Even at an early adoption stage, fintech in India is paving the way for financial inclusion for the huge sector of unbanked and under banked population by weeding out challenges like high cost of traditional banking services. It is serving as a catalyst in the payments network, which is proving advantageous for small borrowers, SMEs, MSMEs, rural entrepreneurs, self-help groups and end users. Fintech has a critical role to play in breaking barriers of high-cost traditional banking. While the rural population has been unwilling to accept fintech due to lack of exposure, urban India is aggressively adopting it. However, in the last few years there have been Government initiatives like Aadhaar for eKYC, UPI for payments, e-wallets for transactions, sound-wave-based payments for rural consumers which have helped bridge a huge gap. The adoption of these innovations highlights the fact that India is building a cost-effective, large-value, fintech-driven ecosystem that is focused on urban as