Catalysing Growth in India in 2023 through Embedded Finance | Article by Ankit Agarwal Alankit | Alankit.com
Alankit is proud to be an empanelled member of the Embassy of the State of Qatar , New Delhi
Alankit is proud to be an empanelled member of the Embassy of the State of Qatar , New Delhi
Alankit is proud to be an empanelled member of the Embassy of the State of Qatar , New Delhi
Alankit is proud to be an empanelled member of the Embassy of the State of Qatar , New Delhi
Enquiry form

Catalysing Growth in India in 2023 through Embedded Finance

MD Article May 2023 May 05, 2023

Excerpt: “The embedded finance market is acting as a catalyst for e-commerce triggering the digitalisation of financial services and a shift in consumer preferences”

The future of embedded finance in India appears promising, owing to a convergence of favourable factors, including a large population, rising income levels, expanding smartphone and internet penetration, and a rapidly growing digital economy. Furthermore, the Indian government’s plans for financial inclusion align well with the potential of embedded finance to transform various aspects of the economy and further India’s digital journey.

The embedded finance market is acting as a catalyst for e-commerce triggering the digitalisation of financial services and a shift in consumer preferences. Fintech firms are also gaining consumer trust and, in some cases, outperforming traditional banks. In 2023, Fintech ecosystem will likely play an essential role in this growth by providing financial services to people previously underserved by traditional financial institutions. Furthermore, conventional financial services and fintech firms will form stronger alliances, particularly between banks and payment companies. This collaboration will enable banks to provide critical infrastructure while fintech firms tailor services to different business models, unlocking greater potential.

The proliferation of smartphones and internet access in India is an essential facilitator for the growth of embedded finance. Therefore, the demand for mobile-based financial services is expected to grow rapidly.

The rise of UPI in India indicates the progress India is making in the financial and digital financial inclusion space. This progress is heavily supported by India’s growing internet penetration, smartphone usage, and the growth of embedded payments infrastructure supporting e-commerce platforms.

Embedded finance also promotes financial inclusion by opening new channels for financial service delivery to customers in the underserved by integrating financial services into non-financial products and services.

Overall, as the adoption of embedded finance continues to grow, it has the potential to transform the financial services industry and contribute to the economic growth of the country.

About The Author
Ankit Agarwal Managing Director Alankit Limited

Mr. Ankit Agarwal, the Managing Director of Alankit Limited, is a qualified Chartered Accountant and an Associate Member of the Institute of Chartered Accountants of India. Mr. Ankit Agarwal has an exceptional track record in the field of Finance, Accounting, Process Enhancement, Liaising, and Coordination, as well as Research activities.

Under the leadership of Mr. Ankit Agarwal, Alankit has become a globally recognised organisation. With more than 13 years of experience as a market analyst and visionary entrepreneur, Mr. Ankit Agarwal has led business operations across multiple sectors, from high Tech to Government and Fintech sectors.

Instant Call Back
For Sales Queries
Sales Queries
Call / whatsapp
+91 9717858585
Channel Helpdesk Number Call
+91 7290066301
Alankit Franchise Query
new message