Friday, Feb 22 2019 | Time 13:21 Hrs(IST)
image
  • IOC 'suspends discussions' with India regarding hosting of its events
  • Two killed in Nashik road accident
  • Sugar rates steady
  • Watchdog says US-led coalition, SDF failed to protect Civilians during offensive in Baghuz
  • Brushing aside Pak lobbying & Chinese hurdles: Pressure mounts on Imran Khan
  • Delhi Govt has taken host of initiatives to improve education sector: LG
  • India hopes for 'peace and stability' in Korean peninsula through dialogue
  • Pulwama aftermath: SC seeks report from Centre, 10 states on violence against Kashmiris
  • Vadra appears before ED in money laundering case
  • Syria: US to leave 200 troops after pullout
  • Day curfew relaxed in Jammu, overall situation peaceful
  • Operation Kamal Video: Yeddyurappa and three others get a big relief as Karnataka High Court grants interim stay
  • Major currencies up
  • PM Modi awarded Seoul Peace Prize: Dedicates prize money to Namami Gange
  • Telangana Assembly condemns Pulwama terror attack
Business Economy Share

80 pc of addressable low, moderate income market remains untapped by fintechs: Study

New Delhi, Aug 13 (UNI) Most financial technology (fintech) target affluent and tech-literate customers in tier-1 geographies and leave 80 per cent of the addressable low and moderate-income (LMI) households market untapped.
''Our analysis suggests that the total addressable LMI segment is 380 million. Going by conservative estimate, fintechs are yet to tap around 320 million working adults in India,” says Mohit Saini, Senior Analyst, MicroSave who lead this study on the fintech landscape in India.
The study was done in collaboration with IIM-Ahmedabad’s Centre for Innovation, Incubation and Entrepreneurship (CIIE) and was supported by J P Morgan.
The study highlights that four out of five fintechs are concentrated in three metro cities, that is, Bangalore, Mumbai, and Delhi-NCR, while 75 per cent of the overall investments since 2011 has been pocketed by 10 fintechs.
Even as the growth and reach of the fintech industry in India have increased, fintechs continue to focus largely on the elite and affluent segments.
These segments comprise 23 per cent of the overall population, according to the study by international financial inclusion consulting firm MicroSave.

Fintechs refer to technology-focused or technology-led firms that use or provide modern, innovative technologies. They offer existing and new banking and financial services to consumers efficiently.
There are more than 1,500 fintechs in the country and almost half of them were set up in the past two years. Though the current landscape suggests a growing influence of fintechs, the study says, about 57 per cent of them focus on credits and payments and transfers only.

The study notes: “fintechs present a unique opportunity to improve the financial health of low and moderate-income (LMI) households, which are currently either unserved or underserved. Fintechs can provide these LMI households with appropriate tools and resources to manage their financial
lives.”

UNI RSA ADG 1952
More News
Major currencies up

Major currencies up

22 Feb 2019 | 12:20 PM

Mumbai, Feb 22 (UNI) Following were the indicative currency rates and travellers' cheques buying and selling rates per unit.

 Sharesee more..
Rupee opens flat at 71 24 against USD

Rupee opens flat at 71 24 against USD

22 Feb 2019 | 12:09 PM

Mumbai, Feb 22 (UNI) The Rupee on Friday opened flat at 71.

 Sharesee more..
Sensex up by 40 pts

Sensex up by 40 pts

22 Feb 2019 | 12:08 PM

Mumbai, Feb 22 (UNI) The benchmark index of Bombay Stock Exchange (BSE) on Friday rose by 40 points at 35,938.52 as buying was seen in Materials, Realty, Consumer Durable and Bankex stocks.

 Sharesee more..

Chennai Oil Market Rates

22 Feb 2019 | 12:02 PM

Chennai, Feb 22 (UNI) Following are the rates in the
Chennai Oil Market here today.

 Sharesee more..

Bullion Market Opening rates

22 Feb 2019 | 10:42 AM

Chennai, Feb 22 (UNI) Following is the bullion markets
opening rate here today.

 Sharesee more..
image