Dilip Modi, Founder, Spice Money: Women-owned MSMEs, constituting nearly 14% of the total registered units, have experienced an impressive 110% annual job growth over the past six years
Mandar Agashe, Founder & MD, Sarvatra Technologies we look forward to increased collaboration and participation from industry stakeholders and the regulators to take this payments revolution to the next level
FinTech BizNews Service
Mumbai, December 20, 2023: As 2023 draws to a close, the fintech sector reflects on a year marked by significant challenges and transformative changes. Renowned spokesmen of Spice Money, PayNearby, and Sarvatra Technologies have very insightful observations to share:
Dilip Modi, Founder, Spice Money
“As we stand on the cusp of 2024, the Indian fintech industry stands on the precipice of an unprecedented transformation, poised to reshape the financial landscape in rural and semi-urban India. This transformative wave is propelled by a confluence of factors, including the widespread adoption of digital technology, a dedicated push for financial inclusion, and the integration of cutting-edge technologies aimed at empowering rural and semi-urban communities. The burgeoning landscape of women entrepreneurship in India's MSME sector serves as a compelling testament to fintech's transformative prowess. Women-owned MSMEs, constituting nearly 14% of the total registered units, have experienced an impressive 110% annual job growth over the past six years. On the global stage, India, in its G20 leadership role, consistently underscores efforts to establish digital public infrastructure, actively collaborating with other nations on technologies underpinning the India Stack initiative. The JAM (Jan Dhan-Aadhaar-Mobile) trinity has become the bedrock of India's digital and fintech terrain, effectively narrowing the financial divide in rural and semi-urban areas. With over 50 crore Jan Dhan accounts, 56% designated for women, and 67% initiated in rural areas, this initiative has democratized financial access, facilitating active participation in the digital economy.
Looking ahead to 2024, the Indian fintech industry is set to intensify its transformative impact on Emerging India, creating innovative solutions tailored to the specific needs of these communities, including micro-lending platforms, mobile banking applications, and digital literacy initiatives. With its unwavering commitment to financial inclusion, Spice Money is set to play a pivotal role in bridging the financial divide and empowering rural and semi-urban communities to fully participate in the digital economy. The year 2024 promises to be a watershed moment, marking a new era of financial empowerment and redefining our interaction with money, particularly in underserved communities.”
Anand Kumar Bajaj, Founder, MD, & CEO, PayNearby
As we reflect on the year gone by, 2023 witnessed a profound shift in the country’s financial landscape driven by digital adoption, innovation, and collaborative efforts. With greater convenience, favourable government policies, and evolving consumer sentiments, Bharat’s aspirations are evolving rapidly. It has brought a behavioural shift in consumers, with more and more citizens adopting assisted digital means for their financial and lifestyle requirements. In addition to the increased uptake of banking products, various other services, like assurance (insurance + assets), credit, and e-commerce, are now reaching the last mile at a nearby store. It is also helping create sustainable livelihood opportunities for local retailers by encouraging them to adopt multiple lines of services and provide more value per footfall to their customers.
For India to transition to the next stage of development, we will continue simplifying high-end technology for mass consumption. Through the right partnerships with financial institutions and enterprises across savings, e-commerce, education, entertainment, credit, assurance and more, we are constantly innovating and introducing sachetised, tailored solutions across cohorts leveraging our Distribution-as-a-Service (DaaS) network to democratise and universalise services for everyone, everywhere. As we step into 2024, we envision an empowered and connected Bharat, where every service, every transaction, and every stakeholder contributes to a stronger and more progressive India.
Mandar Agashe, Founder & MD, Sarvatra Technologies
The payments ecosystem witnessed major milestones in the year 2023, which further strengthened India’s position as the global leader. From showcasing its UPI prowess at G20 events and making UPI QR codes universally accepted at stores in countries like Singapore, and France, to the introduction of conversational payments; India is effectively balancing global expansion and inclusivity through payments. UPI still stands as the unwavering driving force behind the digital payments revolution. Recently, UPI transaction volume crossed the 11 billion mark and in the coming year we’ll witness new records being created with more features being introduced on UPI.
The focus on customer convenience and protection has become paramount for both regulators and the industry. Adding to this momentum, the integration of credit line on UPI and the linkage of RuPay credit cards to UPI is poised to revolutionise the landscape of customer access to credit. These advancements underscore a commitment to diverse and accessible financial solutions, reinforcing India's role as a pioneering force in the global payments landscape. Going ahead, we look forward to increased collaboration and participation from industry stakeholders and the regulators to take this payments revolution to the next level.
