Last updated on December 9th, 2022 at 06:34 am
The fintech sector is a rising industry that has come to define the contemporary era. The term "fintech" refers to financial technologies and encompasses digital innovations in payments, lending, insurance and investment management. One of the primary reasons for this growth is that these companies offer better solutions than traditional financial institutions.
The Scope of the Fintech Industry?
The Fintech sector is a fast-growing industry that has been evolving rapidly since the word was first coined in 1999.
- The Fintech sector is revolutionizing the way we do business. It will be difficult for banks to compete with this new wave of technology that has come about in recent years.
- There are many opportunities in the agricultural industry, but it's essential to know where you stand on your current level of technological development before taking any steps forward.
- India’s fintech market is the world’s fastest-growing- 67 per cent of the more than 2,100 fintech entities in operation have been set up in the last five years. India’s fintech market is valued at US$31 billion, which is projected to grow to US$84 billion by 2025.
- The fintech transaction value size is projected to grow to US$138 billion by 2023 from US$66 billion in 2019.
- According to a Boston Consulting Group report, Indian fintech companies will reach a valuation of US$150-160 billion by 2025, becoming thrice more valuable in the next five years.
Evolution of Fintech: Opportunities for Agricultural Sector
Fintech is now looking at opportunities to serve agricultural sectors and farms across India, which can potentially transform rural life by providing access to affordable credit and insurance products- two things that we take for granted but are often inaccessible without significant wealth or connections. Here is how Fintech is assisting Agricultural Sector:
- Easy Loans for Farmers: The agricultural sector needs to borrow money frequently. With Fintech, there are no middlemen, the efforts of the fintech sector to make direct loans are consistent.
- Direct Connections: Farmers have better opportunities to establish direct connections with lenders & other institutions for better operations. This change can potentially stabilize the sector.
- Ongoing Payment Model: Instead of paying large payments for equipment & tools, farmers can now use various ongoing payment programs. People can better organize finances more efficiently by paying for what is used, skipping problems arising from conventional payment models.
- Affordable Financial Services: Financial services are becoming more accessible to farmers. Some companies are focusing on this aspect to bring a greater variety of financial tools & utilities.
- Better Insurance: The availability of crop insurance plans for farmers is shaping the sector in a better manner.
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