Lytus Technologies Holdings PTV. Ltd. has announced the launch of its payments gateway for Indian consumers. This marks the entry of Lytus Technologies into the Indian fintech market through the introduction of its payments gateway offerings to businesses in the Indian cable and broadband sector.

Lytus Technologies entered the Indian market with its Telecast & Multicast and broadband services and recently acquired a 51% stake in Sri Sai Cable and Broadband Private Limited in Telangana, India. With the strategic aim of expanding its footprint in India by offering diverse services to Indian consumers, the launch of the payment gateway will provide an additional boost to the company in the market. Initially, Lytus consumers using IPTV and broadband services will enjoy the convenience of the new payment gateway, facilitating their transactions.

The Indian Fintech market is currently the second market in the world by deal volume. It is expected to grow to USD 2.1 Tn 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 growing fintech markets in the world.

The Indian fintech industry has experienced exponential growth over the past few years, supported by the Indian government's initiatives to promote the digitization of financial systems and a cashless economy. This effort has successfully shifted consumer focus toward digital alternatives for financial transactions and services. The rise of digital commerce, along with innovations in payment technology using AI, blockchain, the Internet of Things (IoT), and the introduction of mobile point-of-sale (POS) devices, has significantly contributed to the tremendous success of the fintech industry in India.

The company intends to invest 50 million dollars 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. 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.