The Current Scenario of Fintech Services in India: Overview and Challenges

FINTECH or Financial Technology has brought a revolution in terms of finance and technology in India in recent years. Though the idea of Fintech has been around since a long time but its growth in India has been tremendous in the last 5 to 10 years. With the growth of smart phone users in India there has been a rise of digital or cashless banking as well. The recent initiatives by the Government around demonetization and introduction of cashless services such BHIM has further changed the scenario of financial transactions in India. Not only the urban dwellers but the people living in rural areas are also availing the facility of Fintech. However, with the success of Fintech there are certain issues and challenges as well. Hence, this paper is a humble attempt to showcase the current scenario of Fintech services in India. It will further highlight the issues and challenges that the Fintech services has been facing in India.