India to contribute 47% to global open finance user base by 2030: Global Open Finance Adoption Report (GoFar) 2024-2030

Bengaluru: We are thrilled to announce the release of the Global Open Finance Adoption Report (GoFar) 2024-2030, an in-depth analysis of the trajectory of Open Finance across 48 countries. This report explores key growth trends, transformative use cases, and regional contributions driving Open Finance adoption globally.

Key Highlights:

1. Global User Base to Cross 1 Billion by 2030 

○ The Open Finance ecosystem is set to achieve an unprecedented milestone, with over 1 billion users globally by the end of this decade.

2. Growth to Be Fueled by India, the US, and Brazil 

○ These three countries are identified as the powerhouses driving the expansion of Open Finance adoption worldwide.

3. India: A Leading Force in Open Finance Adoption 

○ India is poised to contribute over 47% of the global Open Finance user base by 2030. 

○ Current Users in India (2024): 90 million

○ Projected Users in India (2030): 479 million 

4. Five-Fold Growth at Scale

○ India’s Open Finance adoption showcases a staggering 5x growth in just six years, a testament to the transformative power of Open Finance in driving financial inclusion and innovation at scale.

This report is a critical resource for policymakers, fintech leaders, investors, and innovators seeking to understand the opportunities and challenges shaping the future of Open Finance. The report was officially unveiled at SamvAAd 2024, a premier event dedicated to advancing the Open Finance ecosystem.

Open Finance enables secure, user-consented sharing of financial data across institutions, fostering transparency, better decision-making, and personalized financial services. It is an evolution of Open Banking, expanding the scope beyond banks to include a broader range of financial data sources such as insurance, investments, pensions, and more.

At the heart of India’s Open Finance ecosystem is the Account Aggregator (AA) framework, a ground-breaking initiative enabling individuals to securely access and share their financial data with their consent. Built on principles of data privacy and empowerment, the AA network ensures seamless, transparent data exchange between institutions, empowering users to make informed financial decisions.

Sahamati, a non-profit industry alliance, has played a pivotal role in driving the adoption and awareness of the AA framework in India, fostering trust and collaboration between stakeholders in the ecosystem.

Quotes:

“India’s Account Aggregator framework is a cornerstone of our Open Finance journey, empowering millions with secure, consent-based access to their financial data. As highlighted in the Global Open Finance Adoption Report 2024-2030, this innovation is driving unprecedented growth, with India projected to lead the world in user adoption by 2030. The Account Aggregator ecosystem is not just a technology—it’s a transformative enabler of financial inclusion and economic growth.” BG Mahesh, CEO, Sahamati 

“The Account Aggregator (AA) framework is a game-changer. It empowers individuals to take control of their financial data—deciding who to share it with and for what purpose. AA enables better planning, reduces missed EMIs, and makes the consequences of poor financial decisions more transparent. It’s a tool for financial self-awareness, which is the foundation of responsible credit use. Data-driven financial ecosystems present a huge opportunity to accelerate economic growth and enables consumers to make the right financial decisions for themselves. Account Aggregator is at the heart of this transformation and we’re excited about catalysing financial progress for the trustworthy through the framework.” Kunal Shah, Founder, CRED 

“The Global Open Finance Adoption Report 2024-2030 is a comprehensive exploration of how Open Finance is revolutionizing access to financial services and driving global inclusion. With India, the US, and Brazil leading the way, this report underscores the transformative potential of collaboration, innovation, and scale in achieving over 1 billion users by 2030. This is more than a report—it’s a roadmap for a more inclusive financial future.” Kiran Gopinath, Founder, Open Finance Connect