Article on " Fintech Revolution in India" by Bindu Kumari

 

   FINTECH REVOLUTION IN INDIA  

Bindu Kumari ,  Roll No. - 50 

Sem. - lV ( 2020- 2023)

                 

FINTECH : FINANCE + TECHNOLOGY

INTRODUCTION

Fintech which stands for financial technology is the term used to describe any technology that delivers financial services through software such as online banking, mobile payments app or even cryptocurrency. It help to develop unique and innovative models of assessing risk. Fintech has transformed the financial sector in India and is spreading around the world. Fintech has now started to be an important part of our daily life transaction.

Fintech is rapidly changing the face of the banking industry as several banks are now switching to digitalization as well as paperless and cashless processes. India is one of the fastest growing economies in the world. It transforms the people's lives. India becoming a hub for many fintech start-ups. Government initiatives promoting digitalization of financial systems and a cashless economy are another hope for shifting consumer focus towards better digital alternatives. The rapid growth of digital payments is growing.During the Covid-19 pandemic the entire population move drastically towards online modes of communication and works. Approximately 80% customer attracts towards digital market, customers is now three times higher than before the crisis.

GROWTH AND EXPANSION OF FINTECH IN  INDIA

The growth and expansion of the fintech in India has been done by a number of factors including the growing availability of smartphones, increased Internet access and high speed connectivity. In recent years, India's payments infrastructure has been improved with the introduction of new payments mechanism such as phonepe, paytm, goggle pay,  amazon pay, UPI, BHIM and others. The government's "MAKE IN INDIA" and "DIGITAL INDIA" projects also played a significant role in accelerating the adoption of fintech. On December 2021 PM Narendra Modi said that it was a time to convert fintech initiatives into a fintech revolution to provide a low cost and reliable payment system. The Indian fintech market currently stands as the third largest fintech ecosystem in the world behind the US and China.

 BIGGEST FINTECH STARTUP IN INDIA

Paytm is  India's number one biggest fintech startup. Paytm is founded in 2010 by Vijay Shekhar Sharma. It's headquarter is situated in Noida. Paytm is an Indian digital payment and financial services company. It offers financial services to customers through Mobile payment, online payment, bill payment, money transfer etc. It helps customers to settle down their transaction at anywhere.It change the lifestyles of customer and also help to save time, energy and money of customer for transfer of money. Paytm also help to settle down bills such as electricity, mobile, gas, cab etc. In August 2015 paytm receive license from RBI to establish paytm payment bank as a separate legal entity but the bank officialy inaugurated in November 2017. Paytm also launch paytm mall app which allows customer to online shopping. After the demonetization "Paytm Karo" is the famous Paytm tagline. 'Paytm Karo' means just transfer the money by using the app. Paytm helps to change the habits and behaviour of the Indian finamace sector.

FUTURE OF FINTECH IN INDIA        

Fintech offering customers faster financial services and product. Recently On December 9, 2021 Paytm signed an MoU with the skill development minister to train over 6000 young Indians in fintech through a six month course and even offer employement to eligible candidates. So the development of fintech industry is necessary for both global and Indian financial sector.