The IUP Journal of Information Technology
FinTech and the Younger Generation

Article Details
Pub. Date : March, 2019
Product Name : The IUP Journal of Information Technology
Product Type : Article
Product Code : IJIT41903
Author Name : Gurendra Nath Bhardwaj, Gauri Sinha, Soumi Pal
Availability : YES
Subject/Domain : Management
Download Format : PDF Format
No. of Pages : 18



FinTech is the embodiment of technology with finance. The future-savvy firms are now including FinTech for augmentation of the financial structure of their companies. The FinTech ecosystem includes virtual currency, identity verification and authorization, credential security, blockchain application and analytics in big data technologies, which makes the financial system more technologically advance. The Government of India has spent around $19 bn for encouraging FinTech start-ups. However, the main concern is now to adapt a transformative approach rather than additive. In this paper, we have examined the feasibility of the technologies being used in the present generation. We have also scrutinized the future scope of FinTech in India from a post-demonetization perspective. Awareness level of young generation about FinTech was accessed through a structured questionnaire and its future scope predicted.


Finance industry has been radically changed by emerging financial technology known as FinTech. Technology has always been a part of finance starting from the invention of credit cards in the 1950s to the emergence of ATMs in the 1960s, electronic trading in the 1970s, rise of personal computers in the 1980s and the upsurge of e-commerce business models in the 1990s. A frequently asked question is whether the FinTech revolution was born out of the financial crisis. Even though being a debatable topic, we cannot ignore the fact that online money transfer companies like PayPal and peer-to-peer lenders like Zopa, Prosper and Lending Club were out in the market in 1998, 2005 and 2006, respectively, before any sign of the crisis.


Blockchain, Virtual currency, e-Wallet, Food carts, KYC

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