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 startups have helped customers and existing merchants create an ecosystem of shared resources and profits
Here’s a low-down on the top most services provided by these companies.
- Digital Lending
- Wealth Tech
- InsurTech
- Digital Payments
- Payment Gateways
- SME Lending
- Alternative Credit Scoring
- PropTech
- Point of Sale (PoS)
- Blockchain and Cryptocurrency
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