Budget 2023: Fintechs expect subsidies for growing digital payments network

Firms operating in this space expect easing of taxes alongside special budgetary allocations for the sector to grow

Fintechs are expecting measures to strengthen digital payments and partnerships with banks in the upcoming Budget 2023-24 for the growing sector.

According to an EY report on fintech, the sector in India is expected to reach $1 trillion in assets under management (AUM) and $200 billion in revenue by 2030. The report revealed that the neo-banking space has seen a five-fold uptick in funding in the last year and is expected to hit the $215 billion mark by 2030.

Industry experts who spoke to Business Standard highlighted that finance minister Nirmala Sitharaman is likely to announce additional allocations and sops