Fintech in India: Current Status,Trends & Prospects

Ashish Saxena; Renu Jain; Anjali Mandal

doi:10.48001/jbmis.2022.0902004

Ashish Saxena SSBS, Sharda University, Greater Noida https://orcid.org/0000-0001-8661-932X
Renu Jain Satyawati College, University of Delhi https://orcid.org/0000-0002-5100-164X
Anjali Mandal SSBS, Sharda University, Greater Noida

DOI: https://doi.org/10.48001/jbmis.2022.0902004

Keywords: Fintech, digitalization, digitization, banking

Abstract

Today, when the whole world is moving towards the digitalization era, Finance is no longer an unexplored territory, and as technology advances, finance, too, has its own digital world. Presently, we are talking about fintech, which is a combination of finance and technology. It has moved the whole world to new dimensions. Now people can do millions of transactions with just one click. do any kind of investment and buy financial products with the evolution of technology. Fintech offers substitutes for traditional banking and non-banking finance services. In the financial sector, fintech is a new idea. Fintech offers digital transactions that are safer for the user. Fintech services' advantages include amicable users and operating expense reductions.From digitization to digitalization India has witnessed many things. But how far have people and their country moved? That is the research part. The present study is about India’s journey towards adaptation of fintech. India has the fastest-growing fintech services globally. The Indian finance sector's routines and behaviour will alter as a result of the fintech offerings. The main domain of this study is India, with a large population accepting fintech, and how they face various challenges and opportunities.

References

Adomavicius, Bockstedt, Gupta, & Kauffman. (2008). Making sense of technology trends in the Information Technology Landscape: A design science approach. MIS Quarterly, 32(4), 779. https://doi.org/10.2307/25148872

Arner, D. (2016). FinTech: Evolution and regulation. Режимдоступу: http://law. unimelb. edu. au/__data/assets/pdf_file/0011/1978256/D-Arner-FinTech-Evolution-Melbourne-June-2016. pdf.

Basuroy, T. (2022, July 27). India: Mobile phone internet users 2040. Statista. Retrieved August 27, 2022, from https://www.statista.com/statistics/558610/number-of-mobile-internet-user-in-india/

Briefing, I. (2022, June 8). What trends are driving the Fintech Revolution in India? India Briefing News. Retrieved August 29, 2022, from https://www.india-briefing.com/news/what-trends-are-driving-the-fintech-revolution-in-india-23809.html/

Fintech in India - a global growth story - KPMG. (n.d.). Retrieved August 29, 2022, from https://assets.kpmg/content/dam/kpmg/pdf/2016/06/FinTech-new.pdf

Gomber, P., Koch, J.-A., &Siering, M. (2017). Digital Finance and Fintech: Current research and future research directions. Journal of Business Economics, 87(5), 537–580. https://doi.org/10.1007/s11573-017-0852-x

Gozman, D., Liebenau, J., & Mangan, J. (2018). The innovation mechanisms of fintech start-ups: Insights from Swift’s Innotribe Competition. Journal of Management Information Systems, 35(1), 145–179. https://doi.org/10.1080/07421222.2018.1440768

Hedman, J., &Henningsson, S. (2012). Competition and collaboration shaping the Digital Payment Infrastructure. Proceedings of the 14th Annual International Conference on Electronic Commerce - ICEC '12. https://doi.org/10.1145/2346536.2346571

InvestIndia. (n.d.). Financial Services Sector in India: Fintech industry in ... Financial Services Sector in India | Fintech Industry in India. Retrieved August 27, 2022, from https://www.investindia.gov.in/sector/bfsi-fintech-financial-services

Kedia, A. (2022, July 17). The next phase of Fintech Evolution in India. Times of India Blog. Retrieved August 29, 2022, from https://timesofindia.indiatimes.com/blogs/voices/the-next-phase-of-fintech-evolution-in-india/

Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46. https://doi.org/10.1016/j.bushor.2017.09.003

Muthukannan, P., Tan, B., Gozman, D., & Johnson, L. (2020). The emergence of a fintech ecosystem: A case study of the Vizag Fintech Valley in India. Information & Management, 57(8), 103385. https://doi.org/10.1016/j.im.2020.103385

Published by Statista Research Department, & 21, J. (2022, July 21). India - convenience of Blockchain payments 2020. Statista. Retrieved August 28, 2022, from https://www.statista.com/statistics/1170347/convenience-of-blockchain-payments-india/

Published by Statista Research Department, & 21, J. (2022, July 21). India: Total volume of Digital payments 2022. Statista. Retrieved August 28, 2022, from https://www.statista.com/statistics/1251321/india-total-volume-of-digital-payments/

Sharma, I. (2022, August 22). Fintech challenges and opportunities - tatvasoft blog. TatvaSoft. Retrieved August 28, 2022, from https://www.tatvasoft.com/outsourcing/2022/01/fintech-challenges-and-opportunities.html#:~:text=1.-,Opportunities%20For%20Fintech%20Companies,and%20are%20benefitting%20from%20this.

Statista. (n.d.). Topic: Fintech in India. Statista. Retrieved August 29, 2022, from https://www.statista.com/topics/5666/fintech-in-india/#dossierKeyfigures

Times, E. (2022, January 10). India's fintech market size at $31 billion in 2021, third largest in World: Report - et bfsi. ETBFSI.com. Retrieved August 29, 2022, from https://bfsi.economictimes.indiatimes.com/news/fintech/indias-fintech-market-size-at-31-billion-in-2021-third-largest-in-world-report/88794336

Times, E. (n.d.). Why India is at the forefront of a fintech revolution. The Economic Times. Retrieved August 29, 2022, from https://economictimes.indiatimes.com/why-india-is-at-the-forefront-of-a-fintech-revolution/articleshow/86936413.cms

Vijai, C. (2019). Fintech in India-opportunities and challenges. SAARJ Journal on Banking & Insurance Research, 8(1), 42. https://doi.org/10.5958/2319-1422.2019.00002.x

Zachariadis, M., &Ozcan, P. (2016). The API economy and Digital Transformation in financial services: The case of open banking. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2975199