Understanding FinTech in Indian Perspective: A Mini Review

FinTech (financial technology) has disrupted the business model of traditional financial institutions. The implementation of innovative technologies in the financial sector is not new; it emerged in 1967, when the first ATM (automated teller machine) was introduced to the financial sector by Barclay’s Bank in the UK. There are various initiatives taken by the Indian government to promote digitalization, such as Pradhan Mantri Jan Dhan Yojna (PMJDY), Immediate Payment Service (IMPS) and Unified Payment Interface (UPI). FinTech has disrupted the traditional model of the banking sector and continues to create competition to introduce innovative products and services for customers, like FinTech firms are offering. Presently, the FinTech adoption rate in India is 87%, which indicates that Indian customers are expecting and accepting innovative FinTech products and services. The purpose of this paper is to survey the studies done on FinTech and identify the technologies behind the success of FinTech. What are the segments of FinTech in India and their key challenges? For this study, we have collected the most relevant articles from Scopus, Science Direct databases and white papers. The concluding remarks of the study provide insights into FinTech-related aspects from an Indian perspective.