2022. However, the industry is not without its challenges, particularly in the realm of cybersecurity. Over the past two decades, more than USD 20 billion has been lost to cyber and digital attacks.

Minicorns, Unicorns tripled in USD 100 billion Indian fintech ecosystem: BCG, Z47

India's <keyword id="22879519" type="General" weightage="20" keywordseo="organised-gold-loan-market" source="keywords">organised gold loan market</keyword> is projected to double in the next five years to Rs 14.19 lakh crore despite expected moderation in growth due to stricter regulations, according to a <keyword id="19938520" type="General" weightage="20" keywordseo="PwC-India" source="keywords" meta.keywordsubtype="org" meta.entityname="PwC India" meta.hostid="153" meta.entityid="PwC India">PwC India</keyword> report. In fiscal 2023-24, the organised <keyword id="21627536" type="General" weightage="100" keywordseo="gold-loan-market" source="keywords">gold loan market</keyword> demonstrated substantial growth, reaching a valuation of Rs 7.1 lakh crore, according to the report titled 'Striking gold: The rise of India's gold loan market' . "It is expected to reach around Rs 14.19 lakh crore by FY 2029 at a five-year CAGR of 14.85 %," it said. Indian families own massive quantities of gold, estimated at 25,000 tonne. Existing gold holdings with <keyword id="19895507" type="General" weightage="20" keywordseo="Indian-households" source="keywords">Indian households</keyword> are valued at roughly Rs 126 lakh crore, the report said. It further said the gold loan market is poised to see moderate growth over the next two years, as gold lenders are facing increased scrutiny from regulatory authorities regarding loan-to-value (LTV) maintenance and auction-related procedures. "The second-largest player in the gold loan market being inactive would have an impact on market growth in FY25," the report said. Also, the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s advisory to <keyword id="19938300" type="General" weightage="20" keywordseo="NBFCs" source="keywords">NBFCs</keyword> on cash disbursement, which limits the amount of cash disbursal to Rs 20,000, could push customers to rely on the unorganised sector. The regulator has also raised concerns about the evaluation process for lending activities through fintech startups. The increased regulatory scrutiny and revised guidelines have led to a dip in the share prices of leading NBFCs, PwC said. "Gold loan lenders are expected to use this period to ensure that they are compliant with all regulatory guidelines while undertaking several measures to optimise their middle and back offices through digitisation initiatives," it said. Lenders are also expected to implement cost optimisation initiatives that will help drive up the bottom-line profitability of their companies and enhance investor confidence which has slightly depleted as a result of the regulatory scrutiny. Furthermore, the report said rising gold prices over the past financial year may also drive lenders to take a cautious approach to lending rates and pricing as any downward movement in gold prices will result in a substantial LTV breach that will further create operational issues for lenders in the form of auctions. "The growth of the gold loan market is expected to be steered by both banks and NBFCs," the report said. The emergence of digital gold loan aggregator platforms and their strategic collaboration with gold loan lenders such as banks and NBFCs will be a key driving factor for the growth of the industry, enabling gold loan lenders to tap into a previously untapped segment of digitally savvy customers. "While the forecasted growth of the gold loan market means potential growth for all players, the impact on the players may vary. Banks are expected to benefit from their lower interest rates," PwC said. Jaikrishnan G, Partner (Financial Services), PwC India said lending against gold is the oldest form of credit. It remains one of the most attractive options for consumer as well as lenders. "High return-on-assets, manageable risk, timely regulatory interventions, growing adoption, tech-enabled operating models have all contributed to sector growth. As India embraces the vision of Viksit Bharat, gold loans will provide much needed liquidity and credit access to growing small and medium entrepreneur segments," he said. The report further said growth by NBFCs is expected to be fuelled by their expansion and increased outreach to regions with low penetration, bringing new credit customers to the financial services ecosystem. Also, fintechs will play a critical role in bringing in the required technology and innovation into the industry, thus helping lenders to create unique product propositions to boost growth, it said. <keyword id="20037818" type="General" weightage="20" keywordseo="South-India" source="keywords">South India</keyword> contributes to a vast extent, as it emerges as the dominant market for gold loans, with 79.1% share of the total outstanding loans. The report also noted that an assumption can be made that the entire Rs 126 lakh crore worth of gold will not be available for pledging due to various reasons like jewelry belonging to religious institutions, jewellery with emotional value, and certain jewellery held by individuals who are not in need of finance.

Gold loan market projected to double in 5 years to Rs 14.19 lakh crore, says PwC India's report

Indian fintech market has received $29 billion in funding across 2,084 deals to date (January 2017-July 2022), gaining 14 per cent share of the global funding and No 2 spot on the deal volume, a new report has said. <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s <keyword id="107168" type="General" weightage="20" keywordseo="CAGR" source="Orion">CAGR</keyword> in the fintech sector grew by 20 per cent, which was higher than that of the US, the UK, and China which witnessed a growth of 16 per cent, 15 per cent, and 10 per cent, respectively, according to 'State of the <keyword id="14784626" type="General" weightage="50" keywordseo="fintech-union" source="Orion">Fintech Union</keyword> 2022' report by the <keyword id="136162" type="General" weightage="50" keywordseo="boston-consulting-group" source="Orion">Boston Consulting Group</keyword> (BCG) and Matrix Partners India. With 7,460 fintech companies, India is now third behind the US (22,290 fintech companies) and China (8,870). The India fintech ecosystem has 23 unicorns (out of 106 in total) and has reached a scale to establish a strong position in the global financial services market and be benchmarked for its speed of innovation, customer inclusion, and growth, the report noted. "Clocking over $800 billion annual payments transaction value, <keyword id="3680498" type="General" weightage="100" keywordseo="fintechs" source="Orion">fintechs</keyword> have made a strong contribution to the Indian economy, and play a powerful role in the provision of full-fledged financial services to all Indians. We see this collective segment to be mission critical for the $5 trillion Indian economy," it mentioned. Many large fintechs had started operations from 2008, with Neobanks being the recent entrants. While the number of fintechs scaled up between 2014 and 2021, funding was low till 2015 after which the sector received a rapid funding boost. Covid further boosted payments space, leading to a 210 per cent spike in funding between CY 2020 and 2021. "With rising funding and valuations, we have seen an acceleration in the rate at which Fintechs have become unicorns vs the past," the report said. The report said that "we have a game changing 5 years ahead of us as the financial services landscape is expected to have many strong actors on the stage, like large Incumbents, niche as well as diversified non-banks, new-age and mature fintechs, aggregators and Financial Service Providers". It, however, mentioned that "more than 70 per cent of respondents believe most Fintechs may not be profitable in the next 2-3 years. While scale is an important driver of profitability, early stage focus on 'unit economics' is a critical orientation needed". The volume of digital investment in the country grew from 4.5 million in 2021 to 9 million in 2022, reporting a growth of 100 per cent. The neo banking volume, at the same time, went up from 2.5 million to 4 million, reporting a 60 per cent growth in just one year, the report noted. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rbi-financial-inclusion-index-heres-what-it-means-and-why-it-is-important/articleshow/93606694.cms">RBI Financial Inclusion Index – here’s what it means and why it is important</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/big-actors-take-a-major-chunk-of-bollywood-profits-but-will-recent-flops-prompt-content-and-revenue-correction/articleshow/93712066.cms">Big actors take a major chunk of Bollywood profits, but will recent flops prompt content and revenue correction?</a>

Indian fintechs raised $29 bn this year, that's 14% of the total global funding share: report

<ul><li>India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns.</li><li>Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, <keyword id="1763236" type="General" weightage="20" keywordseo="cred" source="Orion">Cred</keyword>, <keyword id="3711711" type="General" weightage="20" keywordseo="simpl" source="Orion">Simpl</keyword> etc.</li><li>Fintech growth in sectors like agriculture, retail, health and property technology will also accelerate the growth.</li></ul>The Indian fintech market is expected to grow ten times and have assets to the tune of $1 trillion asset under management by 2030, says a report by Chiratae Ventures and EY. This growth will come on the back of government initiatives such as Digital India, Smart City, the development of UPI, the report says. Growth will be driven by the digital lending market, which is expected to grow to $515 billion in book size by 2030 and a revenue of $200 billion. “India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns as of March 2022,” says the report titled ‘$1 Tn India FinTech Opportunity’. Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like Paytm, Cred, Simpl, <keyword id="2777173" type="General" weightage="20" keywordseo="razorpay" source="Orion">Razorpay</keyword>, Instamojo, Lendingkart and many others. Popularity of ‘<keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">buy now pay later</keyword>’ <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">(BNPL) </a>products and services has also fueled the growth of the industry both in B2C and B2B payments space. Just like credit cards, <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">BNPL schemes </a>allow you to buy products beforehand and pay the total amount in installments. According to TC Meenakshi Sundaram, co-founder and vice chairperson at Chiratae Ventures, fintechs have innovated for the underserved financial markets. The ecosystem has been supportive too. “These include fast-growing digital adoption and mobile penetration on the back of the cheapest data rates in the world offered by private telecom players, to enabling regulatory environment coupled with world-leading digital infrastructure (Aadhar, UPI, BBPS etc), and structural reforms and initiatives (GST, TReDSetc.),” said Sundaram. Fintech has also been growing in sectors like agriculture, retail, health and property technology. The report states that payments, digital lending, wealthtech, insurtech, and neo-banking will all be contributing to growth in the fintech space with agri+fintech and prop+fintech considered to be big bets. “India is recognized as a strong fintech hub globally and is increasingly becoming a talent destination for fintech businesses,” said Rajiv Memani, chairman and managing partner at EY India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/not-only-foreign-investors-but-indian-retail-investors-also-seem-to-be-losing-faith-in-markets/articleshow/93457258.cms">Although FII flows have reversed, retail investor confidence remains low thanks to macro concerns</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/goa-hotels-had-the-most-occupancies-and-they-earned-more-too-says-report/articleshow/93456193.cms">Goa hotels had the most occupancies and they earned more too, says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/only-12-delhi-covid-19-cases-are-in-official-records-says-report/articleshow/93446996.cms">Only 12% Delhi Covid-19 cases are in official records, says report</a>

Indian fintechs to grow 10x and manage assets worth $1 trillion by 2030

<ul><li>Founded in 2018, CoinDCX raised $90 million in a Series C funding round in August this year, becoming the first Indian <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> exchange to achieve unicorn status.</li><li>Now, it is going all out to spread awareness and educate people about the segment. They have recently onboarded <keyword id="6357912" type="General" weightage="20" keywordseo="amitabh-bachchan" source="Orion">Amitabh Bachchan</keyword> as its brand ambassador to get visibility and become a trusted platform in the minds of its consumers.</li><li>We speak to <keyword id="8305289" type="General" weightage="20" keywordseo="ramalingam-subramanian" source="Orion">Ramalingam Subramanian</keyword>, Head of Brand, Marketing and Communications at CoinDCX who tells us all about its association with Bachchan, and how it is going about building a strong, safe platform and educating people about the segment.</li></ul>Cryptocurrency exchange platform CoinDCX hit the headlines this year after it became India’s first crypto unicorn a few months back. In the last one year, we have seen the platform do a lot to raise awareness about cryptocurrency and to give its efforts to increase visibility and win the consumer’s trust, the platform onboarded Amitabh Bachchan recently as it face. CoinDCX has also been working on making the ecosystem more inclusive. It recently launched a specially designed learning module on <keyword id="6355684" type="General" weightage="20" keywordseo="blockchain" source="Orion">blockchain</keyword> and cryptocurrency for the hearing-impaired community. Earlier, it had also announced that its become the first crypto player to join the Advertising Standards Council of India (<keyword id="169284" type="General" weightage="20" keywordseo="asci" source="Orion">ASCI</keyword>) to actively support the advancement of advertising standards within India’s cryptocurrency and digital asset industry, to promote transparency in communications and building public confidence in the space. And getting Bachchan on board is another step in that direction. To understand how this partnership will help CoinDCX get more visibility and what marketing plans it has for the future, we spoke to Ramalingam Subramanian, Head of Brand, Marketing and Communications at CoinDCX. Getting Amitabh Bachchan on board as the face of CoinDCX Amitabh Bachchan is a crypto investor himself and had launched his own NFTs in September. Right now, the task at hand for CoinDCX and other players in the segment is to win the confidence of people, raise awareness and educate, while convincing them that it is safe to invest on crypto. “Since we started, our aim has been to make crypto more accessible in India and the way to do that is to educate and acquire. We unanimously decided to get Amitabh Bachchan on board because we have seen him create awareness innumerable times in the past, be it with government campaigns like polio or Swachh Bharat. We have also seen him create magic on the brand side, for example when Cadbury wanted to revive its itself, it brought Mr Bachchan on board. From a crypto perspective, we thought he would be the right person to create the necessary awareness around the category. Our aim is to help people get rid of some of their preconceived notions about the category and we felt Mr Bachchan would be perfect to help us communicate that,” shared Subramanian. He also maintained that the partnership isn’t just a marketing campaign-led decision and will involve in some last-mile educating about the category by Bachchan along with the campaigns. “Mr Bachchan’s association with us will definitely impact the awareness and adoption quotient and his knowledge will also help us understand the larger market better and reach out to people in the right manner. Our aim so far has been to raise awareness and with him on board now, we will be able to amplify our message much better,” he added. The growth story so far The segment is still at a nascent stage in India and while there has been an increase in people’s interest in the segment, there still needs to be a lot of educating required. Moreover, a lot of people are still unsure about the safety of investing on cryptocurrency. However, CoinDCX has witnessed good growth in the past year and there is a visible appetite for the currency as people are reading up more and are looking at the segment as a way of diversifying their investments. “While there have been challenges on our way, our journey so far has taught us resilience. We are confident that whatever challenges and minor confusions come our way, once there is more understanding and awareness, we will all be in a better place,” he said. Subramanian shared that in the last one year, the platform has witnessed good growth and the growth has come from all segments, traditional investors along with a growth of people from Tier II and III cities. “Along with people from smaller cities, we are also seeing more and more women actively invest. It an un-learning issue and people who are more receptive to newer ideas seems to be the ones coming in much better. We are seeing people come in, diversify and hold on to it, they are trying to understand the investment building strategies, and this is across segments, which is a very positive sign that people are buying into the concept of blockchain and crypto,” Subramanian said. On what actual growth they have seen on the platform in terms of user base, he said, “Over the last six months, we crossed a total registered user base of 4 million, and these are not just installs but registered users. We wanted to build the right product and structure before we went mass. When we launched a new product in January, we did a fair amount of testing and checks in the first few months but from April, we started going heavy and a lot out of the 4 million users came in between April and today.” The future While it is still a new segment, CoinDCX is trying to educate more and more people about the space in an attempt to raise awareness. It also joined ASCI to understand how to be ethical in terms of its advertising. “Working with ASI would mean we will be able to understand the finer details of what we are doing right and where we’re going wrong. This will improve the overall quality of our communication. Being a member of ASCI also means we are putting ourselves under some form of regulation and we're open to that because their values and vision is very closely aligned with us. Hopefully in the years to come, we'll be able to also worked with them to create specific regulations for advertising in this space,” he explained. On what his vision for the platform is, he said, “We generally joke around in office that just like today everyone has a payment app, they should have a crypto investment app, one that has been created by us. That’s our focus for India. When we look at crypto adoption across the world, we truly believe that this industry can contribute to the $5 trillion goal set by our Prime Minister and we could definitely look at financial exports. As a nation, in the first wave of the internet revolution, we were just the consumers. We did not contribute in building it. The second wave was largely built by us but with capital from the Western world. This is a time when we have both the knowledge and the capital. We have started doing that in smaller space phases, especially in the <keyword id="2461546" type="General" weightage="20" keywordseo="fintech" source="Orion">FinTech</keyword> space. Crypto and blockchain is another space where India will be able to make its mark and contribute globally. Our larger vision is to help build that ecosystem. Like we have platforms like Facebook and Twitter coming out of the US, we can have these crypto blockchain companies, which we truly believe is the next big thing after the internet, coming from India,” he concluded.

Crypto and blockchain is a space where India will make its mark and contribute globally, we aim to help build that ecosystem: Ramalingam Subramanian, CoinDCX

In less than a decade since its launch in 2016, UPI payments are crossing new milestones every month. The simple payment method has become the go-to mode for consumers across the country. <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> pioneered QR Codes and Soundbox have strengthened in-store payments further empowering merchants to accept payments from <keyword id="6076084" type="General" weightage="100" keywordseo="paytm-upi" source="Orion">Paytm UPI</keyword> along with UPI Lite, Paytm Wallet, cards and netbanking. The transformation in payments that Paytm has brought is creating waves globally and was also highlighted by the German Embassy in India. During a visit to Bengaluru, Germany's Federal Minister for Digital and Transport Volker Wissing made payments to a vegetable seller by scanning the Paytm QR code. <div type="twitter" handle="GermanyinIndia" handlename="GermanyinIndia" favoritecount="0" retweetcount="0" id="1693162556918210966"></div> Taking to X (formerly known as Twitter), the German Embassy posted: "One of India’s success story is digital infrastructure. UPI enables everybody to make transactions in seconds. Millions of Indians use it. Federal Minister for Digital and Transport @Wissing was able to experience the simplicity of UPI payments first hand and is very fascinated!" From the neighbourhood vegetable vendor to the bakery next door, Paytm QR Codes are omnipresent across the length and breadth of India. Paytm is leading technology for small shops in India which is fascinating people the world over. <div type="twitter" handle="Zecca_Lehn" handlename="Zecca_Lehn" favoritecount="0" retweetcount="0" id="1680584301908492288"></div> Zecca Lehn of Responsibly Ventures posted on X: Saw someone in India today pay a chai street vendor via a<a href="https://twitter.com/Paytm"> @Paytm</a> barcode sticker ($0.25 drink at entrance of major tourist site. Cost: Thimble sized paper cup, one tea bag, packet of sugar/cream, gas burner and large teapot) <a href="https://twitter.com/hashtag/HelloMyFriend?src=hashtag_click">#HelloMyFriend</a> The fintech giant is always the first on the block to bring innovations in UPI to millions. It was the first to launch UPI payments through RuPay credit cards on its platform. This has further boosted the credit ecosystem in India by making use of credit cards mainstream. <div type="twitter" handle="abcdarsh" handlename="abcdarsh" favoritecount="0" retweetcount="0" id="1691689967792382446"></div> Another user Adarsh Mehta posted: Paid with my rupay credit card at this street shop in rural area, never thought card will be used in this way.... Amazing <a href="https://twitter.com/Paytm">@Paytm</a> Paytm enables consumers to make effortless payments any time, anywhere. With fastest UPI payments that never fail, Paytm has become synonymous with mobile payments in India. From ‘scan &amp; pay’ to ‘tap &amp; pay’, Paytm’s technology-led innovations have brought seamless transactions to millions of users. <div type="twitter" handle="akash_mehta15" handlename="akash_mehta15" favoritecount="0" retweetcount="0" id="1688778343586615296"></div> Another user Akash Mehta took to X and posted: Lightning fast payment on<a href="https://twitter.com/Paytm"> @Paytm</a> during peak hour in Mumbai resolves the need to keep loose change.<a href="https://twitter.com/vijayshekhar"> @vijayshekhar</a><a href="https://twitter.com/hashtag/DigitalIndia?src=hashtag_click"> #DigitalIndia</a> As India’s leading payments and financial services platform, Paytm has been driving convenience for users. The company has been instrumental in expanding financial inclusion in the country. It is one of the champions of Digital India, revolutionising mobile payments by making Paytm UPI easily accessible to everyone. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

QR in India is synonymous with Paytm – here's how the fintech giant has taken UPI to every part of the country

<ul><li><keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">Credit card</keyword> users spent about five times more than debit card users in 2022. It was also the most preferred payment method this festive season. </li><li>OTT expenditure, alone, grew by 80% during the festive season leading to less expenditure on going out. </li><li>Currency in circulation also declined during Diwali for the first time in two <a href="https://www.businessinsider.in/finance/news/dilwali-week-cash-circulation-declines-for-the-first-time-in-20-years-sbi-ecowrap/articleshow/95280473.cms">decades</a>, according to industry estimates. </li></ul>This festive season, Indians have been spending via swiping as per a <keyword id="1493568" type="General" weightage="100" keywordseo="payu" source="Orion">PayU</keyword> Insights Report - Festive Edition. Even as digital transactions have been steadily increasing, it was a busy festive season for the payments platform which recorded 7 million transactions on a single day in September, after major festive sales were announced. However, online sales itself were not the only drivers for the rise in PayU transactions. Thanks to the post-pandemic rise in revenue tourism, travel expenditure on the platform grew a massive 165%. OTT expenditure, too, grew 80% during the festive season. Consequently, expenses related to watching movies physically and attending on-ground events witnessed a decline in expenditure and transactions of 11% and 43% respectively, the report said. Holiday packages saw a 70% increase in expenditure and 341% increase in average ticket size. Expenses on cabs, trains, airplanes also showed a growth. For the entire festive season, PayU reported a 64% increase in expenditure and 31% increase in the number of transactions compared to the festive sale period in 2021 (September 15- October 15, 2022 vs 1-31 October 2021). According to an SBI Ecowrap report,<a href="https://www.businessinsider.in/finance/news/dilwali-week-cash-circulation-declines-for-the-first-time-in-20-years-sbi-ecowrap/articleshow/95280473.cms"> the rise in digital transactions was very evident</a> this festive season. For the first time in 20 years, currency in circulation has declined during the Diwali week. “The Indian economy is undergoing a structural transformation. The innovations in technology have changed the Indian payment system. Over the years, the Indian cash-led economy now has changed to (a) smartphone-led payment economy,” said SBI Ecowrap. The yearly growth It isn’t just festive shopping either. Digitization of transactions is taking place across categories. The pandemic itself was a great driver of digital adoption as PayU saw a 245% increase in expenditure and 130% increase in transaction volumes between 2019 and post-pandemic period of 2022. “One of the highest categories for <keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword> spending was credit repayment, showing that <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>ns are increasingly repaying personal loans using UPI,” said PayU. RuPay, one of India’s largest circulated credit and debit cards, already has UPI linked with it. The “do-it-yourself wealth management platform” is another emerging post-pandemic behaviour among young Indians. Investments saw a 66% growth in expenditure and 50% growth in average ticket size, PayU estimated. Credit vs debit cards The spending patterns also differed as per the mode of payment. Credit card users spent about five times more than debit card users in 2022, as per the report. “Interestingly, credit card users spent about 5 times more than debit card users in 2022 (total expenditure), in spite of the fact that there is one credit card for every 12 debit cards. On an average, a credit card user spent ₹6,000 as opposed to a debit card user who spent ₹2,500, in 2022,” the report said. Post Covid-19, the cards in circulation have already breached the 1 billion mark, UPI is tracking over six billion transactions per month, about 53 million FASTags have been issued, and over 20,000 billers live on Bharat BillPay ecosystem alone, <keyword id="15160988" type="General" weightage="50" keywordseo="india-digital-payments-report" source="Orion">India Digital Payments Report</keyword> revealed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/cop27-attendees-criticised-for-hypocrisy-after-egypt-receives-400-private-jets/articleshow/95530258.cms">COP27 attendees criticised for hypocrisy after Egypt receives 400 private jets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/95-indian-companies-experiencing-new-types-of-fraud-after-covid/articleshow/95530428.cms">95% Indian companies experiencing new types of fraud after Covid</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/article/tatas-mega-aviation-merger-is-poised-for-flight-but-the-skies-are-not-clear-yet/articleshow/95526116.cms">Tata's mega aviation merger is poised for flight, but the skies are not clear yet</a>

This year, credit card users swiped 5x more than debit card users: PayU

<ul class="summary-list"><li>As the <keyword id="2721952" type="PERSON" weightage="100" keywordseo="crypto">crypto</keyword> market continues to see its most notable boom yet, big companies in the sector have encouraged traditional Wall Street to venture into the space.</li><li>The crypto market is "much healthier and much more two-sided" than ever, said one investment firm CEO. </li><li>The conversation was part of Insider's virtual event, "Future of <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">Finance</keyword>," presented by <keyword id="1292332" type="PERSON" weightage="60" keywordseo="Grayscale">Grayscale</keyword>.</li></ul>All eyes have been on the crypto space this year as it has undergone its most notable boom in history. The volatile and often-polarizing space has <a href="https://markets.businessinsider.com/currencies/news/warren-buffett-charlie-munger-bitcoin-robinhood-spacs-berkshire-hathaway-meeting-2021-5-1030385983">drawn criticism</a> from the likes of famed investor Charlie Munger while attracting capital from hedge fund legends <a href="https://markets.businessinsider.com/currencies/news/bitcoin-billionaire-investor-paul-tudor-jones-says-buying-cryptocurrency-inflation-2020-5-1029179495">Paul Tudor Jones</a> and <a href="https://markets.businessinsider.com/currencies/news/ray-dalio-bitcoin-bonds-inflation-surges-cryptocurrency-portfolio-outlook-bridgewater-2021-5-1030459576">Ray Dalio</a>. 2021 may well mark an inflection point in the maturation of the nascent <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-25370f55-7fff-1c7e-31ae-7f973485f83e">crypto</a> ecosystem. "I think what we're seeing now is a market that is much healthier and much more two-sided than we've ever seen before. And the dynamics at play in the crypto market today are very different than they were in the 2017 run-up," said Michael Sonnenshein, CEO of Grayscale Investments, <a href="https://markets.businessinsider.com/news/stocks/grayscale-investments-interested-us-bitcoin-etf-gbtc-btc-cryptocurrency-2021-3-1030180065">the company behind the world's biggest crypto fund</a>, the $37 billion Grayscale <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> Trust. "We've really seen the development of derivatives lending and borrowing, the development of order management systems indices, and further regulatory clarity around the asset class," he added. Sonnenshein 's comments were made during Insider's recent virtual event, "Future of Finance," presented by Grayscale, which took place on June 8, 2021. "[Investors] are now seeing that there is no more stigma or any career risk associated with getting involved in crypto," Sonnenshein said. "They're seeing notable experienced investors getting involved in the ecosystem." This panel, titled "Crypto - The Golden Child of <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">Fintech</keyword>?" was moderated by Bianca Chan, finance reporter at Insider and featured Sonnenshein along with Lauren Abendschein, head of Americas institutional coverage at <keyword id="1972612" type="PERSON" weightage="60" keywordseo="Coinbase">Coinbase</keyword>. Sonnenshein said crypto is still in its early days, noting the recent proliferation of crypto use cases like stablecoins, reward tokens, governance tokens, and smart contracts. He said that sophisticated investors are recognizing that engagement in the space is more than just about short term price action. Abendschein said that historically, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-25370f55-7fff-1c7e-31ae-7f973485f83e">crypto</a> has faced three key barriers: regulatory uncertainty, costing, trading, and lending infrastructure, and investor perception. She said all three areas have seen meaningful change that have helped encourage wider adoption. "I think this is where having incumbents like Coinbase and Grayscale who have performed over extended periods really helped to bring adoption from Wall Street," Abendschein said. Sonnenshein said regulatory uncertainty is no longer an issue for investors. Chan, the moderator, pointed out that the US Securities and Exchange Commission <a href="https://markets.businessinsider.com/currencies/news/bitcoin-etf-approval-may-take-longer-expected-sec-expresses-caution-2021-6-1030484370">has not yet approved a Bitcoin ETF</a> despite longstanding efforts from the crypto community. Sonnenshein said that Grayscale first began dialogue with the SEC about turning its flagship fund, the Grayscale Bitcoin Trust, into a bona fide ETF, in 2016. Grayscale pulled out of the approval process in 2017 after realizing regulators "were just not yet ready" for such a product, he added. "Some of the issues that regulators have cited around the crypto ecosystem are things like surveillance sharing, you know, these are the types of protections in monitoring that are in place for equities and other assets. And we just don't yet have that level of infrastructure around crypto markets and crypto order books and exchanges," Sonnenshein said. Chan asked Abendschein about Coinbase's recent report on <keyword id="49089" type="ORGANIZATION" weightage="60" keywordseo="Sustainability">sustainability</keyword> concerns surrounding Bitcoin's energy use. Abendschein said that the report found Bitcoin miners use green energy because of its abundance and low cost, and that they could actually help drive demand for more renewable energy. Sonnenshein sees the scrutiny around Bitcoin's environmental footprint as a driver of progress for the asset class. "10 or 12 years into the life cycle of this asset, the fact that we are able to focus on things like sustainability and <keyword id="77363" type="ORGANIZATION" weightage="60" keywordseo="ESG">ESG</keyword>, we're going to use this as an opportunity as an industry to put together new solutions employing new technologies because we've seen this ecosystem get challenged no fewer than probably 100 times over the course of its lifecycle," Sonnenshein said. Sonnenshein noted the abundance of research and educational materials available to investors interested in crypto. "I think any investor who is deploying capital into crypto today is certainly doing so I would say from the most informed vantage point that we've ever seen." <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-cryptocurrency-exchange-wazirx-has-listed-shiba-inu-tokens-for-trading-in-indian-rupees/articleshow/82731429.cms">Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works</a> <a href="https://www.businessinsider.in/cryptocurrency/news/here-is-why-a-ban-on-cryptocurrencies-may-not-be-even-possible/articleshow/82741310.cms">Is a ban on cryptocurrencies even possible?</a> <a href="https://www.businessinsider.in/cryptocurrency/news/latin-america-and-south-asia-show-two-ends-of-the-crypto-regulatory-spectrum/articleshow/83638437.cms">Even as Latin America embraces Bitcoin, Southeast Asia is clamping down on cryptocurrencies</a>

The crypto ecosystem has been challenged 'no fewer than probably 100 times' over its lifetime. Here's why many institutions are still piling into the asset class, and what roadblocks remain.

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The crypto ecosystem has been challenged 'no fewer than probably 100 times' over its lifetime. Here's why many institutions are still piling into the asset class, and what roadblocks remain.

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