The popularity of fintech among Indian Youth.

Paytm, Google Pay, PhonePe, Razorpay, CRED, and many others have become an essential part of our life. These are all fintech also known as financial technology. Today everyone, even a child knows what is Paytm and what does it do. Siddharth Mehta Bay Capital CIO who is a well-known investor, philanthropist, and financial advisor also believes that the popularity of fintech has witnessed tremendous growth with the passage of time. 

 

Fintech has witnessed notable growth over the last decade. The outbreak of the pandemic has led the people of India to adopt a digital culture. Now, fintech has become an essential part of daily life. From paying bills to purchase of merchandise, the majority of the work has been taken over by fintech. 

India’s youth is tech-savvy, digitally adaptive, and always curious about new things, and it is one of the largest countries of youth, which in a way opens up the doors for fintech and its growth. Entrepreneurs in India are quite young and are always ready for the digital culture, which denotes the popularity of fintech among them. 

 

Siddharth Mehta IL&FS former director speaking to a renowned media house said, “The youth has the power to adopt or deny anything new since India is one of the largest countries of youth in the world, who is digital friendly and always welcomes new technology.” Here he was referring to India’s youth with the scope of the fintech. 

 

The youth of India is dynamic, tech-savvy, and always has the hunger to learn something new that actually has accelerated the growth and popularity of fintech in India. The technological innovation in the financial sector in India includes retail banking, investment, and crypto-currencies that have laid down the foundation for literacy and education among the youth. We can also see many start-ups in India where the entrepreneurs are young, which also signifies the major participation of youth. 

Government initiatives such as Digital India, Startup India and Make in India have played a major role in supporting the young entrepreneurs in India. These schemes such as Startup India, under this tax exemptions are given to young entrepreneurs, by which they can save the tax and reinvest in their businesses. 

 

According to the reports, banking schemes such as Jan-Dhan Yojana and UPI, under UPI over 338 banks have registered with more than 6.28 transactions done in July 2022 worth more than 10.63 crores, which shows the digital knowledge enhancement of common people, turning towards banking system rather than paper money. 

 

The trend in social media sites such as YouTube, Facebook, Instagram, and several others hosting episodes or meetings, or interview of any entrepreneur is boosting the popularity and knowledge on fintech in a personalized way, basically in a digital way, and has gained popularity of fintech among the youths. 

 

“Cashless and paperless” India is promoting digitally empowered societies, in a way the youth is also getting impacted with new ideas. Our life now revolves around touch payments, QR codes, express delivery of groceries, and many more, which have driven our life to a digitally oriented space, and fintech being the giant, having access to all these. 

 

In conclusion, we can say that the popularity of fintech is growing every day among the youth. The financial ecosystem, young and dynamic youth aims to acquire financial freedom and prosperity has in a way made the fintech popular among the youths. 

Comments

Post a Comment

Popular posts from this blog

Siddharth Mehta IL&FS is very excited to invest in the Indian market

Image
Siddharth Mehta Former Director of IL&FS and CIO of Bay Capital is very excited to invest in the Indian market, not in other emerging or developed markets. In India, significant growth in low-cost smartphones,  significant reductions in data prices, building an ecosystem of products and services through government digital initiatives, and low-cost, robust development have significantly increased overall Internet penetration. doing. Payment system. Today, more than 758 million Internet users in India have 700 million smartphones. In fact, the average monthly data consumption per user in India is the highest in the world at 13.5 GB, with Indians spending about 6.5 hours online per day.   It's hard to talk about the introduction of digitalization and its impact on the market. Over  the last decade, India has laid a pipeline of digital infrastructure. As a result, digital activity has become a part of more than half the country's daily life today, allowing India to avoid the c
Read more

An important benefit of FinTech is the use of artificial intelligence

A financial innovation made feasible by technology is known as fintech, or financial technology. This might range from overseeing financial transactions to identifying fraud. According to Siddharth Mehta, CIO of Bay Capital, finance and artificial intelligence have substantially converged . Because of developments in cognition and social simulation, the debate over artificial intelligence technology has moved from the margins to the center. These are the five ways that fintech will change because of AI:   Improved Security   The reason why AI has been so successful in the financial technology sector is because it dramatically enhances security. According to Siddharth Mehta IL&FS former director , the majority of AI deployed in cyber security nowadays takes the form of chat-bots, which mimic conversations in response to frequently asked questions.   Automating tasks to benefit human workers   Financial technology may be significantly advanced by AI-related technologies, incl
Read more

How to Digitalize your Business ?

Going digital has long since stopped being a buzzword. According to Statista, nearly half of the world's population regularly uses the internet. Siddharth Mehta IL&FS , a former director of  and the current founder and CIO of Bay Capital, adores digitalization and applauds the Indian government for putting it into practice all across the nation. The effect of digital transformation today seems to be that everyone uses the internet on a smartphone, making day-to-day tasks simple. These days, instantaneous business transactions and global online travel are not trends but rather everyday necessities. Software can easily digitize your business with so many options available. You can keep up with global trends if you digitize your data and apps.    Including businesses, the government, healthcare, the media, science, etc., every aspect of society has undergone digital transformation or digitalization. It developed into a motivator for business activity both internally and externally
Read more