FINTECH INDUSTRY IN INDIA: THE REVOLUTIONIZED FINANCIAL SECTOR OF INDIA

Abstract

One of the main forces driving a country's progress is innovation and technology. Due to several financial innovations occurring in the financial industry as well as other important areas of the Indian economy, the Indian financial system has undergone significant changes in recent years. The use of technology in the field of finance is known as fintech. Recent years have seen a rise in its popularity as a result of notable technical advancements. A new group of players, including Fintech startups, e-commerce businesses, and technology companies, have entered the financial services sector at this stage of the fourth industrial revolution. To enhance financial services, fintech firms utilize cutting-edge technology like artificial intelligence, machine learning, and the internet of things. The most inventive system is thought to be the financial one. In order to achieve the goals of making India a superpower by 2030, appropriate efforts should be made on a regular basis to promote financial sector innovations for nation-building and growth that puts India on the path to becoming a superpower as emerging technologies and innovations drive economic growth. This paper considers current events that sparked financial technology improvements and their effects on the economy's GDP.

Keywords: Technology, Innovation, Fintech, Financial services.