Fintech: Really a buzzword, at Embryonic Stage or a burgeoning Industry? with special reference to India

Abstract

With increasing average deal size, funding rounds closing in record time, and half a dozen startups entering unicorn clubs a week, Indian startups are in momentum in India with Fintech occupying a significant space among them. Government schemes, customers’ expectations, cashless economy, digitalization, globalization, innovation, etc. are some of the determinants due to which Fintech has emerged as one of the most investment attractive destinations. Traditional financial institutions are partnering with the Fintech firms in order to survive as well as to compete. The present paper is an attempt to peep into such reasons for the growth of this Fintech sector in various segments along with its future avenues. The figures mentioned are based on searched articles in magazines, newspapers and published reports on websites, etc. It has been concluded that India has a high potential as well as opportunity in the Fintech sector especially in the payment segment as consumers are becoming smarter day by day which in turn forcing and motivating the industries for the innovation in their services to remain in the race.