Fintech companies become a part of everyday life!
The development of fintech companies in india started with the increase in internet access. We can divide its increasing scope into several phases.
1- Before the year 2000, banking services were being operated through CBS i.e. Core banking service and IT. After this, ATM, NEFT, RTGS and electric transactions started.
2- After this, revolutionary changes took place between the years 2000 and 2015. The work of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital verification started in the year 2009. In the year 2010, instant payment services were started through National Payment Corporation of India. In the year 2013, e-commerce boomed and Paytm started providing its services. In the year 2014, the Modi government started the Jan Dhan Yojana. Through this scheme, banks reached out to all sections of the society. In the year 2015, non-banking financial services i.e. NBFC was started through which it became easier for people to get loans.
3- Many changes happened again during the year 2016 to 2020. The demonetization done in the year 2016 made people habitual of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital transactions. In the year 2016, the Unified Payment Interface i.e. UPI was started. Through this, there was a revolution in wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital transactions. Meanwhile, financial apps like Policybazaar, PhonePe, Zerodha came into the market.
4- After the year 2019, lockdown started due to the Corona epidemic. During this time, wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital transactions increased further and it became a habit of the people. Contactless payments opened the way for fintech companies to move forward.
5- Account Aggregate Framework was introduced to share data between the years 2021-22. In the year 2022 itself, RBI regulated online lending fintech. With this, things like RuPay, UPI linked to credit card and cryptocurrency came to the fore.
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