The fintech boom in India: challenges, audiences and the trust factor
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On Day 2 of CMO week, a panel of marketers discussed the fintech sector in India in detail â audience, trust, growth potential, et al.
The fintech sector is having its moment in India. Its first push came in 2016 when Prime Minister Narendra Modi announced the move to demonetise 500 and 1000 rupee currency notes. At that time, Paytm saw a xxx% increase in sales and revenue whereas PhonePe saw xxxxx increase in users.
The first time around, the increase in usage of digital payments apps was due to the lack of availability of new notes. The second wave of fintechâs popularity came with the spread of the Coronavirus. The virus spread through surfaces and suddenly, there was an air of paranoia surrounding physical cash. Merchants and businesspersons in the formal and informal sector increasingly began opting for digital payments to keep their businesses going.