The Rise of Fintech and How it Made India a Cashless Economy

Author(s)	AARUSH OJHA
Country	India
Abstract	This paper examines the rise of fintech and its impact on transforming India into a cashless economy. It highlights key drivers, such as the 2016 demonetization, that accelerated the adoption of digital payments, mobile wallets, and UPI. The study explores how fintech has improved financial inclusion in both urban and rural areas, focusing on Paytm as a case study. Despite fintech's success, challenges like financial illiteracy, data security risks, and fraud persist. The paper offers recommendations for enhancing financial literacy, improving data security, and expanding fintech adoption to sustain its growth and further boost India's digital economy.
Keywords	fintech, cashless economy
Published In	Volume 6, Issue 5, September-October 2024
Published On	2024-10-07
Cite This	The Rise of Fintech and How it Made India a Cashless Economy - AARUSH OJHA - IJFMR Volume 6, Issue 5, September-October 2024. DOI 10.36948/ijfmr.2024.v06i05.28447
DOI	https://doi.org/10.36948/ijfmr.2024.v06i05.28447
Short DOI	https://doi.org/g7944s

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