A Guide To Fintech Technology For All Beginners

Have you heard your funky friend speaking about fintech? So, feeling curious about it? Believe me, it is the innovation that is shaking up money matters in India. Still worried? Then, delve into the following guide. Whether you are a startup dreamer or a dedicated chai lover, clear all your doubts in one shot!

All You Need To Know About Fintech

Fintech = Finance + Technology. 

Yes, it is that simple! All the technical help you can access to make money, such as payments, loans, savings, insurance, and investments, makes the process faster, smoother, and way more convenient. Now, you don't have to endure boring bank visits or mountains of paperwork. Just your phone or laptop is enough to get the job done!

Fintech is everywhere in the Indian market. Some simple examples include,

• Using UPI-supported apps, like PhonePe or Google Pay, to send money.

• Paying bills or shopping with Paytm.

• Getting instant online loans while sitting at home.

• You can invest in mutual funds or stocks through fintech apps from the comfort of your home.

Fintech is making all money-related matters done within a fraction of a second through your Smartphone.

Fintech In India:

Do you think India is only creating cricket headlines? No, it ain't the scenario nowadays. Today, it is one of the fastest-growing fintech hotspots on the planet! 

But why? We have our reasons below:

1. Banks For All: Previously, banks were not accessible to all. After all, it is a physical entity. But fintech has now become their savior. Do you have a phone and some data? Great! You can open a bank account, send money, or get a loan. Fintech is making everything possible. 

2. Low or Almost No Service Cost: Many fintech services are super budget-friendly. There are no hidden charges like traditional banking. For example, UPI—you can access it without spending a penny.

3. Convenience and Time Management: No more getting bored standing in endless queues at banks to pay a bill or transfer money. You only need to tap on your phone a few times to pay your bills or to transfer money. Pay for all while sitting on the couch in your living room, watching your favorite web series.

Is Fintech Safe?

Encryption, two-factor authentication, and regular checks keep your data safe. However, still be careful. 

• Use strong passwords.

• Do not share OTPs or PINs.

• Download apps only from official stores.

• Avoid clicking on unknown links or messages.

Several other official measures also make the system secure, which include:

• Aadhaar and eKYC to simplify customer verification.

• NPCI, or the National Payments Corporation of India, launched UPI.

• Regulatory Sandbox by RBI to test new fintech products safely.

• Digital India's mission is to promote Internet usage.

The new way to handle our finances! Whether you are a college student, a new business owner, or a retired person, a relevant fintech app is always there to help you. Take some time to learn how to navigate the app, but be cautious—no sharing OTPs!

To be precise, fintech is not a gust of wind—it is there to stay as the future of finance in India!