Fintech : Driving Force for Social Good

Abstract

Fintech has become a very important word in the finance industry to characterize novel technologies of financial service firms. It is exploding all over the world. Fintech has eliminated the need for paper, reduced the requirement for physical presence, and eliminated the necessity for cash. This word includes different strategies involving data security in the delivery of financial services. Academics and practitioners alike have a pressing need for precise and up-to-date knowledge of fintech. This study seeks to compile a fintech survey by gathering and assessing fintech initiatives taken by Government of India and regulators. The Jan Dhan Yojana, Aadhar Enabled Payment System, E-KYC, Peer-to-peer (P2P) lending, the Bharat Bill Payment System, Bharat QR, Startup India project are the major initiatives taken by the Government. Social implications of these fintech solutions are the primary concerns of this study. It is revealed that most innovations in fintech are related to digital payments so as to fulfill the Government’s aim towards making India a cashless economy.