More work needed to be done in Indian fintech sector: MobiKwik CFO
The Indian fintech sector has been growing at a rapid pace in recent years, with many startups and established players alike focusing on digital payments, lending, and other financial services. However, despite the progress made, there is still much more work to be done, according to Upasana Taku, Co-Founder and CFO of MobiKwik.
In a recent interview, Taku expressed her views on the current state of the fintech sector in India, highlighting both the opportunities and challenges that lie ahead. “It’s an exciting time to be in India’s fintech sector,” she said, “but there is much more work that’s needed to be done.”
One of the key challenges that Taku identified is the significant number of Indians who are still not using digital payment methods. “400-500 million Indians are actively paying digitally…everyone else is still on cash,” she noted. This is a significant proportion of the Indian population, and it highlights the need for greater adoption of digital payment methods in order to bring more people into the formal financial system.
However, despite this challenge, Taku remains optimistic about the potential of the fintech sector in India. “The overall market opportunity is still…very large,” she said, “and the next 20 years it’s going to be a growth story.” This growth story is driven by a combination of factors, including the increasing adoption of digital payment methods, the growth of e-commerce, and the government’s efforts to promote financial inclusion.
So, what needs to be done to achieve this growth story? According to Taku, there are several key areas that require attention. One of the most important is the need for greater regulation and standardization in the fintech sector. “We need more standardization and regulation in the fintech space,” she said, “so that we can create a level playing field and ensure that consumers are protected.”
Another key area that requires attention is the need to address the issue of financial inclusion. “We need to focus on financial inclusion and make sure that everyone has access to financial services,” said Taku. “This is not just a social responsibility, but it’s also a business opportunity. If everyone has access to financial services, it will create a larger market opportunity.”
Taku also emphasized the need for greater investment in technology and innovation in the fintech sector. “We need to invest more in technology and innovation to create new products and services that can meet the needs of consumers,” she said. “This will help to drive growth and create new opportunities for the fintech sector.”
In addition to these areas, Taku also highlighted the need for greater collaboration between fintech companies and traditional financial institutions. “We need to work more closely with traditional financial institutions to create new products and services that can meet the needs of consumers,” she said. “This will help to drive growth and create new opportunities for the fintech sector.”
In conclusion, while the Indian fintech sector has made significant progress in recent years, there is still much more work to be done. According to Upasana Taku, Co-Founder and CFO of MobiKwik, the key challenges that need to be addressed include the need for greater regulation and standardization, financial inclusion, investment in technology and innovation, and collaboration between fintech companies and traditional financial institutions.
Despite these challenges, Taku remains optimistic about the potential of the fintech sector in India. “The overall market opportunity is still…very large,” she said, “and the next 20 years it’s going to be a growth story.” With the right approach and investment, the Indian fintech sector has the potential to create significant economic and social benefits for the country.
