Digital Transactions Hit New Milestones as Financial Trust Shifts From Banks to Mobile Wallets

Fintech adoption has reached record highs as users globally prefer instant digital payments and automated financial services over traditional banking. New market research indicates that digital wallets and BNPL (Buy Now Pay Later) products have reshaped consumer behavior—especially among millennials and SMEs who rely heavily on credit flexibility. In India, UPI-based payments crossed new transaction milestones triggered by festival shopping and the rise of subscription-based micro-loans. Regulators, however, are tightening compliance for fraud prevention, KYC accuracy, and personal data transparency to protect consumers. Experts predict that the next wave of Fintech growth will be driven by decentralized finance (DeFi) and blockchain-powered cross-border payments.