India’s Financial Technology market might be one of the greatest
success stories in the recent past. Over the last three years, Fintech Companies in India have grown
by leaps and bounds. With digitalization taking over the way of life, and
mobiles being more accessible and affordable, the Fintech sector has burst wide
open. In today’s India, they are backed by a large user
base, promising entrepreneurship, and substation government support.
This sudden growth in the financial technology space is a simple game
of supply and demand. After the demonetization of 2016, online payments got
their much-deserved attention. Today no business can function without the
support of a cashless payment gateway. The emergence of UPI and
faster-accessible internet has taken the entire financial market to the digital
world.
Here are a few features we can expect to see next from Top Fintech Companies in India:
- Personal Financing
After payments and online transfers have become this fast, the next
step is convenient personal finance. Many companies today already provide such
services. Servies like investment plans, mutual funds, life insurance and much
more can now be managed on mobile applications. Although these are available,
many individuals in India are still hesitant to trust a phone app with personal
finance.
- P2P lending
Peer-to-peer lending is seen as both a loan service and an investment
opportunity. This is a system where multiple aggregators collect investments
from individuals at a fixed annual return-on-investment. This amount is then
sanctioned out as loans to people who need them. Fintech
Companies in India are yet to make a flourishing business from this sector.
- Cryptocurrency
Indian has always been slow to adapt to new monetary trends, and this
remains the case for cryptocurrency. A digital financial currency like Bitcoin
has taken the world by storm in the last few years. However, the Indian market
is yet to warm up to the idea. In the near future, there is a huge growth
potential for crypto in the Indian Fintech market.
Exposing Indians to new technology has always been a challenge. But in
the recent past, we as a country have adapted fast. This is a great sign for
the promising future of the Fintech sector in India.
