Rural India’s Rise as a Connectivity Major and its Impact on the Evolution of FinTech
With the emergence of digitization and affordable internet connectivity, the rural India which is previously considered impenetrable has now opened up in the throes of disruption. At the heart of this welcome transformation is India’s rapidly growing fintech sector, valued at an est. $2.4 billion in 2020.
Home to nearly 70 percent people, India’s villages have shown tremendous promise. However, from a financial services point of view, their growth is plagued by persistent problems lack of infra structural landscape and adequate financial facilities. Such problems are not unique to rural India. Urban India too faces pockets of inconsistencies in terms of connectivity, service quality and access to financial education. But on the account of glaring socioeconomic challenges, these gaps appear startling, snowballing into larger complexities due to: