A research study titled “Fintech Revolution: a step towards digitization of payments” was conducted with the focus on learning about digitization of payments in India and its importance in the current economic scenario. The study focused on three major FinTech companies in the country. There is a large pool of secondary data available which is analysed with the help of a software tool called “MAXQDA”. Using the qualitative analysis the variables that lead to digital cash are identified. In support to the qualitative analysis a pre-tested questionnaire was administered to assess the use of digital wallet among the users which is further analysed using “Statistical Product and Service Solutions package” (IBM SPSS), a data analysis tool. As part of the above research study, the existing literature has been reviewed. The concepts of FinTech companies and digitisation of payments being the novel phenomenon in the economy reviewing the existing literature helped in identifying the research areas for assessing the performance and contribution of these concepts to the growth of the economy. The literature thus reviewed constitutes the content of the current paper.