Thread by @jaskiratlambaa

Why building a fintech in India is harder than building any other Startup.

A thread 🧵

Let's get on the basics first.

Fintechs in general involves transactions and anywhere if there is a transaction, trust is a big issue.

1/n

This trust is needed to be built through various ways as people's money is involved so they're going to be cautious anyway.

2/n

The core thing to build trust used by many fintechs is giving ₹1 rather than deducted ₹1 to confirm the bank account.
They deduct is as the person puts more money anyway, it's just the act of showing trust.

3/n

Affiliation with big banks, govt organizations and others also embeds trust in the users.

4/n

Any problem on the govt's end or third party's end can lead to people not trusting the product again and telling people to not use it.

5/n

Now, as the external factors are clear let's hop on internal factors.

There are a lot of paperwork and agreements that a fintech has to do because it's the matter of managing people's money.

6/n

A lot of money goes into these processes and it takes a lot of time and expertise to do it.

7/n

From government affiliations to banking partners to payment gateway to anything, it's hard and slow to be honest.

8/n

But still, this doesn't lower my passion for fintechs.

More power to all the fintechs founders out there.

n/n

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