IMPACT OF FINTECH INDUSTRY IN INDIA: AN EVOLUTIONARY CHANGE IN INDIAN ECONOMY

Abstract

Over the past decade, the Fintech industry in India has undergone a profound evolution, sparking transformative changes in the nation's economic landscape. This research paper delves into the multifaceted impact of Fintech, examining its role as a catalyst for innovation, financial inclusion, and economic growth. The Fintech sector's trajectory in India has been characterized by rapid technological advancements and a surge in entrepreneurial activity. The advent of digital payment platforms, peer-to-peer lending, robo-advisors, and block-chain applications has revolutionized traditional financial services. This evolution has not only streamlined financial processes but has also democratized access to services, fostering a more inclusive economy. One of the notable impacts of the Fintech revolution is the acceleration of financial inclusion. Through innovative products and services, Fintech has bridged gaps in accessibility, bringing financial services to the unbanked and underbanked populations. Mobile banking, digital wallets, and microfinance initiatives have played pivotal roles in extending financial services to previously underserved communities. The paper analyses the shifting dynamics of consumer behaviour, noting a paradigm shift towards digital transactions and a decreased reliance on traditional banking channels. Fintech's user-friendly interfaces, coupled with the convenience of anytime, anywhere access, have redefined customer expectations and interactions with financial institutions. Looking ahead, this study extrapolates future trajectories for the Fintech industry in India, considering potential challenges and opportunities. For the purpose of this study statistical data has been collected from the various websites and analysed through Excel. The findings of this research contribute to a comprehensive understanding of how Fintech has not only driven economic revolution but also positioned India as a Global Fintech hub.