International Research journal of Management Science and Technology

  ISSN 2250 - 1959 (online) ISSN 2348 - 9367 (Print) New DOI : 10.32804/IRJMST

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THE ROLE OF FINANCIAL TECHNOLOGY IN THE FINANCIAL INCLUSION (A REVIEW ON THE OPPORTUNITIES, CHALLENGES AND MEASURES TO ENHANCE FINANCIAL INCLUSION THROUGH FINANCIAL TECHNOLOGY)

    2 Author(s):  PROF.VADDADI KRISHNA MOHAN ,DESETTI SAIBABU

Vol -  13, Issue- 9 ,         Page(s) : 82 - 91  (2022 ) DOI : https://doi.org/10.32804/IRJMST

Abstract

Financial Technology(fintech) is transforming the financial services industry in India with new products and services. The role of fintech in the financial and banking landscape is increasing day by day, with an exponential increase in the number of fintech companies in India. India is the third largest (3rd) fintech ecosystem globally, with an 87.00 percent fintech adoption rate which is higher than the world's average adoption rate of 64.00 percent. Even with the high adoption rate in India, 20.00 percent of the Indian population is still unbanked, which implies an enormous untapped economic potential.

M/s Backwaters Tech Pvt. Ltd., Faircent Technologies India and Deutsche Bank and Bill & Melinda Gates Foundation 2 
KPMG-The pulse of Fin Tech- https://home.kpmg.com/xx/en/home/media/pressreleases/2016/03/kpmg-and-cb-insights.html 
Drawing on a categorization from WEF, The Future of Financial Services, Final Report, June 2015 
Committee on Payments and Market Infrastructures, “Digital Currencies,” November 2015. 
Fintech: Describing the Landscape and a Framework or Analysis by STANDING COMMITTEE ON ASSESSMENT OF VULNERABILITIES of FSB-March 2016 

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