FinTech in India
Debasis Mohanty,
Assistant Professor, Faculty of Commerce and Management, Kalinga University, Raipur.
FinTech is a comprehensive phenomenon, being driven by innovators, closely watched by academics, and now attracting the interest of regulators. In its broadest meaning, the term “fintech” describes both the innovative financial services made possible by technology and the business concepts that underpin them. FinTech can be used to more broadly to refer any innovation that has to do with how companies try to enhance the production, distribution, and usage of financial services. The term “financial technology,” or simply “FinTech,” refers to the key notion driving structural change and digitization in the financial services industry (Puschmann, 2017).
Figure 1: Timeline of FinTech
Source: Alt et al. (2018)
FinTech is a relatively straightforward and evident combination of an application domain (“financial”) and “technology,” akin to other compound phrases like “BioTech.” The first bank was founded in 1472, and since then, a wide range of additional enterprises (such as securities companies, insurance companies, and real estate agents) have emerged, contributing to the growth of the financial industry over the ages.
Figure 2: Transaction Value per Segment
Source: Statista (2022)
India is one of the early adaptors of technology. Figure 2 shows the current and predicted transaction value in the FinTech industry by segments. Digital Payments, with a total transaction of US$153.00 billion in 2023, will be the market’s largest category and by 2027, 1,082.26 million users are anticipated in the this market. In 2024, it’s anticipated that the Digital Investment sector will experience a 33.4% increase in revenue.
References
Alt, R., Beck, R. & Smits, M.T. (2018). FinTech and the transformation of the financial industry. Electron Markets 28, 235–243 https://doi.org/10.1007/s12525-018-0310-9
Anne-Laure, M. (2019). The Future of Fintech, Research-Technology Management, 62: 4, 59-63, DOI: 10.1080/08956308.2019.1613123
Puschmann, T. (2017). Fintech. Business & Information Systems Engineering, 59(1), 69-76.
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