India's stunning stride in Digital Payments - A look back at 2021

While Covid-19 hindered and slowed the pace of several industries, the Fintech industry prospered by developing solutions for contactless transactions! Products like UPI wallets, Digital Credit Cards, the Buy Now Pay Later (BNPL) ecosystem, and so on not only simplify the way we live and work, but they are also beneficial to economic progress. Fintech had designated 2021 as the year of accomplishing new milestones.?

Looking back at 2021, the following appears to be the case:?

1. Increased Fintech credit volumes aided small enterprises and start-ups.?

2. Improved Artificial Intelligence (AI) and Machine Learning (ML) offered tremendous comfort and speed to daily tasks.?

3. As innovative digital investment platforms proliferated, India saw one of the highest volumes of real-time online transactions.?

4. FinTech's engagement with the government, regulators, banks, and the health and education sectors not only expanded the range of innovative products and services available but also broadened the client base.?

5. These collaborations aided Rural India by introducing and promoting services such as Unified Payments Interface (UPI), Immediate Payment Services (Imps), and Bank Point Of Sale (POS) / Swipe machines.?

6. The sector also broadened the scope of investment with the support of 'Digital gold investing,' which drew in people of all ages.?

7. To cap off the year on a high note, Fintech was named the most heavily funded sector in history, with 12 new unicorns.?

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Although, from a bird's-eye view, the year 2021 was full of potential and enormous growth for the Fintech business. On the ground, however, there were numerous organizations that had lent to people or small businesses and experienced significant losses because of the Covid issue.?

Despite this, analysts anticipate that the 'Fintech landscape will see the rise of innovations that will facilitate holistic financial services through a single mobile interface.' Which indicates tremendous growth in the next years. Pay10 uses next-generation technologies to make digital payment simple, accessible, and safe.

Allow payments to no longer to be a bottleneck in unlocking your business potential. Contact us right away at [email protected].?

Article authored by Pay10 with reference to :

https://www.google.com/amp/s/www.financialexpress.com/industry/fintech-in-2021-how-fintech-will-evolve-over-3-5-years/2158524/lite/?

https://ibsintelligence.com/ibsi-news/looking-back-at-fintech-in-2021-heres-what-the-industry-had-to-say/?