Introduction to Fintech companies in India

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 well as rural segments. Fintechs companies in India have been transforming the narrative for financial inclusion by focusing on cost of financial services, accessibility of services, information incongruence, and lack of verifiable ID.

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FinTech Technologies are firms that help consumers and financial institutions enhance old services and create automated financial solutions. The services include wealth management, insurance, payment gateways and alternative credit scoring, among other financial services. The expansion of Fintech companies in India has been revolutionary. India saw a spurt in the number of Fintech startups between 2010 and 2015, with 1216 new startups emerging in the market. In 2021, Indian Fintech ecosystem stood at $31 billion, becoming the third largest Fintech market in the world. With digitization leading us toward a cashless economy, Fintech startups have made it possible for customers to avail virtual financial services that are easily accessible, cheaper and quicker. New startups are emerging at a fast pace to enhance the quality of banking and other services, not just for the consumer, but also for organizations. Top services offered by FinTech in India The services provided by these st

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