Noida and Greater Noida have emerged as favourite destinations for setting up financial technology (Fintech) companies over the last four years.
A Fintech City would soon be developed over 100 acres spread across Noida and Greater Noida.
According to government spokesman, there are 239 Fintech start-ups in Noida. These are working largely in one or more of the four main fintech areas - digital lending, payments, blockchain and digital wealth management.
Most companies are witnessing a fast pace of growth in view of the rapid adoption of digital payments across all sectors in India.
The availability of world-class infrastructure, uninterrupted electricity supply, internet connectivity and trained human capital have made Noida and Greater Noida favourite destinations for Fintech companies.
Companies like Pine Labs, Spice Money, Paytm Payments Bank, Advisory mandi, DIGISPICE, OneCode, Wishfin, GramCover, FanTiger, Marquee Equity, Easypolicy, Buddy4Study, Oye Loans, PayMe India, PortDesk, Nivesh.com, and many more have been doing business in Noida/Greater Noida.
The areas in which they are working include diversified payment solution for businesses and merchants, agent-based payment solutions to consumers and businesses, digital bank for individuals and businesses, equity research platform focused on stocks, suite solutions for government agencies, referral-based marketing solutions, comparison platform for consumer loans, online life and non-life insurance comparison platform focused on rural areas, NFT-based trading platform for music, deal management and investor discovery platform, customisable cobranded prepaid card solutions for businesses and retail loans.
Incidentally, some of the large data centre projects slated to be set up in this region of UP during the recently-concluded third ground breaking ceremony (GBC), are powered by top Fintech companies like Paytm.
Growth of Fintech in India is driven by various macroeconomic factors, such as enabling government and regulatory initiatives, India's demographic dividend, increasing national disposable incomes, large unbanked population, improving internet access and smartphone penetration, and a rapidly evolving e-commerce.