FinTech Primer – The Landscape in India

India has always been inclined towards the use of cash for financial transactions. However, rapid development of the technology, accessibility of the internet coupled with government initiatives such as 'Digital India', everything is shifting towards digitalization and this era of digitalization has an impact over various aspects of our lives including finance. The term FinTech has always been around. However, the technological advances, change in demand for financial products, and competition in Financial Service Sector has led to redefining of the business models across different segments of the Financial Services industry by enabling them to improve service delivery systems which in turn is contributing towards digital financial inclusions. Fintech as the word suggests is a fusion of "Financial services" and "Technology" and refers to those companies, which uses technology to automate and enhance procedure of providing financial services in an efficient and faster manner.