New digital technologies like Big Data, Artificial Intelligence, Block Chain, Distributed Ledger Technology, Machine Learning, etc., are enabling rapid technological change for banks and financial institutions around the world. Fintech is one such dynamic industry that is expanding more quickly and has great promise for improving efficiency and cost-effectiveness in retail payment services, financial inclusion, and intermediation.

Digital platforms and payment options have expanded greatly during COVID-19. People frequently choose FinTech-based retail payment solutions to traditional brick-and-mortar bank-based physical transactions for domestic and international transactions. Due to the wide range of payment alternatives provided by mobile apps, mobile wallets, etc., e-commerce practices have further increased. The scope of fintech adoption in India has also increased with an adoption rate of 87%, it is far ahead of the global average of 64% in the FinTech adoption race. By 2030, it is anticipated that the prospective Indian FinTech market will generate $200 billion in revenue.