Abstract
This research article studies the FinTech movement in India. By following Clayton (1997, 2003), we assess the degree of disruptive innovation in four Indian FinTech companies from different sectors namely; digital payment, online lending, alternate credit score and digital financial advisor. We found that preparedness of leading mobile payment companies to ascend the value curve during demonetization drive boosted the overall digital payment sector in India. We also found that p2p segment India is very different than their global peers as credit requirement and social interaction is quite different in India. Based on our ethnographic research of multiple startups we conclude that FinTech industry in Indian might well end up strengthening the entire financial service Industry. We attribute regulator’s “wait-watch-understand and regulate” approach to the growth of FinTech in the country. However, we also note that successful development of Fintech industry in India is closely linked to regulator’s (the RBI) policy. Finally, we note that lessons learned from FinTech industry might be a way forward for financial inclusion in India.
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