Page 185 - ICDEBI2018

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

Is Fintech good for India?
As India is having most of the young generations in unbanked customers is a major opportunity for
the current decade and the also be the same in few Fintech companies. In the backdrop of diverse
more, the changing and challenging minds of the demographics in terms of literacy, age and region in
young and enthusiastic generation is in the need of India, Fintech’s with focus on user experience can
such amazing technologies as of FINTECH. And so provide the impetus for financial inclusion. With a
the statistical report are showing that in the entire target of banking services reaching every
nation citizens are not only showing their interest but person/household in India by 2020, Fintech’s have a
are also adopting the change without any hesitation. great role in making government of India initiative
Where it is saving their costs and the time as well possible.
.Lower cost of providing services to under banked and

The Government of India, in association with the core limelight, government bodies and other market
regulators such as SEBI and RBI are aggressively players and participants have been stoutly serving
supporting the ambition of the Indian economy to their part to create an environment for the growth of
become a cashless digital economy and emerge as a innovation and technological advancement in the
strong Fintech ecosystem via both funding and financial sector. Continued strong commitment from
promotional initiatives. With such incentives and the government, the industry and the Fintech firms is
mandates, this robust business environment will be critical to allow the Fintech revolution dig its roots
the most impactful levers in getting the Indian Fintech deep in any financial system.
market up to speed and enable it to better address
these roadblocks like the lack of authentic consumer
facts on digital media and truncated technological and
digital infrastructure.

In result to implementation and implication of Fintech
in India has given and portrayed an amazing result in
India been ranked as the Second Highest in Asia
Pacific for Digital Payment Adoption. This also
results in more than40% of the respondents using
Smart phones Wallet in India.

As start-ups emerge as enablers for the business of
large financial institutions and seem to be in the

@ IJTSRD | Available Online @ www.ijtsrd.com | Conference Issue: ICDEBI-2018 | Oct 2018 Page: 177