Posted by Mumbai: Lytus Technologies, a global technology-driven services company, has launched its payments gateway for Indian consumers. With this launch, Lytus Technologies aims to offer its payments gateway solutions to businesses in India’s cable and broadband sector.
The Indian fintech market is currently the second largest market in the world by deal volume. The Indian fintech market is expected to grow to $2.1 trillion by 2030 at a CAGR of more than 18%. With a fintech adoption rate of 87% against the global average of 64%, India is one of the fastest-growing fintech markets in the world, according to industry estimates.
Lytus’s unique business model is particularly suited to expand its fintech services offering to its nationwide base of nearly 4 million users, according to Shreyas Shah, CFO of Lytus Technologies.
“The company intends to invest $50 million to expand its fintech business in India over the next five years. While the initial rollout is focused on a B2B model, it plans to extend services to its individual subscribers within the next 12 months,” said Shah.
“Lytus’ fintech products will be initially available to customers in metro cities, and the company will also focus on offering its fintech services to businesses and individuals in rural parts of India to bridge the gap that currently exists in the traditional banking sector,” added Shah.
“Over the course of the next several months, Lytus intends to expand the scope of its fintech services to include AI-driven next-generation payment platforms, P2P lending, blockchain, insurtech, digital shareholder services, cross-border payments, among other services,” said Huzaefa Lokhandwala, CEO of Lytus Fintech.
“Lytus also plans to offer its subscribers e-wallet and credit card services using AI-based technology for personalised financial insights. Users will be able to set spending goals based on their priorities, earn rewards, and leverage the features to develop good financial habits and achieve their long-term goals,” added Lokhandwala.
With its strategic expansion plans, including offering an array of AI-driven financial services and personalised solutions, Lytus aims to cater to the evolving needs of Indian consumers and businesses.