Outlook of FinTech Sector in 2022

3 Jan 2022 , 10:10 AM

As the year is about to end and we will be stepping into 2022 soon, sharing below perspective written by Ankit Bhatnagar, Head of Product, Mswipe where he talks about how 2021 was for the fintech and SME’s also what is expected from the industry in the new year. Would be great if you can consider his views for any industry story around this that you must be pursuing. Also attached is his image for your perusal.

Ankit Bhatnagar, Head of Product, Mswipe “ In the past one year, the sector has shown immense potential — be it strengthening digital payments infrastructure or technological advancements to an integration between the entire ecosystem. Digital payment infrastructure has seen the steepest adoption among SMEs during the last two years. As a result, small businesses now have an opportunity to go beyond digital payments and avail financial services like lending or embed financial products like BNPL at the checkout stage.

Be it a BNPL offering or micro ATM service, or insurance, small retailers have the opportunity to diversify business, thanks to digital adoption. The government has made payments even more simple with initiatives like E-RUPI which will definitely help increase digital payment acceptance in Tier 2 and 6 in 2022. The coming year, we will see a marked focus of fintech towards SME financing to offer a seamless experience for small businesses to access credit, working capital loans through smartphones and smart POS devices. The new buzzword in the industry is also having an ecosystem approach to meet more than one need of a customer. We will see several fintechs moving in that direction especially to embed finance as an offering.”

The author of this article is Mr. Ankit Bhatnagar, Head of Product, Mswipe

The views and opinions expressed are not of IIFL Capital Services, indiainfoline.com