The year gone by played a key role in the world-wide fintech time capsule. The fintech conversation of 2019 incepted with the much-awaited advent of 5G, the rise of smart fintech startups creating user-friendly applications, the exponential rise in smartphone users, and a more simplified digital infrastructure.
Fintech has cautiously yet beneficially reshaped the entire financial services and payments space with customized solutions, foundational support and notable developments in all-encompassing sectors including education, insurance and credit management. Is there another industry that could be more theatrical in its evolution within such a short span of time?
As per Deloitte & CII’s Vision 2020 report, India is fast becoming a digital economy with over a billion mobile phones, 330 million internet users (c.94% on wireless devices), and 240 million smartphones.
The inception of technologies such as IoT, AI, blockchain will reinvent the whole transaction experience for users in terms of time and cost efficiency while enabling multilingual penetration and simple design interfaces into remote locations. We can expect further movement in the blockchain-based fintech solutions, cross-border forex payment models and similar avenues as the scope of payment solutions widen. Some of the other areas where I do see fintech businesses moving in 2020 are:
