Indian population started getting used to online payments since the launch of Paytm payments in India around early 2010s. Utility bills, kirana payments, cab payments, amazon purchases etc. started getting paid using Paytm wallet. Then 2016 demonetization gave rise to payments using Google pay, Bharat pay, Phone pay etc. Payments for making mutual fund investments, application for IPO, Payment to trading accounts all has been happening using UPI for more than 6 – 7 years now.
The growth in digital payments industry gave rise to the Fintech industry. InsurTech, PropTech and WealthTech along with payments form part of FinTech. The fintech industry is using latest technology like Artificial intelligence, machine learning, Natural Language Processing (NLP), Big Data, Artificial Algorithms, etc. for product structure and risk mitigation.
Everyone knows and have been exploring services offered by brokers when it comes to wealth tech industry. However, there are large number of WealthTech platforms offering services in form of fixed income opportunities like venture debt, invoice discounting, asset backed leasing, fractional real estate etc. A few platforms worthy of mention are altgraaf.com, betterinvest.club, as they have made significant contribution to the new form of WealthTech offerings.
These WealthTech platforms are offering fixed return opportunities that start with minimum investment amount of INR 1,00,000/-. Hence, FinTech can offer high yield opportunities for people from wide income range.
We all need to be more aware of developments in FinTech industry in order to be part of industry growth story. The industry is expected to grow due to more players, more structured products, ease of transaction and higher yield products.