What’s in store for Fintech users in 2023?

By Ashwin Chawwla, Founder & CEO, Escrowpay

Out of the 100 unicorns in India, 21 are from Fintech. Next 100 unicorns, 31 expected to be from fintech. Due to the Covid-19 outbreak and subsequent shutdowns, India has the largest percentage of fintech adopters in the world (87 percent vs. 64 percent globally).

According to a NewsVoir analysis, the fintech market is expected to rise by $150 billion by 2023 due to the influx of new companies and foreign investment. Wealthtech, insurancetech and fintech are among the industries that have been impacted by significant regulatory reforms implemented by RBI, IRDA and AMFI. RBI’s new launch of eRupee is an important development for the legacy wallet market.

Read also: How to protect yourself from online financial fraud?

New products centered around eRupee, the growth of digital escrow accounts, the continuation of NEO banking development, and the continued dominance of the fintech industry are a few major trends to keep an eye on. India is now the nation with the lowest internet costs, fastest internet speed and highest mobile device usage. Indians can buy and sell almost anything with just a few clicks.

We expect that regulatory reforms will be more burdensome in terms of compliance and transaction security. Combating fraud in online transactions is a top priority for the RBI and other organizations.

In the coming years, the nation will embrace Fintech 2.0. A great year with a lot of potential for growth is 2023. Rural fintech revolution has a fantastic environment in 2023 due to an innovation-driven start-up situation, a favorable market, increased smartphone and internet penetration, a young population and government-led industry promotion measures.

In addition, rural fintech companies are now working to address client complaints about real-time errors, cyber security and other difficulties. In addition, they are committed to providing a seamless user experience and continuously improve their applications.

Also read: How digital lending took off in 2022 and the future, scenario in 2023

There is no doubt that India’s fintech industry has a promising future. The fintech industry in India can have a great chance to grow and succeed as a result of the collaboration between traditional banking and this innovative sector, which is supported by additional government initiatives.