FinTech Evolution to Revolution in India

India’s current hot topic is the creation of a cashless society.  The FInTech economy has moved towards digital transactions because of the efficient execution of demonetization. This innovation is quickly adopted with the adoption of E-wallets and RTGS as well as E-wallets, NEFT, RTGS, RTGS, and NEFT.

FinTech Revolution in India

A virtual paradise awaits us, where an ice cream vendor accepts payment via wallet with pleasure, and a person purchases a book valued at Rs. 100 by credit card; the milkman gives his number to make online payments without fuss, and the vegetable seller uses QR code. Digitalization has opened up new possibilities. Prime Minister Narender Modi spoke of “Make in India” and “Digital India” as new buzzwords to help India’s economic growth. Digitalization can provide solutions to both short-term and long-term business and technological needs. The current situation calls for elements such as customer satisfaction, customer experience, speed of output, big data, operational efficiency, and other aspects. The digital age is a way to achieve these goals. The Digital India campaign was launched to empower India digitally. The Indian economy has become awash with buzzwords such as “Digital India Campaign,” which aims to empower the nation digitally. This paper examines the evolution and impact of financial services on India’s FinTech revolution, as well as the emergence of FinTech companies.

Fintech began as a fledgling trend.

The banking and financial services sector has undergone significant changes over the past decade. The tools of the information age have allowed for a rethinking of lending and banking methods. Fintech began as a fledgling sector at the beginning of this decade. It has finally been able to bear fruit through the persevering efforts of those who supported it.

The Indian fintech sector saw a huge year in 2019. This was the first year that Indian fintech companies were able to raise funds faster than their counterparts worldwide. UPI’s dominance in digital payments meant that investors were more interested in the mobile payment options available to consumers. We enter the market and further digitize customer experiences, offering an alternative option to traditional financial institutions. A tech-driven insurance company could offer insurance at lower rates due to its asset-light business model.

Digital Lending Going Mainstream

Indian fintech has attracted a lot of attention due to a large number of people who are still not being served on their credit needs. People with low credit scores or no credit history often have difficulty accessing institutional credit. In the last two years, many lending apps have emerged to address this unmet need. The regulators have adapted quickly, and 2021 will witness more customer-centric developments.

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