February 13, 2018
India has made a good beginning and is moving in the right direction, but to be a powerful force in FinTech innovation globally, we need to develop a strong ecosystem, [says] (http://knowledge.wharton.upenn.edu/article/whats-driving-indias-fintech-boom/) [Prantik Ray] (http://acad.xlri.ac.in/facprofile/index.php?185), Professor of Finance at XLRI – Xavier School of Management.
Extensive and rich on examples, the piece published by Wharton explores the hallmarks of the FinTech ecosystem in India, diving into challenges and opportunities for the entrepreneurial community to apply tech and finance innovation to facilitate inclusive financial opportunities for the vast unbanked/underbanked population.
Multiple factors are driving FinTech growth in India. These include inefficiencies in the country’s banking system, a large unbanked and underserved population, steep smartphone penetration, increasing access to the internet, a booming e-commerce market, and availability of a large talent pool which understands both t ...