2017 was indeed a revolutionary year in the fintech space and one can expect similar trends in 2018.
EY’s Fintech Adoption Index (2017), a survey of more than 22,000 digitally active consumers, ranks India second (52%) behind China (69%) in terms of percentage of the digitally active population.
Digital payments reached 1,162 crore transactions between April and November and are expected to exceed 1,800 crore in the current fiscal. Coupled with cheaper mobile data rates and the technological ease of digital payments, these numbers boil largely down to the initiatives by the government to boost financial inclusion and promote a cashless society.