India’s fintech sector is making waves on the global stage, with Razorpay CEO Harshil Mathur underscoring the country’s unparalleled advancements in digital payments at the World Economic Forum in Davos. Mathur lauded India’s digital payment systems, particularly the Unified Payments Interface (UPI), as a global benchmark, attributing the country’s rapid growth to innovations in technology and policy.
India’s Fintech Leadership
Mathur highlighted that India has emerged as a leader in fintech innovation, far outpacing other nations in real-time digital payments. Over the past decade, the country’s payment ecosystem has experienced exponential growth, accounting for 50% of the world’s real-time payments—a fact Mathur said is often hard for international audiences to grasp.
“While countries like the US are developing real-time payment systems, they fall short of India’s UPI in terms of adoption and efficiency,” Mathur stated. He also noted that while countries like Thailand and Malaysia have similar systems, they lack the widespread penetration achieved by UPI in India.
Improved Investor Sentiments
Mathur also addressed the evolving investment landscape in India. He pointed out that 10 years ago, foreign investors were hesitant to commit to Indian markets due to regulatory complexities and limited tech IPOs. However, the last few years have seen a complete shift, with India now viewed as a top destination for investments.
“India’s IPO market has grown significantly, and visible efforts by the government to simplify regulations and improve ease of doing business have further boosted investor confidence,” he remarked.
Razorpay’s IPO Roadmap
Razorpay is preparing for its own growth trajectory, with plans to become a publicly traded company by 2026. The company is restructuring its corporate setup to comply with Indian regulatory norms, a move seen as a precursor to its anticipated IPO. Despite facing significant tax implications of around $300 million, Razorpay remains committed to its strategic objectives and is currently awaiting RBI approval to streamline its processes.
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India’s Digital Future
The transformative role of UPI, introduced in 2016 by the National Payments Corporation of India (NPCI), has set the stage for India’s dominance in digital payments. Razorpay, with its user-friendly platform for credit cards, UPI, and digital wallets, exemplifies the innovation that has fueled this growth.
As Mathur emphasized at Davos 2025, India’s fintech ecosystem isn’t just advancing domestically but is setting global benchmarks. By combining innovation with regulatory trust, the country continues to strengthen its position as a global fintech leader.
