Lytus Technologies enters Fintech space with the launch of a new payment gateway in India
~Will invest 50 million dollars to expand their fintech service in India over the next 5 years~
Mumbai | New York, July 24, 2023 (GLOBE NEWSWIRE) — Nasdaq-listed Lytus Technologies Holdings PTV. Ltd. (the “Company”) (NASDAQ: LYT), a leading global technology-driven services company, 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 largest 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 fastest 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.
According to Shreyas Shah, CFO of Lytus Technologies, “Lytus’s unique business model is particularly suited to expand its fintech services offering to its nationwide base of nearly 4 million users. 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.”
Huzaefa Lokhandwala, CEO of Lytus Fintech, anticipates that, “Over the course of the next several months, Lytus intends to expand the scope of its fintech services to include AI-driven next-generation payment platforms, P2P lending, blockchain, insurtech, digital shareholder services, cross-border payments, among other services. Lytus also plans to offer its subscribers e-wallet and credit card services using AI-based technology for personalized 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.”
Lytus Technologies’ entry into the Indian fintech market with its innovative payments gateway marks an exciting milestone in the company’s growth journey. With its strategic expansion plans, including the intention to offer an array of AI-driven financial services and personalized solutions, Lytus aims to cater to the evolving needs of Indian consumers and businesses alike. As India’s fintech landscape continues to thrive, Lytus Technologies’ commitment to bridging the digital divide between urban and rural areas and providing cutting-edge fintech solutions is set to contribute significantly to the country’s vibrant financial ecosystem.
About Lytus Technologies Holdings Pvt Ltd:
Lytus Technologies is a rapidly expanding technology-driven internet platform services organisation with operations in India and USA. The company offers high-value streaming and telemedicine services to over 4 million active users and monthly customers across India and USA. Lytus Technologies is a listed company under the ticker symbol “LYT” on the Nasdaq Capital Market. The firm is one of India’s fastest-growing online content and streaming service providers. Through its 5,000-kilometer network of installed fibre and broadband infrastructure, the firm delivers fibre and broadband services to its client base. Currently, Lytus Technologies has nationwide Telecast & Multicast services in India providing retail and commercial customers monthly subscription-based linear video and Internet services.
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Gautam Gupte
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