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By Ashwin Chawwla, Founder & Managing Director, Escrowpay
Out of the 100 unicorns in India, 21 are from Fintech. Next 100 unicorns, 31 are expected to be from fintech. Due to the Covid-19 outbreak and ensuing lockdowns, India has the largest percentage of fintech adopters in the world (87 per cent vs. 64 per cent globally).
According to a NewsVoir analysis, the fintech market is anticipated to rise by $150 billion by 2023 as a result of the influx of new companies and foreign investment. Wealthtech, insurancetech, and fintech are among the industries that have been influenced by substantial regulatory reforms implemented by the RBI, IRDA, and AMFI. The RBI’s new launch of the eRupee is a major development for the legacy wallet market.
Also Read: How to protect yourself against online financial frauds?
New products centred around the eRupee, the growth of digital escrow accounts, the continuation of NEO banking development, and the continuous dominance of the fintech industry are a few major trends to keep an eye on. India is now the nation with the lowest internet costs, the fastest internet speed, and the highest mobile device usage. Indians may purchase and sell virtually anything with just a few clicks.
We expect regulatory reforms to be more onerous in terms of compliance and transaction security. Fighting fraud in online transactions is a top priority for the RBI and other organisations.
In the upcoming years, the nation will embrace Fintech 2.0. A great year with a lot of potential for growth is 2023. Rural fintech revolution has a fantastic environment in 2023 because of an innovation-driven startup situation, a favourable market, increased smartphone and internet penetration, a young population, and government-led industry promotion measures.
Additionally, rural fintech companies are now working to address client complaints about real-time failures, cyber security, and other difficulties. Additionally, they are devoted to offering a seamless user experience and are continually improving on their applications.
Also Read: How digital lending took off in 2022 and its future, scenario in 2023
There is no denying that India’s fintech industry has a promising future. The fintech industry in India may have a great chance to grow and succeed as a result of the cooperation between traditional banking and this innovative sector, which is supported by additional government initiatives.
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