A STUDY OF FINTECH IN INDIA WITH RESPECT TO FASTAG

Abstract

Fintech is the abbreviated form of financial technology which means the use of technology to improve any financial products and services. In recent times, it has been a buzzword in the world of finance. The Fastag system has brought revolutionary changes in the toll collection method which enables the authority to collect toll payments directly while the vehicle is in motion. In our digital India, also the concept of fintech is used practically in financial transactions through the Unified Payment Interface (UPI) and Fastag in the daily lives of people. In this paper, gradual progress is found in Fastag-based transactions during the last five years from April 2018-19 to March 2022-23. It is seen the increasing trends of the number of tag issuance and live banks consequently in terms of the number of UPI transactions and the value of the respective transactions highly improved across the country during this period.