India is set to emerge as the largest contributor to the global Open Finance user base, accounting for 47% of the projected 1 billion users by 2030, according to the Global Open Finance Adoption Report (GoFar) 2024-2030. The report, covering 48 countries, highlights India’s transformative role in driving financial inclusion through innovative frameworks like the Account Aggregator (AA) system.
The report was unveiled at SamvAAd 2024, a premier event aimed at advancing Open Finance initiatives globally.
“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.” said BG Mahesh, CEO, Sahamati, a collective of the Account Aggregator ecosystem.
The findings
The Open Finance ecosystem is expected to surpass 1 billion users by 2030, driven by adoption in India, the US, and Brazil.
India’s user base is projected to rise from 90 million in 2024 to 479 million by 2030, a fivefold increase over six years.
The report underscores India’s potential as a global leader in Open Finance, leveraging its robust digital infrastructure to expand secure, consent-based data-sharing frameworks.
“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 enable 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
