Fintech Pioneering Sustainability: A Closer Look at India’s Transformative Journey

Abstract:

Fintech has emerged as the latest focal point within the financial sector, embodying the forefront of innovation primarily driven by startups. This new wave of fintech presents a dual challenge for both regulators and market participants, as they navigate the delicate balance between the promising advantages of technological innovation and the potential risks associated with novel financial approaches. The influence of fintech has significantly altered the landscape of conventional financial institutions. It serves as an encompassing term that encapsulates the progressive technological advancements sweeping through the financial sector. As fintech continues to gain momentum, it is progressively molding the contours of the financial landscape. Over the past decade, the fintech industry has experienced remarkable growth in India, a surge catalyzed by the expansion of internet services across the nation. This paper aims to delve into various facets of this evolution, including Fintech Adoption, the Fintech News Network, the structure of the Indian Fintech Industry, the landscape of Fintech Startups in India, and the prevailing Fintech Trends. India stands out as one of the world’s fastest-growing fintech markets, boasting an impressive fintech adoption rate of 87% as compared to the global average of 64%. Fintech enterprises have played a pivotal role in democratizing access to an array of financial services, such as AePS, Aadhar Pay, Remittances, and Recharges, catering to the broader population. The realm of finance is undergoing a profound and transformative shift. Digital technologies are reshaping crucial aspects including payments, lending, insurance, and wealth management – an evolution that has been expedited by the COVID-19 pandemic. While these changes are enhancing diversity, efficiency, competition, and inclusivity within financial services across several economies, it also carries the potential to heighten market concentration.”

Keywords:

Fintech; transformation; global average; AePS; Aadhar Pay; Remittances; Covid-19; Finance; Fintech Industry Structure.

Citation: Nirmal Kumar Routra, Pragyan Parimita Sarangi and Kalyani Senapati (2024). Fintech Pioneering Sustainability: A Closer Look at India’s Transformative Journey. Horizon J. Hum. Soc. Sci. Res. 6 (S), 16–22. ¸