New Delhi: As one of the fastest growing fintech markets in the world, India is home to more than 2,000 DPIIT-recognized fintech startups. The number is growing at a fast pace, with the Indian fintech industry poised to expand its market size by a significant margin to $150 billion by 2025.
Digital payments and other tech-enabled financial services have experienced a major boom during the pandemic. With UPI and other digital payment methods reaching an inflection point, it is expected that these new modes will constitute nearly 65% of all payments by 2026.
New age tech, combined with strategic thinking, has proven to be a tried and tested recipe for success \u2013 something that is accurately reflected by the several fintech startups operating in the country. From being just digital wallet providers a few years ago, fintech startups currently have expanded to plug nearly all gaps where transactions are involved.
Digital banking solutions provider, NiYO, for instance, caters to international travellers by providing financial services on the go. Similarly, Progcap empowers small and medium businesses (SMBs) through its specialized financing and technology products by digitising supply chains and facilitating access to finance for last mile retailers. Another fintech entrant, Easiloan, through its API-based integration with leading banks and HFCs, offers faster and easier digital processing of customer\u2019s application, thus empowering them to compare and choose the best shortlisted financial services based on their profile.
\u201cThe landscape of Indian fintech has evolved significantly in a very short span of time, spurred by digitalisation and a growing awareness amongst the Indian population,\u201d said Pramod Kathuria, founder & CEO, Easiloan. \u201cThis has been accompanied by several government initiatives to facilitate an ecosystem with a nurturing policy environment and an evolving regulatory framework. Technology has had a vital role to play in this growth story, and new emerging technologies will aid the progress of the financial services industry, enabling lenders to better serve borrowers with enhanced products and services that promote financial independence and inclusion.\u201d
On similar lines, CredRight, another fintech venture, has extended its financial services to a largely untapped section \u2013 the chit fund subscriber MSMEs. With a mission to bring unsecured loans to SMBs that do not possess enough financial footprint, bank transactions or assets to offer as collateral, the company\u2019s digitized process fulfils its customers\u2019 financial needs so that they can focus on their main purpose i.e. running and growing their business.
Ravi Battula, VP, merchant acquiring business, Wibmo – A PayU Company, said, \u2018\u2018Whether fintech, paytech, lending, regtech, or any other buzzword in this industry, it is purely based on technology, and that is a key differentiator that sets every business apart, including banks.\u201d<\/div>\n