New Delhi, Sept. 15 -- India's fintech industry is rapidly building artificial intelligence (AI)-based products across payments, lending, customer service and merchant operations, but meaningful revenue from these capabilities is likely to emerge only from FY28 onwards, according to Emkay Research.

The brokerage, in a report following the Global Fintech Fest 2026, said AI had become the dominant theme at the event, with 144 of 452 sessions, or 32 per cent, explicitly focused on AI or agentic AI.

However, adoption and monetisation remain at an early stage, with none of the companies covered by the report disclosing revenue from their new AI products. "We expect AI-led revenue to be an FY28 and beyond story, with servicing and insight wor...