The Rise of fin-techs post Modification

The Rise of fin-techs post Modification

Posted by P. Charitha on November 16th 2016

It’s been 8 days since the Modi masterstroke of demonetisation of the 500 & 1000 Rs notes. It’s a new story everyday and the front page of the newspaper is dedicated to the travails of the ‘aam janta’ standing in queues in front of ATMs and the rumours of how people are finding new ways to convert their black into white etc.
But amidst all this chaos we are seeing the new wave of fin-techs who are coming out & creating new apps to help you find ATMs, make your payments easier through the usage of e wallets, Read and banks going out all the way to encourage net banking and use the debit/credit card wherever possible. This rise of these apps and platforms are coming up with new ways to help the common man and also the average shopkeeper to seamlessly integrate into the cashless digital economy. So what is this new change bringing in for them to adapt to the new ways of cashless transactions?
Firstly we are going to see shopkeepers, small grocers, marwadi shops,bandiwalas etc.,(literate/semi literate to illiterate ) buy the much needed Smartphone to get into the business of online transactions. There has been a surge in customers buying budgeted Smart phones to the second-hand ones available in the market. According to Statista - the number of Smartphone users in India is estimated to reach 340.2 million in 2017, but looking at the current trend this could go up even higher.
Secondly with companies like PayTM, which is India’s largest mobile payments company and an e-commerce platform ,who claim that they had a record transaction of 5 Million since the new initiative, we will see many consumers turn to the mobile wallet services .PayTM has already upgraded their App for basic shop keepers to use their services where, by just  downloading their app and logging in with their mobile numbers the customers can make payments using the mobile number.
Riding on this wave the mobile wallet fintech start-ups are going to increase by the end of this year. This will ensure that every merchant, big or small can choose what they want and start accepting mobile payments.
Another feature which the new apps and platforms are plugging in the current scenario is the ATM tracker! With serpentine queues and endless waiting periods and many of the ATMs still not functional, to find the nearest and operational ATM has become the need of the hour. For that we have sites like CMS ATM Finder which is available in the CMS company website. CMS Info systems handle ATMs across the country and through this feature you can select your state and city to find out the active ATMs in the city. Another new website Cash no Cash, which has been jointly developed by Quickr and NASSCOM can help detect your location and suggest the working ATMs nearest to you, with statuses marked as Cash, Long Wait, or No Cash. Walnut app which is an automatic expense tracker, where the tracker is linked to the user's credit or debit card, has also  launched a feature based on active ATM data that they have received from users, as well as from crowd-sourced information about the queue lengths at those ATMs.
FinTech firms have simplified the entire business financing process by taking it online. They are a one-stop destination for customers looking for financial solutions that match their specific needs. Based on the customer’s requirements and demands, the need to customise new features for the financial apps, have easy-to-use interfaces since we are going to have a lot of local merchants and traditional small businesses using these platforms will increase. 
Furthermore, these digital platforms give them 24-hour access to all the financial services just by a swipe of the finger !


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