With a population Of over a billion, before we proceed, how about we initially explain what FinTech is. In fundamental terms, FinTech is the business that comprises of those companies which utilization the technology to provide financial services. These companies work in various regions of finance management, insurance, electronic payments and so forth.
In the past Decade, FinTech has taken over internationally and is expected to rise later on also. With more than half a billion spent in the FinTech within the previous three decades, the fragment just shoes promising eventual fate of expansion.
With the Assistance of government regulations, banks and other financial firms, has formed a positive ecosystem for the development of FinTech. FinTech is helping bring about the change in the personal financial management through e-payments and e-wallets, in the nation that is predominantly cash-driven.
Number of Reason contributes towards the development of Financial Technology. The amount of internet customers attained to 465 million. With a growing number of number of people depending online for assorted reasons, the digitalization has taken another turn. Government is effort in bringing the digital revolution ‘Digital campaign is opening many opportunities for the present FinTechs and start-ups.
Government Has realized the potential of fintech company usa and is continually making efforts to make the regulations more amiable. Authorities relaxed the standard of KYC procedure for customers making online transactions and payments up to Rs 20,000 monthly. It is normal that the government will lay out new arrangement of criteria to revamp the P2P financing marketplace.
To promote Cashless transactions, government is currently offering tax discounts to the merchants for accepting at least half of payment. ‘Jan Dhan Yojana’ aims at providing a bank account to each inhabitant. Since the Launching of this program in 2014, 240 million bank accounts are opened. FinTech Start-ups can utilize the opportunities to provide smooth and easy transaction service.