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FinTech is an emerging industry, which develops technologies to improve the delivery of financial services, while enhancing customer experience as compared to traditional delivery models. Retail customer facing industries, or B2C players, have adopted FinTech innovations to improve the customer purchase experience by using it as customer retention strategy (Buckley and Webster, 2016).
Globally, USA and China are the world leaders in FinTech with India coming a close third (ETBFSI, 2020). A large population spread across diverse geographies with low financial service penetration provides Indian FinTech companies a tremendous market and opportunity to grow.
FinTech Enabled Payment Solutions
Financial transaction is an important part of any digital transaction, and making a payment is the final and critical step to closing a transaction. E-commerce players provide a variety of payment options and gateways to their customers but any inconvenience caused in completing the payment transaction may lead to loss of customers. To ensure a good customer experience leading to customer retention, e-commerce players have started to own the payment system, along with having partnership with others.
Owning a payment system provides several advantages to e-commerce players. Aside from saving on transaction charges, convenience in terms of easy account setup, less documentation, quick settlements, and secure payment, it provides an opportunity...