Here are my views about Fintech in India:
Fintech companies in India are solving some basic but important problems in the emerging economy time and change amount. Nearly 66% are in payment processing and banking. Three major reasons for success are the convenience, transaction charges and trust. Companies like Paytm -an e-wallet company are able proving bill payment such as electricity, telephone etc. and ticket booking services at the user’s convenience. This may not be new to developed countries but in India previously People need to go to the concerned office and wait in line for hours office to pay the bills. E-wallets also solved an important problem of change amount.An average Indian would do nearly 4 to 5 cash transactions, because of e-wallet, they need not worry about the exact change in their transactions. In addition to this, they are also disrupting banking sector, companies like BankBazaar, a startup that lets Indian consumers compare financial products online giving more freedom to the customers not to depend on a single bank or insurance for their needs. I feel that going at the current pace it would solve many other problems in the Indian economy like micro insurance etc.
https://en.wikipedia.org/wiki/FinTech_in_India
http://www.financialexpress.com/industry/towards-a-fintech-revolution/262870/
I think Fintech could be very helpful for India to further progress out of the status of a ‘developing country’. To do this it will be important for the industry to be built on reliable infrastructure and have a notable emphasis on creating more financial inclusion.