Due to the introduction of digital payments from 2017, Financial Technologies or Fintech companies are increasingly spreading themselves. Finitech companies are companies that want to serve financial or financial services with the help of technology and innovation in place of conventional methods. These Fintech companies are working with the help of Blockchain and Ape, from lending to insurance etc. It is estimated that in 2018 the Captain of the FINTECH Revolution will become Blockchain Technique.
The blockchain is a technique where financial transactions can be done on the internet without any intermediary. This technique is very transparent, safe and efficient. The use of this technique will result in the transformation of the business in many industries. Companies working in the financial sector are the first to take shelter in this technology.
As far as India’s position is concerned, since digitization in 2016, there has been a huge increase in digitized transactions. It is estimated that by 2020, this will increase 10x more than last year. Official sources show that in 2016-17 it has increased by 162 percent. By 2022, the overall growth rate of the mobile wallet market is estimated at 148 percent. Given the increasing digital use in India, the government has understood the importance of Blockchain. In this context, the Andhra Pradesh Government has taken the initiative to make the first blockchain center. Startups and experts have been invited for this. Maharashtra, Kerala, Karnataka, and Rajasthan are also taking steps in this direction.
Through land block, land records, property registry, auto record and records of financial transactions can be strengthened through Block Block.This would be possible to eliminate corruption on a large scale.The expanding informal sector can be made part of the formal economy.The policy commission is planning to develop the blockchain’s entire mechanism to complement the India Stack and the base ‘Know Your Customer’ (KYC).With the help of this mechanism, the work will be facilitated in the areas of subsidy distribution, regulation of land records, financial assistance to small and medium enterprises, and settlement of court issues etc.The government has given permission for the exchange of interoperability in the prepaid payment instructions. With this help, consumers can now transfer funds from their mobile wallet to another. With this type of agreement, the area of digital payment industry will grow and the same environment will prevail. All payments will be more secure and authoritative. Increase the reliability of the wallet with interoperability. Wallet will act like a virtual bank in a way so that anyone can exchange money anywhere. This will increase consumer confidence in our progressive economy.
Now we have to ensure that more and more people get the benefit of digital services. Government departments should also be given guidelines for digitized transactions. Knowledge of transaction through digital medium should be expanded. The Government has given a discount of 2 percent on GST’s digital payment. This will facilitate functioning. Through all these mediums, India will have to become a digitized society as well as be transformed into a knowledge-based economic power.