Due to the GOI initiative of Zero MDR on UPI and Rupay cards, Fintechs in the payment segment is also looking beyond payments to improve profitability. Paytm is also investing heavily into democratizing wealth management, said Varun Sridhar. It is only time that many payment bank Fintechs could soon follow this path respecting the Five-year rule from RBI. With Big Techs venturing into the Fintechs space, the traditional competitors like Paytm have approached RBI for an In-principle license as an SFB offers credit and loan services. In addition, fintech players have witnessed an uptake in consolidating activities over the last year. The focus on diversifying the service offerings to pile in more useful features is driving force for Fintechs in 2021. Diversification and ConsolidationĪccording to our research, the Fintech segment received over a 1.4billion dollars in funding in the year 2020. Major Fintech companies like Google Pay, Whatsapp Payments, PhonePe are diversifying offerings and entering the banking segment through partnerships. This has motivated public and private banks to partner with Fintechs, rush up to meet consumer demands. Today, customers are choosing a complete digital experience and are demanding better services and new products. 2020 has helped customers preferred traditional banking to open up and experience the power of new-age banking and Fintechs.
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