Banking in India has seen a phenomenal uplift in the past decade. Technology has made it possible to have a contact free banking service. In person bank visits are not required anymore, which means that the bank has entered the smartphones of people. Covid led lockdown pushed for even more reforms and banking facilities were revolutionized with the help of technology. This entails that one can easily make payments, receive payments and save time as well as money. It also enables us to go cashless 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.
Paycorp.io
It is the age of startups and everybody wants to fulfil their dream of being their own boss. Usually people start with a small team, and it is impossible for the founder to be available in all the places. Paycorp.io is the perfect solution for such businesses to automate their recurring payments, without the need for human intervention. Paycorp.io is a startup that is a boon for startups and other businesses as well as enterprises. It enables quick, same day payments, which is a far cry from traditional payment options that can take days together. The payment can be auto debited at a recurring period through various modes like ACH, UPI, cards and generates several touchpoints like WhatsApp, link push and a portal. The direct interface with six banks covering major Indian banks enables smooth service. It is one less hassle for startup founders.
Razorpay
E commerce is flourishing and how. It is easier for the business owners to reach out to customers across the globe. However they also need safe, secure and trusted payment gateway that will help them accept, process and disburse payment. With so many fraudulent online activities, a secure payment channel is the need of the hour. And also enables the payment to reach the owner in real time, enabling quick action on the action placed. Thus we can say that startups like Razorpay are the reason why the turn around time for e commerce portal is as less as 12 hours.
Paytm
Paytm as a startup needs no introduction. Provider of secure and fast UPI payments as well as online payments, it has seeped into the lives of the common man. So much so that online transaction is synonymous with Paytm. The roadside momos vendor to posh restaurants, to the dress seller, all of them have been empowered with the education of online transaction, and have risen to the occasion. It saves the hassle of dealing in cash, and then wasting time in tendering change. Safe, smooth and time saving, it is the present and future of online payment in India.
CC Avenue
CC Avenue is a complete payment solution provider, that allows businesses to accept payments through different modes. It can switch transactions dynamically; recapture abandoned transactions and retry if there is a payment failure. Let’s accept it, there tend to be issues with online transactions and the anxiety goes through the roof, when it shows that our payment has been debited from the account, but the e commerce portal shows it as failure of receipt of payment. A state of the art Fraud & Risk Identification System and Knowledge base(F.R.I.S.K) ensures that such issues do not occur. The responsive transaction page is built to adapt for an optimal transacting experience.
Of course there are many in the Indian startup ecosystem, but these banking startups have made a commendable difference in how banks and banking functions.
