FINTECH: A NEW REVOLUTION IN INDIA

Abstract

Fin-tech is the latest buzzword in the area of banking and financial services. Simply put, Financial Technology or fin-tech is a term used to describe the growing technological innovations in the financial sector aimed at improving the activities in the sector. There is continuous increase in digital transactions both in number and in value and has created opportunities for Fin-tech Startups to penetrate in the digital payment users in India. Fin-tech is progressively becoming a foremost center of attraction for all the key stakeholders in India’s financial Services industry-regulators, banks, NBFCs, payment banks, investors, payment service providers, broking and pure play Fin-tech players. Fin-tech companies are also focusing on deployment of Technology for streamlining most of the population towards promoting digital payments and deepening financial inclusion. In this article, we examine a new technology application which is coming into its own around the world, in association with the revolution in wireless connectivity: mobile payments. This paper aims to study Impacts and trends of fin-tech on banks, factors driving startups, role in funding MSME, regulatory support, challenges and recent problems in Fin-tech Startups in India.