New Delhi, Thursday, January 19, 2023, FinTech has now evolved into one of the fastest-growing segments of technology, transforming the way financial services are developed and the FinTech market is expected to reach Rs 9.2 billion at a CAGR of 24.96% between 2022 and 2027. Hence, there are high hopes for the government to unveil policies and initiatives that will further support and encourage the growth of this sector.
The Union Budget 2023-24 has assumed critical importance because it comes at a time when India needs to cement its place as an outlier in the global economy. One way to achieve that is to promote digital payments and encourage companies to adopt digital transactions across the economic diaspora. The adaptation of technology-integrated services in B2B transactions will not only bring ease in doing business but will also reduce costs and increase financial independence. The government must encourage investments in automation in spend management to enable cross-audits and ensure suitable and high compliance with corporate spending regulations.
Data breaches, malware injection, account hacking, data loss, and cloud service misuse are just a few of the significant security threats. Indian consumers need to be educated to utilize digital payments securely. A large section of Indian companies does not have a system to detect fraud as expenses are mapped manually. We expect the emphasis on data security to increase in the upcoming Budget, and the government should announce measures to increase digital vigilance and safety. Avinash Ramesh Godkhindi, Managing Director and CEO, Zaggle