Major Opportunities, Challenges, Financial Technological Implications of Fintech in Indian Context

Abstract

India, which has a population of around 1.3 billion, is a growing market for fintech. India is an exciting global market for financial innovations due to the country's high percentage of unbanked and underbanked citizens. Fintech is viewed as a paradigm shifter and disruptive innovation that has the power to upend the established financial markets. In the previous five years, fintech has expanded quickly in India, and in the near future, more growth is anticipated. The essay begins by concentrating on the fundamental categories of financial technologies and their roles. It then goes on to analyze the potential and challenges these technologies present in the Indian corporate climate. This study looks at the specifics of the financial technology sector, the definition of FinTech, and possible classifications for the financial technology solutions used by businesses. FinTech, also referred to as financial technology. Typically, start-ups focused on challenging less softwaredependent businesses and financial processes are called financial technology companies. Fintech is not just for start-ups. The term "fintech" refers to a new area of financial services that has emerged in the twenty-first century. With the help of PwC's knowledge and expertise in this field, this research seeks to offer important insights into the development of the FinTech sector in India. PwC claims that Financial Services and Fintech are cooperating rather than competing as much. In its Global Fintech report, PwC examines the FinTech’s expanding impact on the financial services industry. With the help of PwC's knowledge and expertise in this field, this research intends to offer important insights into the development of the FinTech sector in India. It uses cutting-edge technologies to give customers and financial institutions a variety of contemporary tools to manage their accounts as it encompasses advancements in investment, retail banking, investment management, and even cryptocurrencies like bitcoin.