How fintech got their fingers in every pie top tech, startup stories this weekHow fintech got their fingers in every pie top tech, startup stories this week

Thus, there’s this interesting trend happening in the finance world. You know how fintech startups are becoming a big deal?

Indeed, they are essentially assuming control, particularly with regards to mutual funds and similar products. It was mentioned recently in ET that 42% of new mutual fund investors come from these fintech businesses each month. Not only that, but they’re also creating waves in the credit, payments, and wealth management domains. In essence, they’re upending the status quo and drawing an increasing number of individuals to these financial services. It seems as if they are inviting everyone to participate.

Payments

You know how UPI has completely changed the way we conduct transactions these days? It’s incredible how far it’s spread. Did you know that over 93% of those transactions are conducted using three apps: PhonePe, Google Pay, and Paytm? It’s as if they’ve risen to prominence in this game.

Even if banks are behind the scenes, it is these applications that everyone uses for day-to-day payments. These applications are popular not just among friends and family, but also among retailers. According to reports, each of these UPI applications handles between Rs 30,000 and Rs 35,000 crore in offline shop payments. And get this: total monthly merchant payments using UPI are roughly Rs 4 lakh crore. That’s a lot of money going through these applications!

Wealthtech

Remember how payments were just the beginning? Even more complicated financial transactions are increasingly taking place on our phones. Take, for example, money management. Those fintech firms have completely upended the situation. Consider the NSE data: tech-first businesses like Groww, Zerodha, and AngelOne are the leading stock brokers. AngelOne even closed its branches to focus only on fintech!

And get this: more than half of the NSE’s active clients—those who have made at least one transaction in the last year—use platforms like Groww, AngelOne, and Zerodha. It’s a huge adjustment.

fintech

The similar phenomenon is occurring in mutual fund distribution. Groww, which is funded by Peak XV, is dominating the field, processing around 7 lakh new SIPs every month, leaving competitors in the dust. When you include PhonePe, AngelOne, Zerodha, Paytm Money, ETMoney, and a few more, these platforms account for more than 42% of new SIPs entering the system. It seems that these fintech platforms are becoming the go-to for those looking to make these investments.

Credit

Remember how payments were just the beginning? Even more complicated financial transactions are increasingly taking place on our phones. Take, for example, money management. Those fintech firms have completely upended the situation. Consider the NSE data: tech-first businesses like Groww, Zerodha, and AngelOne are the leading stock brokers. AngelOne even closed its branches to focus only on fintech!

And get this: more than half of the NSE’s active clients—those who have made at least one transaction in the last year—use platforms like Groww, AngelOne, and Zerodha. It’s a huge adjustment.

The similar phenomenon is occurring in mutual fund distribution. Groww, which is funded by Peak XV, is dominating the field, processing around 7 lakh new SIPs every month, leaving competitors in the dust. When you include PhonePe, AngelOne, Zerodha, Paytm Money, ETMoney, and a few more, these platforms account for more than 42% of new SIPs entering the system. It seems that these fintech platforms are becoming the go-to for those looking to make these investments.

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