Author(s): Varun Sharma, Neelu and Payoj Raj Singh
Despite the fact that the question of how information technology and financial services interact is not new, a new acronym has emerged: fintech. After adopting FinTech in 2015, India's financial industry skyrocketed. It's the hottest topic in the financial world right now, and the newest development of Fintech, spearheaded by startups, presents problems for regulators and market players alike, most notably in striking a balance between the advantages of innovation and the hazards of new methods. As a result of fintech, banking as we know it has evolved. The term "FinTech" refers to the many recent technical advancements in the financial industry. The financial services industry is being revolutionised by fintech. Many people have spoken about it during the previous few decades (Thakor, A. V, 2019) Fintech, the widespread use and growth of IT in the financial sector, has recently risen to prominence in both the business world and the academic and research communities. The Indian financial technology industry is rapidly becoming one of the world's biggest and most influential. Indian FinTech businesses are on the right track, as shown by the country having one of the largest and most valuable digital payment ecosystems, rapid expansion of consumer and SME digital credit access, and skyrocketing involvement of retail investors in the stock market. Financial technology (FinTech) has the potential to radically alter the financial system, allowing for more efficient financial institutions to provide more customers with a wider range of goods at lower costs to them. To ensure that authorities and society can keep up with the underlying technical and entrepreneurial flux, FinTech's fast and revolutionary developments must be monitored and analysed. This article provides an exploration of the Indian fintech scene.