Abstract
FinTech is the abbreviation of financial technology used to describe emerging global digital technology that aims to improve and automate transmission and usage of financial services of PPIs. PPIs are also known as digital wallets and electronic wallets (e-wallets). Prepaid Payment Instruments (PPIs) can be issued by banks and non-banks. A FinTech is a neo banking system which provide digital banking services to the users. FinTech banking system is the product of digitization and globalisation process. The growing rate of connectivity and internet access in India helped the prepaid instruments as the fluid land. The emerging trends in the Indian FinTech market were Neo-Banking, Investment Tech, Insurtech, FinTech SaaS, and Market Consolidation. A neo bank is a type of direct bank that operates exclusively online without traditional physical branch networks.
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