The market for financial technologies (fintech) software in this country is estimated to double to $2.4 billion by 2020 from around $1.2 bn at present. This would happen with growing smartphone penetration, an evolving e-commerce system and growing customer expectations, research entity KPMG and the software sector’s apex business association, Nasscom, said in a new report on Tuesday.

The fintech sector is expected to gain momentum with the increasing acceptance of Aadhaar, the citizen identification and continuing consumption. Aadhaar-linked biometrics will play a crucial role in ...