5 Fintech apps making waves in Indian startup ecosystem
India’s fintech ecosystem has integrated over years ever since the demonetization drive in 2016 which landmarked a redefined fintech ecosystem in India. After this act, Indian people were forced to use digital payment and a mass number of online transactions began.
Before going deep into the topic let's know what fintech is in simple terms.
What is Fintech?
Fintech startups work by merging finance and technology together. It is said to be a transformative force in the Indian market. Fintech startups include Digital banks, payment wallets, UPI apps, internet banking to digital lending and insurance.
Even when fintech startups like Paytm, MobiKwik, Oxigen, PhonePe, PolicyBazaar were present before 2016 they gained success only after demonetization and the current pandemic situation makes us realize how useful these fintech apps are. These apps have improved completion rates of payment, revolutionized e-commerce, local and online services.
Here are the 5 best fintech apps which are making waves in Indian startups:
A Bengaluru-based fintech startup provides a mobile app designed for small merchants to keep track of their receivables and payables.
Paytm is a digital wallet company. Though Paytm started as a DTH and recharge platform offering wallet payment services. It grew in large number after 2016, the company forayed into different segments such as payment gateway, payment bank, investments and more. The company also launched a trading platform called Paytm Money and also has entered eCommerce with Paytm Mall.
MobiKwik is an issuer-independent digital services platform. The company has set deep roots into various segments of the fintech ecosystem namely digital wallets, wealth management, insurance and more. Mobikwik Started small loans facility to consumers as part of their service.MobiKwik is known as one of the first to extend a loan amount in a matter of 90 seconds. Few key factors of MobiKwik are Low customer acquisition cost, inbuilt scoring model, and quick hand out of loans.
PhonePe is a UPI-based payments app. According to UPI data released in August 2019, PhonePe is the leading app for UPI payments all over India. It allows users to send or receive money, make mobile or DTH recharges, pay utility bills from credit card to insurance premiums, shopping through online and offline vendors or travelling. To enjoy these services users need to link their bank account to the PhonePe app and make payments through the unified payments interface (UPI) platform.
Policy Bazaar started as an Information portal to learn about insurance. Now the company became one of the leading digital insurance aggregator brands. They allow users to compare financial services from major industries. As per H2 Ventures and KPMG in 2018 Policy Bazaar was listed in top 100 leading Global fintech innovators.
I'm sure at least once we would have used any of these fintech apps. Share your experience with us on how useful these apps are for you and which app according to you will make an outstanding performer in the Indian fintech ecosystem.