With India becoming home to most of the Fintech start-ups is on its way to cash-less economy. Fintech are
a group of companies offering financial services to customers with the help of technology. As per Fintech
Adoption Index by EY one in 3 users uses at least 2 fintech services. The various tech used in fintech are
Artificial Intelligence, big data, machine learning, blockchain and robotic process automation. These tech
providing assistance in different fields such as AI and machine learning helps to prevent fraudulent
activities, data analytics helps understanding customer behaviour, blockchain provides decentralization,
robotic process automation helps reduces human intervention. Fintech has opened many doors for
attracting investments, giving a boost to the start-up growth in the country and already existing business
ventures. Google-Boston Consulting group in its reports mention that digital payments and the online
transaction will cross $500 billion by 2020. In India too three-fourth of the customer opted for digital
mode during the pandemic. And it is forcasted that UPI that has recently broke its all time high transaction
record, is about to overtake visa and mastercard in the coming 3 years. UPI is going offer its services
overseas via NIPL with Rupay. Rupay which has also shown promising growth has increased its
market share tremendously. Rupay has helped in cutting transaction cost, providing credit facility to
small businesses, accidental insurance etc and also helped in progressing financial inclusion goal.
Fintech in India has been promising till now although it has to adjust itself for regulatory compliances
and the incoming Personal Data Protection Bill.
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