Rise of FinTech'22: How India Embraced Digital Payments

We are in the midst of digitalisation that is affecting every part of our lives. Payments via online methods are now safe, convenient, seamless, and very quick. The consumer market for online payments is growing, from swiping a card to scanning the Barcode.?

People in India have had limited exposure to this new technology and the opportunities that are connected with it. Yet, in the last 24 months, there has been a significant shift in customer behaviour. They are now comfortable in using digital payment applications and other methods like UPI, Net banking, etc to buy anything including necessities.

When it comes to digital payments, India is one of the niche countries to adopt this new era of digitalisation. It took a long time for Indians to step outside of their comfort zone and try something new that is both easy and convenient.

It has resulted in a significant improvement in terms of how payments are simplified. Gone are the times when you had to keep the cash in your pockets or sometimes had to argue with the sellers for a change.

As a developing country, India promotes innovation. Consumer usage of digital payments is increasing across the country, but legislative and practical challenges persist. By 2023, digital transactions are predicted to outnumber cash transactions. This is the need of the hour now that for a new ecosystem for digital payments, banks, and FinTech firms should collaborate and innovate

We have seen an upward trend in the year 2021, we expect India's digital transactions to grow at an even faster pace in this ongoing year. Not only because online payments are convenient and easy but also due to the pandemic we are in.

Furthermore, AI needs to be implemented in our digital ecosystem in order to make the processing safe and secure. Also, make sure that the prevention of fraud transactions. While all these improvements are being done in our digital ecosystem. We believe that more than 70% of internet users will be using digital payments.

The most common methods used by Indian people are card payments, mobile wallets, net banking, Unified Payments Interface (UPI) In India, the number of UPI users has surpassed 100 million. You may see that you make the majority of your online payments digitally if you consider your most recent transactions. To pay bills and make purchases, you use debit/credit cards or UPI.? The plus points of using such methods are that it’s more convenient, strengthens security features, assists you in keeping track of your bills, a variety of digital payment options, tax advantages, and many more.

People's reliance on traditional payment methods such as cash and cheques is largely gone. Computers and smartphones have revolutionised how we live, work, and handle our accounts and transactions. Owing to the changing and increasing technologies, the introduction of modern services such as e-commerce has arisen in a need for faster payment options.

India has disruptive potential in the finance sector, with more FinTech businesses breaking new ground with their strong, cutting-edge technology, resulting in a record-breaking amount of digital transactions as merchants and consumers embrace the convenience of digital payments.

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