Technological progress and innovation, which will also support new, disruptive business models in the financial services sector, are the cornerstones of fintech development. "FinTech" (Financial Technology) refers to a broad array of software and innovative technologies that companies use to deliver automated and improved financial services. India, leading in global FinTech adoption with over 6,636 businesses, has one of the world's fastest-growing FinTech markets. The country has achieved significant advancements in digital payments, with over 5.7 billion transactions monthly, totaling around $2 trillion. In 2020, India surpassed the combined real-time online transactions of the US, UK, and China with 25.5 billion transactions. This chapter examines various aspects of the FinTech sector in India, including challenges faced by major companies such as the unbanked population, regulatory hurdles, technology integration, and user experience. It also explores the technologies that underpin FinTech business models, such as blockchain, machine learning, artificial intelligence, cloud computing, and the Internet of Things. By analyzing these elements, this chapter aims to provide a thorough overview of the current state and future potential of the FinTech industry in India. Fintech undergoes a new transformation each year due to the development of technologies and the constantly shifting needs of the financial markets.
Author(s) Details
Swapnil Sonawane
Vidyalankar Institute of Technology, Mumbai, India.
Dilip Motwani
Vidyalankar Institute of Technology, Mumbai, India.
Please see the link:- https://doi.org/10.9734/bpi/strufp/v11/1626
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