We have come to a point where we refer to time as Pre-Covid and Post-Covid. It has been one factor that has recently set the ball rolling in many sectors. Some Industries barely survived, while others thrived. FinTech is one such industry that has seen multi-fold growth Post-Covid. We don’t need to stand in bank queues to deposit or withdraw money,r nor do we go to banks to invest in a particular scheme or investment plan! Just a click, and we are done! FinTech has disrupted the traditional methods of payment and the way we handle money.
FinTech encompasses a wide range of technologies and services used to improve and automate financial services, making them more accessible, efficient, and cost-effective for consumers and businesses. “The FinTech industry in India has seen this growth owing to the younger generation that is tech savvy, increased smartphone usage, internet penetration plus government initiatives! However, I believe this is just the beginning for the FinTech industry,” shares Alok Kumar Agarwal of Alankit.
“FinTech includes a wide range of technologies, services, and business models used to improve and automate financial services. It is commonly used for digital payments, lending, investing, wealth management, blockchain, cryptocurrency, personal finance, etc. It is just the tip of the iceberg that is the FinTech industry, there are several other use cases. With technology and innovation at its core, it has continued to evolve and change how financial services are delivered” states Alok Kumar Agarwal.
According to the data by investindia.gov, India ranks highest in FinTech adoption rate globally at 87% compared to the global average rate of 64%. The industry’s market size was $50 Bn in 2021 and is now estimated to be at $150 Bn by 2025. the Indian Government has implemented several measures to support the the FinTech industry by launching the Unified Payments Interface (UPI) and Bharat Interface for Money (BHIM) which has truly revolutionised the way transactions are made.
Additionally, the Reserve Bank of India has issued guidelines for regulating digital payments and has set up a dedicated department to oversee the FinTech sector. Alok Kumar Agarwal Alankit Shares, “With so much backing from the Government and the ease it provides to the commoner, there is no doubt that this sector will boom even further. There are numbers to support this, and the predictions will surely come true for this sector!”
Post 2020, there has been an increase in equity funding into FinTechs in India. Covid single-handedly catapulted this sector’s growth which otherwise would have been steady but not so sharp. Today our lives have been made simpler by using of apps that help us in tracking our expenses, help us in managing our finances, or investing! Every person who has a smartphone today can sit at home and manage without even going to the bank; the world is at our feet with a single click!
Source: Deccan Herald
About The Author
Mr. Alok Kumar Agarwal, the former chairman of Alankit Limited, has soared the Alankit Company by venturing into dynamic business spaces and developing efficient financial solutions. Alok Kumar Agarwal’s passion, dedication, and strategic business acumen have acted as the catalyst for a phenomenal transformation of the Alankit Group. His philosophy has been a blend of fiscal prudence and continuous innovation for the sustainable growth of the Alankit Company. His entrepreneurial skills and deep industry expertise have underpinned the success of Alankit Group.
Alok Kumar Agarwal of Alankit holds a Bachelor’s Degree in Commerce and is a fellow member of the Institute of Chartered Accountants of India and a Certified Financial Consultant conferred by the Institute of Financial Consultants. He has successfully completed a training programme on Health Insurance for CEOs/CAOs of TPA at the Administrative Staff College of India, Hyderabad. He has also qualified for NCFM- Derivatives, DP Operations, Capital Market, and Mutual Fund segments. With this proficiency, he has successfully led the Alankit Group to newer heights.