FinTech: New Financial Landscape in India

Abstract

FinTech is the intersection of two things "Financial Services" and "Technology". It shifts business and consumer from the pen-paper method to digitalization which reduces time, cost and increases efficiency. FinTech is of the major tool which can play a vital role to make the cashless economy. As per Global FinTech Adoption index 2019, 96% consumers globally are aware to at least one digital payment, money transfer and payment services of FinTech.India is the top runner in the adoption of FinTech as per the EY FinTech Adoption Index 2019.