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.
This story is from the July 27, 2024 edition of BW Businessworld.
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This story is from the July 27, 2024 edition of BW Businessworld.
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