Digital disruption has altered India’s finance landscape considerably.
From angootha-chaap to verifying everything with your thumb—the journey of an average Indian has come a full circle. Today, we can purchase groceries, get investment advice, buy investment products, buy insurance and even avail credit, online. Nearly every aspect of our daily activities can be conducted digitally, slowly making documentation and physical presence, relics of the past. All of this is being enabled by technological innovation, which has pervaded every nook and cranny of our lives.
The fact that you cannot listen to the radio without hearing the line Paytm karo atleast once, is a testament to the pervasiveness of fintech in India. The financial services sector, which has been relatively slow in the adoption of technology, has now suddenly taken to it like fish to water. A huge opportunity lies at this crossroads of finance and technology. And that opportunity is fintech. “Fintech is increasingly becoming an integral part of our ecosystem as they bring along opportunities to streamline daily processes, security and data management as well as customer service”, believes Kiran Shetty, CEO and Regional Head, India and South Asia, SWIFT.
India’s evolution as a progressive fintech nation has been nothing short of a miracle. It has been brought about due to a structured attempt by the government to perpetuate digital adoption. The first step towards this was to solve for identity with Aadhaar. The next step was to ensure that every individual has a bank account or equivalent to store her money. The third leap was to build scalable platforms to move money (UPI, IMPS) and the final was to allow banks and fintechs access to a platform like UPI to innovate and co-create.
This story is from the August 2019 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 2019 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Gold ETFs And FoFs
While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.
PLANNING TO BUY CHILD INSURANCE? THINK TWICE
Child insurance plans combine insurance and investment but often offer low returns due to high costs, making a combination of a term insurance cover and mutual fund a better option for securing your child’s higher education needs
How Do You Define Happiness?
Money does buy happiness, but after a while, the appeal fades. We talk about our relationship with money, but, maybe, it’s time to revisit our relationship with happiness
Avoid Crypto As It Is Highly Volatile
I am 22 years old and have recently started working. I want to invest a small portion of money in cryptocurrency. How should I go about it? Does it require a huge capital investment?
Invest Right, Don't Speculate
The lure of high returns and quick gains from equity tips, cryptocurencies, and equity F&O can be enticing. But remember, return of capital is more important than return on capital
The Wedding & Budget: Is Minimalist Trend The Right Knot For You?
Indian weddings are known for their pomp and grandeur, but minimalist weddings are also in vogue now. Dia Mirza was one such celebrity who went for a minimalist wedding. If you also want to keep things minimal on your big day, here’s how to do it
Here's How To Buy An ETF?
Mutual funds are the preferred choice for retail investors. However, they come at a cost and fund management risk, apart from other risks. A smarter alternative is to invest through ETFs.
How Passive Funds Help Diversify
Passive funds provide a simple way to invest in broad markets as well as in specific themes and sectors, making them ideal for an investor's satellite portfolio
The Rise Of Passive Funds
The popularity of passive funds among retail investors has risen post Covid, and fund houses are out with many variations of ETFs and index funds. Does this category present a new opportunity for investors?
Tax Reforms: What's In Store?
The government is working on reforming the existing Income-tax Act, 1961. The impending reforms have raised many questions in the minds of taxpayers. Will the old regime and deductions be done away with? Will it really simplify your life? What's the need for these reforms? We try to answer these and other questions regarding tax reforms
