Disruptions on India’s FinTech landscape: The 5G wave

Abstract

The emergence of FinTech companies disrupts the banking and financial service industry through its technology-driven services. But with 5G, the 5th generation mobile network, the entire FinTech outlook is disrupted. The 5G technology is expected to create a new FinTech ecosystem in India. The 5G features like enhanced mobile broadband (eMBB), Lower latency and robust security aspects are certain to bring transformation in banking and FinTech industries. 5G’s application in different domains offers a ‘blue ocean’ of new prospects to FinTech companies. 5G technology offers necessary features to enable FinTech companies to bring a massive change in the banking and finance field. As 5G is on the brink of being a next-generation mobile network in India, it is necessary to examine its influence on the FinTech landscape. In this study, the authors have analyzed the effect of 5G on evolving bank technologies, with special focus on FinTech. This study also projects the authors’ view on the impact of 5G on FinTech firms’ future challenges and prospects.