Published Paper Details:

Technology is continuously playing a major role in all facets of life, it is also revolutionizing the financial arena and is now providing plethora of softwares which is amalgamating technology in financial sector and thereby replacing the traditional banking system. In the world of shadow banking FinTech or Finacial Technology is an upcoming industry serving both consumers and industry. It is a technology that provides automated and improved financial transactions. It has great prospectus in the coming years and it is estimated that this market is going to grow in leaps and bounds. It provides automated and improved financial services such as mobile payments, internet banking facilities etc. It has brought financial inclusion in the present economy. Fintech is now propelling many startups too and thereby increasing employment opportunities also. It aims at providing easy and quick financial services to the consumers without any hazzle. Fintech has broad application, makes the financial sector more faster, safer, efficient and it is providing facilities starting with loan, stock and credit options. India has the highest Fintech adoption rate globally. Overall transaction value in the Indian Fintech market is estimated to jump from approximately 65 billion dollars in 2019 to 140 billion dollars by 2023. The objectives of the present paper are to state the importance and future prospectus of this industry. The paper has been bifurcated into three sections, section one states the introduction of the topic, section two highlights the importance of the growing industry and section three concludes the study along with suggestions for the future growth of this industry.