As the FinTech industry matures, it is becoming increasingly apparent that FinTech companies are enablers, rather than disruptors. Enablers offer solutions that enhance and improve the offering of existing businesses, collaborating rather than competing.
Fintech and software as a service (SaaS) companies are increasingly adopting the fintech facilitator model to feed the demand to coordinate amidst multiple regulators. With a vision to empower the entire financial ecosystem for various disruptors, the following fintech facilitators are aiming to take the leadership position in the payments space in India and have already changed financial services in profound ways:
ToneTag: ToneTag is a global technology solution provider, harnessing the power of ‘Sound’ for contactless payments. It is a secured sound wave technology platform which enables payments and proximity customer engagement services on any device, independent of the instrument or infrastructure. Backed by Amazon, Reliance Capital, Mastercard & Amansa; ToneTag was founded by Mr. Kumar Abhishek & Mr. Vivek Kumar Singh in 2013. ToneTag’s sound wave technology is on a mission to truly democratize digital payments ecosystem with the idea of supplying the entire Nation a mechanism to use digital payments. ToneTag has the largest sound wave based network on the planet with 3.1 lakh merchant base & 55 million user base.
Spice Money: Spice Money is a tech-enabled hyper-local payments player offering cash-in & cash-out, Spice mini ATM, bill payments, airtime recharge and mPoS services. With a deep presence in ‘Bharat’, they have dense footprints in BIMARU region, comprising the states of Bihar, Jharkhand, Madhya Pradesh, Rajasthan, Chhattisgarh & Uttar Pradesh; accounting for 50% of India’s population. Spice Money through its latest technology and wide network of Spicemoney agent is bridging the gaps in access to various financial services for the masses across the length and breadth of India.
Razorpay: Razorpay is a payments company that provides payment solutions to online merchants in India. Razorpay was founded in 2014 and is headquartered in Bangalore, India. Razorpay is a payments solution in India which allows businesses to accept process and disburse payments with its product suite. It gives you access to all payment modes including credit card, debit card, netbanking, UPI and popular wallets. Razorpay payment solutions can be integrated by both web and mobile applications.
(This listicle has not been written or compiled by DataQuest Editors)