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India’s FinTech Growth

Over the past decade, India’s FinTech industry experienced unprecedented growth. While there are many factors that contributed, the most significant is still the efforts of those responsible for these changes.

The Brains Behind India’s FinTech Growth

Indian fintech entrepreneurs have entered the market with creative and unusual solutions. They are challenging traditional Indian financial system dogmas and also radically changing them. It is becoming more popular to use technology in financial services. Instead of visiting a bank physically, you can now make time-taking payments using cash deposits, cheques, and demand drafts. People are moving to digital banking, where they can use technology to open and manage bank accounts.

India’s banks have created a strong digital banking infrastructure. This includes mobile applications and websites that offer seamless digital access to your account.

Basic activities you can conduct via your digital banking include:

1)Checking your balance

2)Keep track of your day-to-day transactions

3)Liquidating fixed deposit accounts, as open and liquidating them

4)You can invest in mutual fund investments by linking your bank and Demat accounts

5)Requests for service include changing your correspondence address or ordering a checkbook.

Blockchain technology and Financing

It was easy to integrate blockchain technology into fintech. Also been used in logistics. It is used internationally by start-ups for supply chain finance. Facilitates small-business lending and allows for transparent management of records. In order to be successful in the logistics industry, you need more equipment and inventory. It can be difficult to procure the right equipment and inventory. The supply chain is subject to many challenges that could lead to decreased efficiency. Lack of transparency may lead to bottlenecks. Today’s customers demand more. In the last few years, customer expectations regarding authenticity, ethical standards, and sustainability have significantly increased. Blockchain can streamline the process and make it more efficient. It facilitates equipment procurement quickly and efficiently. It can improve the transparency of supply chains, increase authenticity, simplify processes and reduce complexity.

Management of receipts or bills can be a challenge in logistics. They can go missing or not be reported. To assist transport businesses, there are many invoice management solutions. With an end-to-end service, Fintech companies can simplify your business. They can digitize payments and automate the process of creating invoices, acknowledging receipts, or creating them. This allows you to track the shipment, see how far your truck has traveled, and then pay accordingly. Fintech can improve the efficiency and productivity of logistics service providers by offering solutions that address a variety of issues and challenges they often face.

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