Journal Press India^®

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The economic development of any country depends upon the development of economic activities like agricultural activities, industrial activities, trade and commerce, fishing, mining, construction work etc. The banks are playing a significant role in establishing and promoting these activities by providing financial support. As a result, a country's economic success is ultimately dependent on the survival and growth of its banking sector. India has seen a significant increase in FinTech developments due to rising smartphone usage, digital infrastructure development, and government measures to foster a cashless economy. The amazing change of FinTech in recent years has revolutionized the country's financial services business. Fintech firms use technology to create novel solutions for financial services such as banking, payments, investments, and insurance. Fintech companies frequently offer their services via digital platforms or mobile apps, giving customers easy and accessible ways to manage their finances. Fintech enterprises include peer-to-peer lending platforms, digital banks, robo-advisors for investment management, mobile payment systems, and cryptocurrency exchanges. Fintech can alter the financial services industry by making them more accessible, efficient, and affordable to customers. However, the rapid expansion of fintech has created worries about privacy, cybersecurity, and regulatory compliance, as well as the possibility of job displacement as technology automates routine in economic and financial development in the country.

Keywords

Fintech, Banking, payment systems

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