India’s fintech poised for exponential growth: The country took a quantum leap in transitioning to FinTech products and services, including accelerated adoption to go digital, mainly after the pandemic and the consequent lockdowns.
The growth in Indian fintech startups has been exponential and the market is expected to reach USD 150 billion in valuation by 2025. In fact, India’s fintech adoption rate is at 87 per cent as against the global average of 64 per cent.
Catching on to the trend, Synctric Technologies Pvt Ltd offer strategic solutions to ease daily business tasks, particularly for SMEs. It provides a wide range of experiences related to new technology and developments. They strongly support these businesses’ move towards a digital platform, striving to be a seamless and secure platform.
In real-time online transactions, India’s digital payments reached nearly 25 billion in 2020. A significant portion of the unbanked population is now covered by FinTech applications and services, which has spurred the general public to make the switch to digital. Transparency is crucial to simplify the process and further augment the adoption rate.
Rapid, relentless and proactive work in ensuring security, safety and reliability is important to uphold the trust of the people. The PAN card verification API suite by Synctric & LivShop, a recent addition, makes it easy for businesses to establish trust with clients. With the increasing prevalence of dishonesty and deceit, this program is crucial. The API suite verifies PAN card users before payouts and during onboarding, which benefits small businesses in many ways, such as lowering fraud and boosting sales.
From a largely unbanked population to a country that is not only surging towards saturation in banking access but also digitally equipped, India’s fintech journey has been phenomenal.
The country’s fintech domain has earned goodwill by being an enabler of inclusion, and there is a need for continued focus to empower the poorest of the poor by taking quality financial services to them.