Trends that will shape FinTech in India In 2021
India has also not been far behind, today India is one of the largest FinTech Market with highest FinTech adoption rate of 87% in the globe. Especially after post-Covid, India, along with some of its global peers, has seen tremendous growth in FinTech. As per latest report – “India FinTech: A USD 100 Billion Opportunity” by Boston Consulting Group (BCG) and FICCAI , India’s FinTech Industry is estimated to inch up to USD 150-160 billion by 2025 from the current value of USD 50-60 billon.
Expert View
Adoption of digital solutions for financial services have taken a quantum leap due to the pandemic. Sachetization of financial products and the enabling infrastructure such as the India Stack and payment rails on UPI built by NPCI will be critical to drive financial inclusion and ensure under-served segments benefit from this lasting shift in behaviour.
Nikhil Banerjee, Founder, SuperMoney
5 Ways FinTech can overcome internal hurdles to innovate
Rapid innovation can be tougher to achieve at established companies than at start-ups. After all, when the drive to iterate, fail, and keep honing new products and services has to coexist with long-standing operations, there is bound to be some friction. But intrapreneur teams are critical to keeping up with the ever-increasing pace of disruption—particularly in an environment made even more unstable by the global pandemic. In this article, Eschbach, a seasoned intrapreneur and entrepreneur, outlines five ways that intrapreneurs can overcome some of the most common internal hurdles—and take advantage of unique opportunities too.
Why FinTechs and Start-ups should focus on cybersecurity
In the first quarter of 2020, there was a 131 percent increase in malware compared to the same period in 2019. The significant rise in viruses is mainly attributed to malicious phishing attachments that come with emails. As users were connected to their home networks, the adversaries had multiple avenues of attack. To keep pace with emerging threats and new risk exposures, the average enterprise now deploys 47 different security solutions and technologies. All of these separate tools—especially when they have individual management consoles and operate largely in isolation—make it difficult to correlate events and execute a consistent, coordinated response to threats.
RBI moves to bring more parity between fintechs and banks
The Reserve Bank of India’s (RBI) recent monetary policy meeting gave a fillip to the fintech industry in India, as it moved to open up the access to the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlements (RTGS) systems. Regulated entities like prepaid instrument issuers (PPIs) - more popularly known as digital wallets in India, card networks, and Trade Receivables Discounting System (TReDS operators), among others, will now be allowed to become members of its centralised payment systems (CPS) though with some caveats.
How technology can bridge fintech and SMEs to ease the lending process?
With exports amounting to 48 percent and as many as 11 crore job creations (until July 2020), SMEs in India are leading the way to fulfil India’s trillion-dollar economic dream. At this crucial juncture, it is extremely important for us, as a country, to support and strengthen SMEs that form the very backbone of our economy, through accessible credit options.
The (COVID) Era of Rising FinTech: How Small Businesses have started to Win Again
Razorpay has published a report on the impact of CoVID pandemic on small business and comes up with figures depicting that Digital payment and FinTech apps enables the SME’s to start coming back to normal business as in pre-CoVID times with much faster pace than expected. 2020 was a year of extremes for everyone across the globe. With a global health crisis and extreme economic uncertainty, it was for the world at large, a difficult year to navigate. While businesses across the world suffered from the impact of the pandemic, the unwavering spirit shown by small Indian businesses to rise up and thrive amid the challenges stood out as a highlight. Here are some key highlights from the report. All findings in this report are based on transactions held on Razorpay platform between 2020 and 2021Jan-Feb-Mar (JFM), Oct-Nov-Dec (OND):
