Have you ever transferred money through Paytm, PhonePe, or any payment App? Have you ever checked Bank Statements online?
If you did that then you are already a user of the Fintech Industry.
What is Fintech?
It is a Combination of two-term financial and technology and when these both merge it is called Fintech.
Term Fintech includes a massive range of product technologies and business models that are changing the financial service industry.
An Industry that I believe has already shaped our present and it is constantly shaping our future.
When it comes to word finance: These are banks, payment portals companies, etc., and technology: hardware, software, cloud, and platform providers.
Technologies boosted the world of finance.
what are the leading tech innovations in the financial services industry?
We use mobile banking and mobile payments like the SBI Bank app, Paytm, PhonePe, Google Pay, etc.
One of the Biggest frontiers of the Fintech Industry is also now cryptocurrency and If you ever bought cryptocurrency through any of these apps all are part of the fintech industry.
Insurance fintech startups that have made buying, processing, and claiming insurance way much easier then how we used to look at insurance companies a few years ago.
How big is the fintech industry in India?
India is amongst the fastest growing Fintech markets in the world and there are 6,636 FinTech startups in India. Indian FinTech industry's market size is $31 Billion in 2022 and is estimated at ~$ 150 Billion by 2025.