ONE FINTECH INNOVATION has integrated seamlessly into everyday existence, the Unified Payments Interface (UPI). From street vendors to high-ranking officials and even at wedding receptions, where the traditional shagun now often takes the form of a UPI transfer, this digital payment system has become a common part of financial transactions. It shows not just convenience but a significant change in the country's economic landscape.
India, with its growing economy and tech-savvy population, is on the verge of becoming a global fintech leader.
According to a recent report by Mordor Intelligence, India's fintech market is expected to reach $111.14 billion in 2024, driven by digital innovation, increasing use of smartphones and supportive regulations. The volume of digital transactions has put India ahead of many developed countries in terms of transaction volumes and user base. The UPI recorded 117.6 billion transactions in 2023, around 74 billion transactions in 2022 and 38.7 billion in 2021.
This digital shift is further bolstered by big data, bringing new analytical capabilities and insights. The massive amounts of data from daily transactions are being used to improve financial products, enhance customer experiences and strengthen security. Fintech companies use big data analytics to predict market trends, detect fraud more accurately and customise services to meet the varied needs of customers.
For Subodh Sachan, Director, Software Technology Parks of India (STPI), there is a lot that India has achieved as an ecosystem. “The game changer has been the advent of digital identity. For any digital transformation to happen, it has three strong pillars, identity, data exchange, and how you interact with the infrastructure.”
Role of Big Data By harnessing massive data sets, fintech innovators are optimising payment solutions, understanding currency flow dynamics and pioneering new standards in financial efficiency.
Bu hikaye BW Businessworld dergisinin July 27, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye BW Businessworld dergisinin July 27, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Gauging Trumponomics For India
Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0
Reflections on Consciousness and Creation
Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind
MORE TAKE TO DRIVING IN STYLE
High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.
An ENRiching Outlook
KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence
Paving the Path to a Sustainable Future
Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees
LEADERSHIP TRANSITION AT XIAOMI INDIA
Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus
WEAVING SUSTAINABILITY
Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain
FORCE FOR GOOD
FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives
REIMAGINING TOMORROW
For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders