Favourable government schemes and increasing adoption in emerging markets are triggers for growth. The global fintech market was worth $110.57 billion in 2020. However, with a CAGR of 20.3% between 2021 and 2030, the market might hit $0.5T.

CryptoMonday's Jonathan Merry spoke on the issue: "We are witnessing an exciting time in the Fintech industry. Governments worldwide are recognising the immense potential of Fintech to transform financial services. They offer their support, which will drive innovations and financial inclusion”.

Governments around the world have been actively supporting the growth of fintech companies. They have been offering tax incentives and grants to fintech companies to help achieve financial inclusion. As a result, fintech's growth in emerging markets is outstanding.

Also, governments in each nation use a variety of measures to promote digital payments. For instance, the Unified Payments Interface (UPI) was introduced by the Indian government in 2016. Via the UPI, consumers can use their mobile devices to send money directly from their bank accounts in real time. It is the most widely used digital payment option in the nation today. Similarly, the UK government introduced the Open Banking project in 2018.