Abstract
India’s digital economy has been witnessing anastonishing development progression over the recent period, shifting the conventional financial prospect and restructuring the process ofcommercial activities. Financial Technology blended as Fintech, holds an indispensable part in this progression by making creative and innovative approaches which reframes financial and related services more approachable, economical and suitable for most of the citizens of India. India is amongst the swiftly progressing nations in the global Fintech markets. The value of the market size of the Indian Fintech industry was found to be $ 50 billion in 2021 and is approximately expected at ~$ 150 billion by the year 2025. The Fintech adoption rateof Indiais 87% which is notably more than the Global adoption rate of 64%. The paper intends to provide a conceptual idea about the Fintech services and to study the prospects and confrontations of the emerging Fintech services in India. The study is descriptive in nature based on secondary data sources and published reports. The study finds that the growth of the Fintech industries are appreciable and hasboth opportunities and challenges. Hence it is suggested that the pros and cons of every policy implications should be thoroughly analyzed and reviewed before implementation in a diversified nation like India and continuous periodic assessment could help to eliminate the hurdles faced in this growing industry and aim for achieving financial inclusion and balanced development in the global platform.
Keywords: Fintech, Financial Inclusion, Opportunities and Challenges
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