The banking sector in India has seen phenomenal improvement over the past decade. Technology has made it possible to have a contactless banking service. In-person bank visits are no longer necessary, which means the bank has entered people’s smartphones. The Covid-led lockdown has pushed for even more reforms and banking facilities have been revolutionized with the help of technology. This implies that one can easily make payments, receive payments and save time as well as money. It also allows us to do without cash and live in the 21st century. Here is a list of promising startups that provide banking and financial services to businesses as well as individuals.
This is the age of startups and everyone wants to fulfill their dream of being their own boss. Usually people start with a small team, and it’s impossible for the founder to be available in all places. Paycorp.io is the perfect solution for these businesses to automate their recurring payments, without human intervention. Paycorp.io is a startup that is a boon for startups and other businesses as well as businesses. It allows fast same day payments which is a far cry from traditional payment options which can take days together. Payment can be debited automatically at a recurring period through different modes like ACH, UPI, cards and generates multiple touchpoints like WhatsApp, link push and a portal. The direct interface with six banks covering major Indian banks allows for smooth service. It’s one less hassle for startup founders.
E-commerce is flourishing and how. It is easier for business owners to reach customers around the world. However, they also need a safe, secure, and reliable payment gateway that will help them accept, process, and disburse payments. With so much fraudulent activity online, a secure payment channel is the need of the hour. And also allows the payment to reach the owner in real time, enabling quick action on the action placed. So, we can say that startups like Razorpay are the reason why the e-commerce portal turnaround time is as low as 12 hours.
Paytm as a startup needs no introduction. Provider of secure and fast UPI payments as well as online payments, it has infiltrated the life of the common man. So much so that online transaction is synonymous with Paytm. From the roadside momo vendor, to fancy restaurants, to the clothing vendor, all have been empowered to learn the online transaction and seized the opportunity. This saves you from having to deal in cash and then wasting time giving change. Safe, smooth and fast, this is the present and the future of online payment in India.
CC Avenue is a provider of complete payment solutions, which allows businesses to accept payments through different methods. It can switch transactions dynamically; recover abandoned transactions and retry in case of payment failure. Let’s accept it, usually there are problems with online transactions and anxiety skyrocketing, when it shows our payment has been debited from the account, but the e-commerce portal shows it as failure to receive payment . A state-of-the-art fraud and risk identification system and knowledge base (FRISK) ensures that such problems do not occur. The responsive transaction page is designed to adapt for an optimal transaction experience.
Of course, there are many in the Indian startup ecosystem, but these banking startups have made a commendable difference in the way banks and banks work.