A new payment gateway platform is all set to offer its services to its customers in India. Nasdaq-listed Lytus Technologies has announced the launch of its payments gateway in the country.

This marks the entry of the USA-based platform in the Indian fintech market through the introduction of its payment gateway offerings to businesses in the Indian cable and broadband sector. The initial service roll-out would focus on a B2B model.

Shreyas Shah, CFO of Lytus Technologies, said that the company intends to invest 50 million dollars to expand its fintech business in India over the next five years.

"While the initial rollout focuses on a B2B model, it plans to extend services to its 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," he added 

Huzaefa Lokhandwala, CEO of Lytus Fintech revealed that the company will would expand the scope of its fintech services over the coming months. "This would include AI-driven next-generation payment platforms, P2P lending, blockchain, insurtech, digital shareholder services, and cross-border payments, among other services,” he noted. 

Lytus also plans to offer 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," Lokhandwala added. 

The Indian fintech market is currently the second largest market in the world by deal volume and is expected to touch $2.1 trillion by 2030, registering a CAGR of more than 18 per cent. With a fintech adoption rate of 87 per cent against the global average of 64 per cent, India is one of the fastest-growing fintech markets in the world. 

Lytus Technologies is an internet platform services organisation offering streaming and telemedicine services to over 4 million active users and monthly customers across India and the USA. Through its 5,000-kilometer network of installed fiber and broadband infrastructure, the firm delivers fiber and broadband services to its client base. It delivers network connectivity services to its clientele through its 5,000-kilometer fiber and broadband infrastructure