Content |
Chronicle
2024: India's national payment system is in crisis due to outdated technology. This leads to major leaks
At the end of April 2024, it became known that the national payment system of India was faced with numerous failures associated with outdated technologies of banks. Problems lead to security breaches of IT platforms and leaks of confidential information. Read more here.
2022: Why it's going to be a tough time for the Indian fintech market
On December 28, 2022, Bloomberg announced the forecast of Rakesh Pozhath, an expert at Bain & Company consulting company: the analyst believes that difficult times await the financial and technological sector in India.
It is noted that the $50 billion Indian fintech industry will face obstacles in the form of tighter control by regulators. In addition, investment is expected to decline. This will lead to an increase in the cost of raising capital for some companies in 2023 - we are talking primarily about small market participants.
 | Investors now estimate actual monetization figures, not just growth indicators in terms of number of customers and value of loans issued. These figures are no longer a guarantee of success, - said Pozhat. |  |
Investors in India's fintech space, which has attracted many heavyweights over the past few years, from Warren Buffett's Berkshire Hathaway holding company to Masayoshi Son's Japanese giant SoftBank Group, are becoming increasingly demanding in light of the current macroeconomic environment. Additional pressure is being placed on the industry by regulators concerned about cases of fraud and malpractice in financial technology lending. This situation forces market participants to rethink their business models.
It is estimated that Indian fintech companies, mainly engaged in electronic payments and lending, have raised a total of approximately $35 billion since 2000, of which about $10 billion fell on 2021. In the first half of 2022, $4.2 billion was received, which, as noted, is less than in the same period of the previous year.[1]
2021: Mastercard banned in India
In July 2021, due to the ban on the issuance of new debit, credit and prepaid cards Mastercard for the company's customers in the South Asian market, imposed by the Reserve Bank India due to the company's non-compliance with local rules. data storage More. here
2020:52% of Internet users prefer cashless payment
Notes
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |