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International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470 | IF: 4.101

2016 owing to higher adoption of electronic payments leverages stringent controls enabling smart contracts
and online/mobile banking. and auditable data. According to NASDAQ, the most
notable application of blockchain will be in how it
4. Biometrics for stronger security – There is a lot transforms payments for banks as well as customers
of interest in finding ways to use biometrics such as by reducing the cost and time taken to transfer money.
vocal patterns, irises, thumbprints, facial recognition, Additionally, by building inherent trust, blockchain
etc., to add an extra layer of authentication for provides the perfect trading platform for securities
transactions. Biometrics promotes usability by exchanges. It does this by ensuring transparency,
enabling quick authentication, avoiding the frustration thereby minimizing risk, human errors and
that comes with remembering multiple passwords. In transactional fees.
fact, several banks are investing in biometrics-based
authentication solutions that use the forward-facing 6. India Stack: Through the introduction of India
camera to scan one’s iris or the in-built thumbprint Stack, the government has provided a world-class
scanners in smartphones to strengthen security. technological framework to entrepreneurs, innovators
and corporations, allowing for the accelerated growth
5. Blockchain for digital transactions – Crypto of Fintech ventures. The scenario somewhat
currencies are taking the banking world by storm by resembles the policy support offered by the
providing users with faster and cheaper ways to government to the telecom industry in the 90’s, with
transact. The distributed ledger system of blockchain Fintech taking centre stage in many reform initiatives.

7. Startup India Program: The Start-up India accounts for large underserved or unserved sections of
program, launched by the central government, India’s billion plus population.
includes the simplification of regulatory processes,
tax exemptions, patent reforms, mentorship 9. National Payments Council of India Initiatives:
opportunities and increased government funding. The National Payments Council of India (NPCI),
through the introduction of the Unified Payments
8. Jan Dhan Yojana: Financial inclusion in the Interface (UPI), has leveraged the growing presence
country has grown significantly due to initiatives like of mobile phones as acquiring devices, substantially
the Pradhan Mantri Jan Dhan Yojana (PMJDY), reducing the cost of infrastructure for Fintech
regarded as the world’s biggest financial inclusion ventures. With the smartphone user base expected to
program, with an aim to facilitate the creation of bank expand to about 500 million users by 2020, up from

@ IJTSRD | Available Online @ www.ijtsrd.com | Conference Issue: ICDEBI-2018 | Oct 2018 Page: 174