5 innovative FinTech platforms in India
5 innovative FinTech platforms in India
By Léandra Monteiro
- Banking API
India has entered a digital economy where FinTech start-ups are leading the digital transformation of the financial sector. Today, Indians have become more welcoming towards the use of digital payment methods, which has led to the increase in the number of FinTech platforms in India.
Amid the current situation, the importance of going cashless has increased. Mobile wallet transactions have overtaken the use of credit cards and will slowly begin to replace traditional payment methods. The Digital India initiative has played an active role in transforming payment.
Today India has millions of registered users for digital transactions. FinTechs not only provide a digital payment platform, but also provide digital insurance for health, travel, digital banking solutions for getting around without a branch, loan schemes that facilitate credit and many more. Here are three FinTechs in India that are influencing the digital initiative in our country:
Loan kart: Founded in 2014, Lendingkart Technologies Private Limited is a FinTech start-up in the working capital field. The company aims to make working capital financing available to entrepreneurs, so they can focus on their business instead of worrying about their cash flow shortfalls.
The platform uses big data analytics and technology tools to create a more efficient and effective way to assess its creditworthiness. Lendingkart analyzes thousands of data points from various data sources to assess small business creditworthiness quickly and accurately. It is a no deposit NBFC, offering loans to SMEs in India.
Mswipe: Mswipe is an independent mobile point-of-sale merchant acquirer and network provider. The FinTech company provides software solutions and payment devices to merchants. Mswipe aims to provide transparent mobile point of sale solutions to these merchants across India and build India’s largest financial services platform for SMEs.
Mswipe works with all kinds of bank accounts, therefore merchants don’t have to open a new account for their devices. Mswipe’s terminal, Wisepad accepts all major card types (VISA / MasterCard / AMEX and Rupay cards) and works with conventional phones, smart phones, tablets and PCs. The company claims to serve over 25,000 traders across India.
Niyo: Since its inception in 2015, Niyo has strived to revolutionize banking with continuous digital innovation. Niyo claims to be one of the first and largest neo-banking platforms in India, offering co-branded prepaid credit cards, savings accounts with debit cards in partnership with banks.
The company’s product portfolio includes:
- Niyo Bharat
- Niyo World Map
- Niyo Digital Savings Account
PinLabs: FinTech was founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upaday. Pine Labs offers a merchant platform that includes technology and financial solutions for merchants to help them increase their revenues, reduce the costs and complexity of managing business, and manage the risks involved.
The company connects financial institutions and consumer brands to enable merchants to deliver value to their retail customers. Pine Labs and its technology platform power last mile offline and online retail transactions, deliver customer insights to merchants for targeted sales, and deliver risk-managed financial solutions for merchant business growth. .
Razorpay: Razorpay is the leading full-stack financial solutions company in India. FinTech helps businesses with its product line to receive, process and disburse payments.
It provides access to all payment methods including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money and PayZapp, including credit cards, debit cards, online banking, UPIs and common wallets . Razorpay was founded by Harshil Mathur and Shashank Kumar in 2014. Businesses can manage the market, simplify monetary transactions, receive regular fees, exchange customer invoices, and take advantage of working capital loans from the platform. Razorpay.
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