Journal Press India^®

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FinTech is a phrase that was invented in 21st Century to describe the technology that is utilized in the back-end systems of established financial institutions. FinTech, on the other hand, now encompasses education, consumer banking, charitable funding, investment management, and other sectors and enterprises are among them. With one of the world's fastest-growing economies, India has undoubtedly identified as one of the fastest-growing FinTech hubs in recent years. Digitalized loans, mobile money services, money transfer gateways, digital wallets, and other concepts have already been adopted in India. In India, digital payment systems have seen widespread adoption over the last two years, making basic financial services much more convenient to use. Customers who are technosavy, especially millennials, expect money transfers, borrowing, loan management, and investments to be straightforward, safe, and accessible, preferably without requiring human interaction or a bank visit. The FinTech Ecosystem (FE) is made up of five components that operate in combination to boost the economy, improve consumer taste, and promote social involvement: Customers, start-up industries, the regulators, IT firms, and existing financial institutions such as banks are all stakeholders. The government is, of course, the primary driver of FinTech success or failure in a highly regulated financial market. Through both financial and promotional activities, the Indian government, including authorities such as Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI), is actively promoting India's aim to become a paperless digital economy and a robust FinTech environment. In India, the Reserve Bank of India has played a key role in encouraging the FinTech sector's growth and promoting a culture of innovation. Any company that provides FinTech services in India must register with the Reserve Bank of India. Concerns about consumer protection and law enforcement are being addressed with caution. The regulator's main goal has been to create an atmosphere that encourages unrestricted innovation. FinTech is expanding the reach of banking services to the unbanked, while also regulating the industry. Electronic payment that is quick and easy, as well as offering consumers with a variety of payment options.

Keywords

Fintech, Banking, Financial, Mobile wallet, e-banking

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