With the Rise of Online Payments in India, Fintech is Reaching New Heights

“Financial Technology” also known as “FinTech” has transformed and upgraded the entire financial sector by coming up with various innovative methods across payments & transfers, financing & banking, and capital markets & personal financial management.

Today India is the largest fintech market with an 87% adoption rate in the global market. Post COVID-19, India has seen tremendous growth in Fintech. As we know that financial services in their traditional ways would have taken a long time for innovation, the pandemic changed the scenario. It accelerated the services by digital transformation.

Post COVID-19, the scope of fintech is rapidly diversifying at both micro and macro levels. Fintech service firms are currently redefining the company and consumers' transactions on a daily basis. Fintech startups have generated greater confidence among Indian customers. Fintech has been great at making it easier and less expensive for customers and will lead to many more people.

Pandemic has changed consumer's perspectives, paving the road towards digital transformation in the banking industry. Post COVID-19, people have understood the importance of it, and it is quite witnessed by the report of 2020, showing the sudden hike in the numbers of users digitally. All thanks to the ease, convenience, security, accountability, transparency, that has eased each individual experience while dealing online.

Mr. Shubhradeep Nandi, Co-founder, and CEO of PiChain Labs said “The scope of the digital payment industry is quite extensive and it has already managed to encourage India to go towards a cashless economy gradually from being less cash. To keep the digital transactions safe &  compliant with regulations we are seeing an immense rise in demand for our automated AML tools”

“Fintech is now ready to reach new heights in India with its pillars being its wide banking services, government regulations, and adhaar network to reach out to the mass population, having immense potential for growth in future”, he added.

Finance has always been at the epicenter of measuring an economy’s growth and future prospects. A term that was non-existent a decade ago is now leading the wave of change and has brought together two of the most dominant career fields of Finance and Technology together. Fintech is developing a product where on a dashboard customers would be able to see their balances from multiple bank accounts, pull the money, and push the money in real-time. Today the entire system of clearing and settlement is all archaic technology.