India, a country with 1.4 billion people, has become an example of promoting mass inclusion through technology. In 2015, FinTech introduced an identification system linked to financial technology, which provided 477 million Indian citizens with a bank account. Access to debit cards, insurance policies, loans, a unified payment system, and other features have provided financial inclusion for citizens from all walks of life.
What has this meant for India?
Shaily Kajaria, Co-Founder of Tezzract, a credit-by-invite MSME lending platform on its way to becoming India’s first digital MSME fintech bank, explained that in her small hometown, residents no longer have to only rely on cash as a form of payment. With the possibility of obtaining credit, Indians are more incentivized to report their incomes accurately, resulting in boosted credit scores and higher loan approvals. “When people’s behavior changes, the entire country changes,” Kajaria explained. It is important to note that this digital shift in India has also proven cyber-safe and reliable for users, contributing to fraud reduction.
India’s digital financial shift proves just how much technology can increase mass inclusion and provide an opportunity for all, and a shift toward mass inclusivity is a profitable and growing business for professionals worldwide.
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