The banking industry has been revolutionized by financial technology, with only 8% of the world's currency remaining in physical form. Tashwinder Singh, MD & CEO of Niyogin Fintech Limited, highlights the rapid growth of the global Fintech market, which is expected to reach a CAGR of 18.9% by 2032. In India, Buy Now Pay Later (BNPL) services are gaining traction, particularly among the younger demographic. BNPL offers a more cost-effective and flexible payment option compared to traditional credit cards, with no hidden fees and lower interest rates. However, Singh warns of the importance of responsible borrowing to maintain creditworthiness as defaults on BNPL plans can affect one's credit score.
Read the full article here.