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June 25 2020
The launch of the Digital India initiative has played an active role in transforming our payment interface. Ten to seven years back, individuals were hesitant and skeptic about online payment services, but today, a large proportion of the public has changed the way it made transactions.
What gave most fintech companies a kickstart was demonetization that occurred back in 2016. Today, India holds a cumulative digital transaction value of $81,197 million, increasing at a 25.3% YoY with over 553.7 million registered users online. (1)
Note: India is one of the leading fintech startups hubs in the world, followed by the United Kingdom, Singapore, and Germany, according to reports. (2)
FinTech or Financial Technology refers to a firm merging the upcoming technological trends to provide better financial solutions to its clients in the form of digital payments and transactions. The ultimate aim of fintech is to ultimately, or in some form, replace the traditional payment methods with digital solutions.
The growing FinTech ecosystem has given rise to some innovative business models being adopted by major firms. Such innovative methods have assisted in reducing the financial pressure over individuals by providing them direct, on app, finance solutions.
Some of the most excellent business models adopted by FinTech companies in India are:
India has molded itself into a digital economy where privately owned fintech startups and fintech companies are being promoted based on their service quality. The individuals have become more open towards the idea of digital payments, which has led to the success of various fintech startups India and fintech companies in India.
Let’s discuss the top fintech companies in India that have played a prominent role in influencing the digital payments market in our country.
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