Scope and Challenges of Online Peer to Peer Lending Platforms in India

Rapid developments in financial technology and internet facilities have paved ways for new products and services in the financial sector. In fact, many new economies emerged due to the advancements in the field of internet technology. As a result the world is witnessing some of the unimaginable new trends in every sphere of life and the financial sector is not an exception to this. Among the many developments, the peer to peer to lending is one of them. As the scale and scope of diversity in terms of what is transacted and with whom is growing in manifolds, the field of peer to peer lending is gaining much attention within the lending and borrowing space. This article is an attempt to understand the growth of peer to peer lending in India, along with its scope and challenges.