INDIA’s financial technology (Fintech) sector is new and is developing faster, geared up by a huge market base, an innovative and technology driven startup landscape, and government friendly policies, rules and regulations. India for fintech companies.
Many startups colonize this emerging and dynamic sector, while both traditional banking institutions and non-banking financial companies (NBFCs) are playing alongside.Fintech_Companies
According to the report published by National Association of Software and Services Companies, around 400 Fintech firms have operated in India, developed in huge part by foreign investments in Fintech.
National Association of Software and Services Companies have predicted that India’s Fintech software market alone can touch US$ 2.4 billion by 2020, doubling on the current rate of growth.
TECHNOLOGY and the financial services in the Indian market
Fintech refers to the scope of financial services driven by technological developments on digital platforms. This new interference in the banking and financial services sector has a wide impact on the market. Following fey service offered digitally include:
Peer-to-Peer (P2P) Lending Services: Peer to peer lending is a crowd funding online model where people looking to invest their money with the people who want to borrow can do so. This concept comes with the purpose that the people who have surplus fund can earn more interest than saving or depositing in FD account and reduce the complex procedure of documents subject to risk. Examples are Lend box, Faircent, i2iFunding, Shiksha Financial, GyanDhan, and Market Finance.
Payment Services: Post demonetization digital wallet business model has seen remarkable growth in past few months in early 2017.
The explosion in the field of digital payment wallets is not very surprising and is showing no sign of slowing down while continuously competing with other online players in the market; such as network operators, device vendors, application developers etc.
Companies allow both private individuals and businesses to accept payments over the web and on mobile without needing merchant accounts. Transfers are made directly to the bank account linked to the payee in order to secure against fraud. Examples are Mobikwik, Paytm, and Oxygen Wallet.