Effect of Covid-19 on Fintech

Abstract

The Covid-19 has caused disruption in almost every aspect of human life personally and professionally. Among the various sectors the finance sector has been the one that has been jolted by the pandemic across nations. Governments and organizations have resorted to use innovative technologies to overcome the challenges thrown at them. The adoption of technology in the finance domain is termed as “Fintech”. Fintech witnessed its effects but they started adopting various innovative paths to tackle their business problems. This has also led to the shift in mindset of the people to adopt ‘Digital’ in all methods of transactions. The findings reveal that, the idea of going digital became the biggest pillar for the growth of Fintech during the pandemic. Moreover, some fintech sectors flourished during the pandemic. This paper gives insights on the different fintech sectors present in India. This also provides the reasons for the development of fintech industries during Covid-19.