FinTech Gaining Momentum in India with Paytm's Payment Banks

By SiliconIndia   |   Monday, 02 May 2016, 04:09 Hrs
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BENGALURU: There is a new buzzword in town – “FinTech”. FinTech or Financial Technology is an economic industry that constitutes constitutes of companies that use technology to efficiently provide financial services.



Since the fairly recent past , the sector seems to be attracting loads of talented individuals and not without a reason. Fintech covers technology-based companies specializing in insurance, payment, and asset management. It is transforming banking business, challenging the big banks.



Being relatively new, the FinTech segment is already generating a lot of jobs, with most of them centered on mobile, user experience and financial analysis.



In recent weeks companies such as Paytm and Flipkart have  gone out and hired renowned personalities for high profile jobs, with the former bringing in PwC’s Shinjini Kumar to be the CEO of its to be launched payment banks alongside Krishna Hegde of Barclays and former DGM of RBI, Vipin Sharma.



"Finance technology is a booming segment in India with the opening of numerous mobile wallet companies, non-banking financing companies and now payments banks - all running on robust digital platforms ," says AG Rao, Managing director, ManpowerGroup.



Fintech covers technology-based companies operating in insurance, payment, and asset management, etc. It is already transforming banking business, challenging mammoth banks.



FinTech focuses on low-cost, high-tech models that deal with low-value, high-volume financial customers, assisting companies like Mobikwik and Citrus Pay in raising more than $150 million in India alone.



"Considering this is a newly evolved industry, it will see at least a 20% increase in hiring due to new e-wallets and payments banks. It will be due to large scale of business (ecommerce) and financials going online," Ajay Shah, assistant vice president at Teamlease Services, told ET.



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