What Is Fintech?
Payment wallets, Digital banks, internet banking to digital lending and insurance, UPI apps, Financial technology is worked as an amazing trans-formative force in the Indian market. Which helps to bring efficiencies in the process and make better the distribution chain of transactions and Digital payment. It does not just help to improve the completion rate of payment, but it also helps to revolutions of eCommerce, online services, hyper-local delivery and much more.
Most Prominent Fintech Startups In India
India’s Fintech segment has moved very fastly and the country’s adoption rate for fintech products stands at 59%, this is the second-highest pace worldwide, and significantly higher than the global average of 33%, according to the analysis by DataLabs by Inc42.
The following are the top Fintech startups which have transformed commerce and payments in many ways in the Indian Market.
Paytm is a digital wallet company initially launched in 2010 by Mr. Vijay Shekhar Sharma and the Companies worth is more than $10 billion. In November 2016 the user base of paytm grew from 125 Mn and 2018 it crosses the 300 Mn users mark. The company also launched a Platform called Paytm Money for trading and investment.
Phone Pe is the most usable Financial technology company initially launched in 2015. It offers a UPI-based payments app and support for billing, eCommerce, recharges and other online services. The user has to link their Bank account with the PhonePe app and then they can make payments with the help of a unified payments interface (UPI) platform.
Mobikwik is a platform of issuer-independent digital financial services, the company works in various segments of the Fintech ecosystem such as Digital Wallets, Wealth Management, Insurance and much more. It helps to manage Low customer acquisition cost, Inbuilt scoring model, and the fast disbursal of loans.
Policy Bazaar another Fintech organization it is an insurance aggregator which was initially started to provide information to the consumer with full transparency and accuracy. This platform gives the facility to compare products and choose the most feasible suitable options for the Insurance.
Ezetap is a Digital payments startup and mPoS maker. The company makes a device called the Ezetap device, it is just a light-weight card reader that can be easily plugged into any feature phone or Smart Device used by a retailer. This is an easy to use process that’s why anyone can accept cards from grocers and pizza deliverers to merchants and cab drivers. Furthermore, in 2018 the Company launched a unique device called EzeSmart, an open-platform enabled with GPRS services, Aadhaar pay and eKYC to comply with the KYC compliance set by the RBI.
ETMoney is one of the largest app for Financial Services in India. Consumer use ETMoney to invest in Zero-commission direct mutual funds for free, gives protection to their families with unique insurance solutions and ETMoney credit card helps to take instant loans at low-cost. Growing at 340% yearly.
LendingKart operates as an NBFC, it is largely focussed on the MSME lending and capital space. The company mainly focused on big data analytics to support lenders to evaluate a borrower’s creditworthiness and finish the process of loan disbursal more faster than traditional banks. LendingKart’s mission is to make convenient credit access for SME (Small & medium enterprises) in India.
Check my other Post on Fintech trends.
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