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Investment: Embedded finance set for 37.8% CAGR through to 2029, reaching $28.6bn

Fiinews by Fiinews
October 12, 2024
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Industry can expect more financial product and service innovations in the next few months

India’s embedded finance industry is expecting a CAGR of 37.8% from 2024 to 2029, reaching US$28.6 billion by end of five years from US$5.75 billion this year, according to an industry report investindia .

The embedded finance sector in India is undergoing rapid transformation propelled by technological adoption and a shift toward integrated financial services, said the “India Embedded Finance Business and Investment Opportunities Databook Q2 2024 Update” report being offered by ResearchAndMarkets.com from 9 Oct bseindia .

“Noteworthy advancements encompass innovations in e-commerce lending, micro-insurance, and healthcare financing, underpinned by strategic partnerships and a conducive regulatory landscape,” said the report nseindia .

“These ongoing trends are poised to yield further progress and deeper assimilation of financial solutions into everyday transactions, thereby enriching consumer convenience and accessibility sbi .”

Over the past few months, embedded finance in India has seen substantial growth, particularly in areas such as digital payments, credit solutions, and insurance integration, driven by the increasing adoption of technology and a shift towards online financial services digitalasiahub .

“In the next few months, we expect continued momentum with more financial product and service innovations. E-commerce platforms are integrating financial solutions to enhance customer experience, reflecting a broader shift in consumer engagement with financial services towards convenience and integration into daily transactions,” said the report.

E-commerce Lending Solutions: Major platforms like Flipkart and Myntra have introduced embedded lending options at checkout. These options allow customers to utilize Buy Now, Pay Later (BNPL) services, which enable them to split payments into manageable installments.

Micro-Insurance Products: Ola Money has recently rolled out a new feature – micro-insurance coverage for cab rides. This service offers immediate protection for passengers during their journeys, aiming to enhance customer safety and convenience.

Healthcare Financing: Practo has integrated embedded lending solutions that allow patients to finance medical bills or insurance premiums, thereby improving access to essential healthcare services for individuals with varying income levels.

Strategic Partnerships

E-commerce and Fintech Collaborations: Major e-commerce platforms like Flipkart and Myntra have partnered with non-banking financial companies (NBFCs) to embed lending solutions at checkout. This allows customers to utilize Buy Now, Pay Later (BNPL) options, facilitating easier payment processes and increasing conversion rates for merchants.

Ride-Hailing and Insurance Integration: Ola Money has partnered with insurance providers to offer micro-insurance products directly in its app. This will provide passengers with immediate coverage during rides, making it easier and safer for customers. The partnership will help increase the use of insurance in the mobility sector.

Healthcare Financing Solutions: Practo has partnered with financial institutions to offer lending options embedded in healthcare services. This aims to improve access to healthcare for people with different income levels.

Regulatory Changes

Supportive Regulatory Environment: The Indian government and regulatory bodies, like the Reserve Bank of India (RBI), have made it easier for fintech and embedded finance to grow. The RBI Regulatory Sandbox allows companies to test new financial products and services.

Financial Inclusion Efforts: The government’s focus on financial inclusion has been a key driver for the growth of embedded finance. Schemes like the Pradhan Mantri Jan Dhan Yojana (PMJDY), which aims to provide universal access to banking facilities, have laid the foundation for the expansion of financial services.

Open Banking Initiatives: Open banking regulations in India enable secure data sharing with third-party providers, fostering innovative financial products and services and creating opportunities for embedded finance solutions.

This report offers a comprehensive, data-centric analysis of the embedded finance industry. It covers lending, insurance, payment, wealth and asset-based finance sectors and provides a detailed breakdown of market opportunities and risks across various sectors. With over 75+ KPIs at the country level, this report ensures a thorough understanding of embedded finance market dynamics, market size, and forecast.

It breaks down market opportunities by type of business model, consumer segment, and distribution model. In addition, it provides detailed information across various segments in each sector of embedded finance. KPI revenue helps in getting an in-depth understanding of end market dynamics. Fiinews.com

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