A paradigm shifts in fintech and rural inclusion challenges in India

Cheenu Rathi 1, Ajay Kr Varshney 2, *, Shilpa Chaudhary 1, Vaibhav Prakash 1 and Ankit Garg

1 Vishveshwarya Group of Institutions, Deptt. Of Management, Gr. Noida, India.
2 Financial Consultant, Freelancer.
3 AKG Institute of Management Studies, Ghaziabad, India.
 
Review
International Journal of Science and Research Archive, 2024, 12(01), 299–311.
Article DOI: 10.30574/ijsra.2024.12.1.0763
Publication history: 
Received on 20 March 2024; revised on 01 May 2024; accepted on 04 May 2024
 
Abstract: 
FinTech abbreviates as financial technology. India being a developing country having largest population in the world by surpassing the china recently in April 2023. Continuing with conventional method of transaction, most of the people of such a populous country are standing in queue waiting for their turn for financial services. Is it feasible to bear such a time and economical loss arises as opportunity cost due to standing in queue rather than doing some other activity? Therefore, it become need of the time to adopt the advance technological way of doing transactions. Since 2015, India has witnessing its most aggressive phase of financial inclusion initiative ever seen anywhere in the world which brings nearly 330 billion citizens into formal financial sector which still increases to make it a crucial topic for research. In this research, we analyses the rural FinTech literacy requirement with all available means and impact of FinTech facilities on E-commerce and banking sector along with intermediaries role by adopting case study approach. With huge potential for FinTech, India can be the global FinTech super power but challenge is acceptance of FinTech with pace of technological advancement as well as with challenges and security loophole protection.
 
Keywords: 
FinTech; Opportunity cost; Financial inclusion; Financial literacy; Security loopholes
 
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