IL&FS former director, Siddharth Mehta says India is becoming the center of the fintech revolution

In India, banks have traditionally been the entry point for payment services. This no longer seems to be the case, though, given how quickly technology is developing and how steadily banks' stranglehold in this market is eroding.

The development of new payment methods and interfaces, including Immediate Payments Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), and others, have significantly improved India's payments infrastructure in recent years. Siddharth Mehta IL&FS former director claimed, the "Made in India" and "Digital India" government initiatives have significantly contributed to the rapid uptake of fintech. It is admirable that the Reserve Bank of India (RBI) has recently pushed for the establishment of a genuinely paperless society while simultaneously encouraging the expanding usage of electronic payments.

Siddharth Mehta IL&FS says India is becoming the center of the fintech revolution

Also, government initiatives like the installation of the GST and demonetization have given fintech projects across the nation a significant chance for growth. Demonetization caused considerable chaos and hysteria, particularly among the general populace, but in the end, as per Siddharth Mehta Bay Capital CIO, it served as the catalyst for a shift away from a paper-based, cash-based economy towards digital, electronic, technology-driven platforms, which accelerated the country's already-existing FinTech revolution. And it stands to reason that the COVID-19 epidemic has accelerated this digitization across a number of industries, with contactless and cashless payments being pushed as a means of promoting social estrangement.

 

Read more at https://www.business-standard.com/content/specials/siddharth-mehta-has-seen-tremendous-effect-of-fintech-pushing-finance-sectors-upwards-123041000501_1.html 

 

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