India Witnessing Increasing Digitisation, Shift In Consumers' Financial Behaviour, Says Rajiv Kumar

NITI Aayog Vice-Chairman Rajiv Kumar while addressing 'NITI Aayog's Fintech Open Summit' said that India is witnessing increasing digitisation with people getting greater and easier access to financial services, which has led to a shift in consumers' financial behaviour from cash to e-wallets and UPI.

Factors that led to digital lending boom in India

According to media reports, the digital lending market is projected to grow from USD 100 billion in 2019 to well over USD 350 billion in 2023. Also, India had the highest FinTech adoption rate of 87 per cent as of 2020.

Coupl Launching Neobank in India

India will soon be home to a new neobank called Coupl, which is designed specifically for couples. The digital bank will allow users to set up joint accounts and manage their money jointly, including savings, expenses, and investments.

Five trends shaping the future of Fintech

While the COVID-19 pandemic and lockdown pushed fintech services into the mainstream, there are several other factors that are influencing the fintech industry’s future like global adoption of fintech services, awareness of fintech, focus on new technology, and many more.

UK fintech giant Revolut invests INR 340 crore in India ops

The investments are for Revolut’s first cross-border remittance product in India, which it plans to launch in the second half of 2022. The company is still in talks with the RBI to procure the necessary licenses for its products.