Economics, money and the way we make payments have undergone several changes since the time of the Stone Age. In a sense, all these are key indicators of our progress in Technology. The current payment methods powered by cutting-edge technology boast our technological achievements of today. Digitization of payments, debt financing, and sound-wave communication in the finance management space has made a huge jump towards the goal to achieve an easy, convenient, fast, and secure financial management method. Arguably, we have achieved all of it. Digital payment and finance management methods saw massive developments in the span of four to five years and we are about to see even more changes in the coming future.
In such times, it’s really exciting to see what 2021 has in store for us. Please find below 4 key players we will closely look at to see the finance management trends that will make it big in the year 2021.
Hereby enclosing some of the Startups bringing innovation and technology in the fintech space:
#1 vCard – (First Ever Mobile-Based Digital Credit Card with enabled UPI with on-demand credit line): vCard is the First Mobile Credit Card app that allows UPI Payment instead of Master-Visa thus allowing P2M as well as P2P payments to over 150 mn acceptance network. Mr. Vishal Ranjan is the Founder- CEO of vCard. Powered by RBL Bank, vCard is also an on-demand credit line up to Rs. 5 Lakh, which can be converted to EMIs 15%. Unlike regular credit cards, vCard can be set up instantly, allows WhatsApp Instant Customer support, and meaningful vouchers/ cashbacks instead of complex reward points. vCard, as a Mobile Credit Card with UPI, challenges the plastic credit card to construct globally, particularly in India where it has a <5% penetration, by reducing Origination, Service, and Collection costs by 10x, offer non-MDR based revenue models and reach 100x acceptance network with personalized customer gratification than esoteric reward points.
#2 Indifi: Indifi Technologies is a Gurgaon-based lending platform, enabling debt financing for small businesses. It aims to substantially improve the experience for borrowers regarding credit access as well as the speed and convenience of the loan process. Driven by the idea of expanding access to MSME financing in India, Indifi has emerged as an enabler for start-ups and small businesses seeking seamless access to funding. Indifi expands the envelope of formal lending by designing the right-fit credit products for MSMEs, improving the standard of risk assessment, and leveraging the supply chain linkages of MSMEs. It is one of India’s leading online lending platforms, which has deployed a proprietary machine learning model to drive greater differentiation in its lending operations and optimizing functions such as underwriting, risk assessment, and borrower profiling. The machine learning model also strengthens the underwriting process, as the final credit decision is based on more informed insights. Doing so also reduces the dissonance between the final inquiry status for customers to improve the customer experience on the Indifi platform.
#3 ToneTag: Backed by Amazon, Mastercard, 3one4 capital, and Amensa, ToneTag is the largest sound-wave communication technology platform in the world. This technology uses sound waves to enable contactless, offline, and proximity data communication on any device. With 15 globally filed patents and multiple grants, this Bengaluru-based company is changing the payment and transaction landscape in India. Leading this initiative is ToneTag’s ‘Retail Pod’, a sophisticated payment accepting device, which is capable of accepting payments from any phone, basic or smart, working with or without the internet. One of the key features which makes the Retail Pod a promising prospect is its Sound-based authentication of the OTP, wherein the Retail Pod itself authenticates the incoming OTP from the bank and completes the transaction through its highly secure 3-layered encrypted sound technology. The simplicity, security, and sophistication of ToneTag’s Retail Pod have captured the interest of both merchants and consumers alike; this fact is proven by the 3,10,000 merchants who use it for their daily Peer-to-Peer transactions and the 100 million customers who use ToneTag’s proprietary technology for their day-to-day payments.
#4 Nivesh is a full-stack platform aimed at individual distributors enabling them to sell right and sell more. The platform automates the entire workflow of a distributor – product suggestion, transaction, portfolio reports, brokerage reconciliation, and content marketing. As a result, individual distributors have more time to focus on growing business. The current product portfolio includes Mutual Funds, Corporate FDs, P2P Lending, and PMS. We are working on adding products like Insurance and Loans over the next few months. Nivesh solves challenges for both new & existing distributors by providing
- Cutting edge technology: end-to-end workflow
- Access to multiple products / multiple providers
- Ability to cross-sell / up-sell
- Lead generation: social content marketing