Development And Approaches Of Fintech In India

Development And Approaches Of Fintech In India

The concept of fintech is quite emerging in the world and being the proud citizen of India it is a glad thing that India is being one of the largest markets globally in fintech growth and usage.

Currently if we look forward to statistics then our country India is a home for almost 7000 fintech startups.

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What is the fintech concept?

The Fintech concept is something which connects finance with technology. Basically all the technological innovations or technology used in the delivery and design of financial services is known as fintech.

The statistics range of fintech in india:-

If we look at previous year statistics then we came to know that the adoption of fintech technology in India is around 87% of the users. That means the major population of India is using fintech technology for delivering their financial status or working on their financial scenarios. If we look forward to the future then we can approximately calculate that the average of 64% users of fintech technology comes up from India in the current time. It has been said by various researchers and surveyors that by the end of year 2030 the approx data of fintech valuation can cross the spot of USD one trillion as well which is a remarkable growth in any industry.

The key sectors of fintech in india:-

Seeing the massive growth of fintech in our country it is important to understand what are the areas wherein this technology is been used the most and few of the key sectors of fintech in india are as follows:-

Digital payment is now done with various technology based applications and servers and these payments are based out of fintech technology. If we look forward to the scenario of UPI payments, paytm and so on all are examples of fintech.

Wealth tech is also keenly done through fintech as there are various apps for the purpose of wealth management, a portal through which people do investment or even if they look forward to commodity or stock market all are running through fintech.

Virtual digital assets are also done through fintech as we know how much the current trend is about gold bonds and other commodities and stock and each of them is managed through fintech based softwares and applications.