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Mr Maya, Director of Lares on the Top Indian Fintech Trends to Watch Out For in 2024

Mr Maya, Director of Lares on the Top Indian Fintech Trends to Watch Out For in 2024

The year 2023 was a challenging one for the fintech sector in India, as it faced regulatory uncertainties and funding slowdowns. However, the year 2024 promises to be a more exciting and rewarding one, because technological leaps, global shifts, and skyrocketing demand for innovative financial solutions are set to propel this dynamic landscape like never before.

In this article, Mr. Maya will share his opinion on the top Indian fintech trends to watch out for in 2024 that are expected to shape the fintech sector in India, based on his own experience as the Director of Lares, India’s leading hedge fund management company.

UPI: The Game-Changer in Top Indian Fintech Trends to Watch Out for in 2024

Unified Payments Interface (UPI) is a real-time payment system that enables seamless and secure transactions across multiple platforms and banks. It is the game-changer for digital payments and lending with the top Indian fintech trends to watch out for in 2024.

UPI has revolutionized the digital payments landscape in India, with a record of 17.4 lakh crore transactions in November 2023, a 54% year-on-year increase in terms of the number of transactions, and a 46% year-on-year increase in terms of value. It has also enabled the emergence of digital lending on UPI, which mirrors the functionalities of a credit card, offering instant and flexible credit to consumers and merchants.

With the expected regulations in 2024, the pay-later category will gain more clarity and confidence and will be able to offer credit to underserved customers more effectively and at scale. UPI-driven digital lending will redefine the lending experience and will be a viable alternative for the masses.

Banking Tech: The Rise of Embedded Finance, BaaS, and Open Banking

Banking tech is another sub-sector within the list of top Indian fintech trends to watch out for in 2024 that has seen significant traction and growth in 2023. It encompasses various services such as embedded finance, banking as a service (BaaS), and open banking, which aim to provide seamless, accessible, and personalized banking solutions to customers and businesses.

Embedded finance is the integration of financial services into non-financial platforms, such as e-commerce, healthcare, travel, and more, to offer a frictionless and convenient customer experience. BaaS is the provision of banking infrastructure and APIs to third-party service providers, enabling them to offer banking services without having to obtain a banking license.

Open banking is the sharing of customer data and payment services through open APIs, allowing customers to access a wider range of financial products and services from different providers. These top fintech trends to watch out for in 2024 will lead to increased financial inclusion and a more diverse range of banking services for consumers in 2024.

Eco-Friendly Fintech and Green Investments: The Future of Sustainable Finance

With a growing global emphasis on sustainability, the fintech sector in India is set to witness a surge in green finance initiatives and sustainable investments. Eco-friendly fintech and green investments are also the top Indian fintech trends to watch out for in 2024.

Green finance refers to the financing of projects and activities that have a positive impact on the environment, such as renewable energy, clean transportation, green buildings, and more. These trends are driven by the increasing awareness and demand from consumers, investors, regulators, and businesses for more responsible and ethical financial practices.

Fintech companies will play a key role in enabling and facilitating green finance and sustainable investments, by leveraging technologies such as artificial intelligence, blockchain, big data, and more, to provide transparent, efficient, and innovative solutions.

Supercharging Financial Intelligence with Top Indian Fintech Trends to Watch Out for in 2024

Artificial intelligence (AI) is no longer science fiction; it’s rapidly transforming the fintech landscape. The supercharging financial intelligence through top Indian fintech trend to watch out for in 2024. Expect to see AI algorithms powering personalized financial advice, streamlined risk assessments, and fraud detection systems with superhuman accuracy.

Chatbots will handle customer service with unprecedented empathy, while robo-advisors will manage investment portfolios with hyper-optimized strategies. As AI matures, it will democratize access to financial services, offering sophisticated wealth management tools even to the most underbanked populations.

Quantum Computing: Cracking the Code of Complex Finance

While still in its nascent stages, quantum computing holds immense potential for the future of fintech. Its ability to solve complex financial problems with unparalleled speed and precision could revolutionize areas like asset pricing, portfolio optimization, and risk analysis. By harnessing the power of quantum computing, fintech companies could unlock new investment opportunities, optimize financial instruments, and create entirely new financial services that we can’t even imagine today.

Cybersecurity and Fraud Prevention: The Need of the Hour for Fintech

As financial institutions become more reliant on technology, cybersecurity, and fraud prevention become even more critical and challenging. We can expect to see a lot more top Indian fintech trends to watch out for in 2024. Most of the companies invest in cybersecurity measures to protect their customers, data, and reputation from cyberattacks and frauds.

Using artificial intelligence and machine learning, fintech companies will be able to identify and prevent fraudulent activities and repeated defaulters more successfully. They will also use advanced algorithms and machine learning to monitor account activity, flag suspicious transactions, and implement real-time fraud detection systems. Cybersecurity and fraud prevention will be top Indian fintech trends to watch out for in 2024.


The fintech sector in India is one of the most dynamic and innovative sectors in the world, with a huge potential for growth and impact. The year 2024 will be a pivotal year for the fintech sector, as it will witness the emergence and evolution of various trends that will shape the future of finance in India and beyond. As the Director of Lares, Mr Maya is excited and optimistic about the opportunities and challenges that lie ahead for the fintech sector.

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