Fintech firms in India have now become mainstream across Indian households, be it because of easy-to-use payments applications or quick-to-process lending platforms. Having garnered over $10 billion worth of funds over the last decade, Indian fintechs are set to grow manifold in the years to come thanks to the availability of better data, increasing internet penetration, new public infrastructure tools and collaboration with incumbent players, according to a report by Credit Suisse made available to MediaNama. The availability of digital public infrastructure and partnership models have been key drivers for the Indian fintech industry, Credit Suisse said. Indian fintechs have been able to innovate and launch their products at scale thanks to the India Stack, which includes various public platforms for document and identity verification among other tools, the report said. "After successfully building public infrastructure for digital identification (Aadhaar) and payments (UPI), India has added a critical third layer ‘Digital access to data’", which is expected to boost digital lending significantly. Fintech lenders were growing at 70 to 330% year-on-year across various loan categories till last year, but with the onset of the pandemic, these lenders scaled back their lending as defaults began to rise. However, the global banking giant expects the pace of digital lending to pickup with the introduction of the account aggregator system and loan service provider framework, the report said. "[Account Aggregators] act as providers of financial data from across different sources like banks, MF, insurance providers, tax platform, etc., on customer consent. Whereas consumer…
- Why did the Delhi High Court restrict use of Amitabh Bachchan’s image and voice? November 25, 2022
- Why did an Indian exchange, CoinDCX, publish its Proof of Reserves days after releasing its R2L ratio? November 25, 2022
- DPDP Bill, 2022 Has Received Good Response From Stakeholders: MeitY’s Ashwini Vaishnaw November 25, 2022
- Twitter Blocks Tweet of CJ Werleman’s YouTube Show Discussing Police Violence Against Indian Muslims November 25, 2022
- Unique Identification Authority of India (UIDAI) says verify Aadhaar as ID proof using QR November 25, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...