Accounting and innovation working together has resulted in a significant shift in banking, venture, trading, and digital money. This evolution has resulted in the popularity of the term “Fintech,” which is an abbreviation for the term Financial Technology. With the expansion of India’s Fintech Market, the entire business world has seen significant changes in financial processes and budgetary installation accomplishments. The Fintech sector in India has seen an exponential increase in funding in recent years, with investments totaling more than $8 billion already recorded across various stages of investment in 2021. You might be surprised to learn that India has the highest FinTech adoption rate in the world, at 87%, which is significantly higher than the global average of 64%. as a place to live
Segments in Indian fintech firms.
The Indian Fintech industry is now focusing on lending to customers as well as MSMEs. Simultaneously, this industry has expanded to include more traditional financial insurance services, personal finance, and gold lending. Let’s take a look at a few FinTech India segments.
PayTech Fintech companies in India enter this market by providing payment gateways, card networks, application programming interface (API), and payment security. Among the consumer-centric services available are third-party application providers (TPAP), prepaid card/Wallet, bill payment, QR code payment, payment aggregator, and point of sale. Business-centric services include corporate cards, B2B payments, and invoice payments. Paytm, PhonePe, MobikWik, and Google Pay are among the most prominent players in this space.
Insurtech is the use of technological advancements to save money and increase efficiency in the current insurance business paradigm. It does more than just provide digital communications. It enables carriers to manage schedules and increase the productivity and effectiveness of their adjusters, including those in mixed workforces comprised of direct-hire employees and third-party contracts. Insurtech uses fintech to provide services such as claims processing, a sales platform, underwriting risk management, insurance infrastructure API, and a policy administration system. In this category, Policy Bazaar is the market leader.
Currently, digital transactions account for 98.5 percent of total non-cash payments. According to Statista, in June 2021, UPI suppliers in India reported 2.8 billion digital payment transactions totaling more than five trillion Indian rupees. Neo banks make payment gateways, payment processing, cash delivery, online payments, and a variety of other banking solutions easier and faster. API providers and aggregators, banks with open APIs, banking as a service, and core banking are a few examples of Fintech services used in digital banking. Paytm, PhonePe, RazorPay, and other leading fintech companies in India are involved in digital payments.
Top Fintech Companies to Look Out for in 2022
Several Fintech company in India have made it to the headlines for their phenomenal work, services, and notable success. Following are a few leading companies that are the future of FinTech in India.
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