Seybold Report ISSN: 1533-9211
Dr. Urmila Bharti Associate Professor, Commerce Department, Zakir Husain Delhi College (Evening), (University of Delhi), Jawahar Lal Nehru Marg, New Delhi, Pin-1100002, E-Mail: urmi_janol5@yahoo.co.in
Dr. Rajanikant Verma Associate Professor, Commerce Department, Zakir Husain Delhi College (Evening), (University of Delhi), Jawahar Lal Nehru Marg, New Delhi, Pin-1100002, E Mail: verma.rajanikant@gmail.com
Vol 17, No 09 ( 2022 ) | DOI: 10.5281/zenodo.7213014 | Licensing: CC 4.0 | Pg no:1421-1433 | Published on: 30-09-2022
Abstract
Fintech has become a buzzword within the world of Indian digital banking. It may be defined as the use of technology across all the financial services functions provided by the banking sector. Fintech is an abbreviation used for financial technology”. It is absolutely a novel concept for about all users and refer to the technological insurrection that relate to the many concepts such as financial literacy and education, stock investment, cyber security, blockchain technology, retail banking, crypto-currencies like Bitcoin and Ripple, among other innovations. It also includes one more vital concept of financial inclusion also refers to Fintech solutions. The policy of financial inclusion provides the availability and equality of opportunities to access financial services by deprived and low-income people.
Today, digital transformation within banks united with changeability has metamorphose the very nature of banking. Bank customers are no longer required to struggle with long queues, wait time and postponement to conduct their regular banking activities. The smartphone revolution provides the base for another development – the explosion of online payment apps that integrate with bank accounts, allowing flawless online shopping, investments, transfers, and mobile-to-mobile payments. Eventually, the rising number of online apps and applications fuelled the need for advance, smarter and more robust security protocols to secure the customer data. This paper studied and analysed the impact of Fintech on the Payment domain. According to the data provided by RBI, there is a tremendous increase in the digital transactions during the year 2020-21 and 2021-22. The increase was recorded both in transaction volume as well as value. The Fintech revolution is constantly escalating and assisting in accelerating the economic growth of India.
Keywords:
Fintech, Fintech Revolution, Digitalisation, Innovations, Payment Domain