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What is the scope of FinTech in India?
India has the highest FinTech adoption rate globally India is amongst the fastest growing Fintech markets in the world. Of the 2,100+ FinTechs existing in India today, over 67\% have been setup in the last 5 years. Indian FinTech industry valued at $ 50-60 Bn in FY20 and is estimated at ~$ 150 Bn by 2025.
When did fintech start in India?
1 in 2009, Google Wallet in 2011, Apple pay in 2014 was the start that shaped the face of the fintech industry in India. Since India focused on customer-centric financial products and services, it has seen more rise in few years. The 2016 demonetization drive pulled in a lot of significance for the fintech.
Is FinTech a good career in India?
Financial services and technology have redefined the industry, throwing up lucrative career prospects. Fintech has a vital role to play, providing a digital toolbox for companies in the BFSI sector to thrive. Most companies are migrating to these digital tools to make them more efficient and error-free.
How fast is fintech growing?
The global FinTech market will reach $190 billion by 2026, growing at 13.7\% CAGR. The software segment the largest segment with 45\% of the total global market share.
What is the future of FinTech in India’s banking industry?
NASSCOM predicts that India’s fintech software market alone could touch US$ 2.4 billion by 2020, doubling on the current rate of growth. Understood simply, fintech refers to the scope of financial services that can be available on digital platforms. This new disruption in the banking and financial services sector has had a wide-ranging impact.
How big is the global investment in fintech in 2017?
To share some numbers, the first quarter of 2017 saw global investments in Fintech, to the tune of approximately $3 billion which includes a $1.4 billion investment in Indian giant- Paytm! PwC estimates that within the next 3-5 years, the total investment in Fintech would rise to a whopping $150 bn globally.
What is fintech and how does it work?
A portmanteau of two words- Finance and technology, Fintech has created a disruption in the financial services industry (banking, investments, payments etc.) by leveraging the latest technological innovations like block chains, artificial intelligence, biometric applications, peer to peer (P2P) lending, robotics etc.
Is India’s FinTech policy promoting an entrepreneurial or obstructive climate?
What is heartening is that the Indian government and regulatory institutions have in effect promoted an entrepreneurial rather than obstructive climate for fintech in India. However, policies and governance will need to match the speed of innovation in this sector, particularly to ensure secure and transparent growth.