FinTech & FinTech companies in India & in US
Financial Technology – (Fin Tech or fintech) – is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services.
The use of smartphones for mobile banking, investing services & cryptocurrency are examples of technologies aiming to make financial services more accessible to the general public.
Financial technology companies consist of both startups & established financial and technology companies trying to replace the usage of financial services provided by existing financial companies.
The technology encompasses a wide of companies using software to provide financial services. Financial technology companies are generally characterized as being startups created to disrupt existing financial models and the larger financial corporations that are less integrated with technology.
Though, larger corporations are increasingly recognizing the need for software solutions and are turning to fintech to increase and improve their financial service offerings. FinTech is growing & participating in every sector whether it is e-commerce, media, insurance, social networking or real estate.
Mobile Payments – There are digital wallets like Apple Pay, Google Wallet, payment processors including square and PayPal. All of them are focused on one are: digitally paying for things.
Types of Fintech Companies in India:
1. Card acceptance – Making cashless payment which ensures efficient and secured payment processing using a credit card.
E.g. : MSwipe, MobiSwipe, PineLabs
2. Bills Recharge – Making utility bill payments and recharge your mobile, data card, and DTH connection.
E.g. : Paytm, Mobikwik,mpesa, Airtel Money, ZipCash
3.Remittance – Money transfer often by a foreign worker to an individual in their home country. It is done by wire transfer, mail, draft or check.
E.g. : Airtel Money, Book my show, Remit2India
4. Credit score research – A credit score is statistics used to determine a person’s ability to pay back a loan.
E.g. : Credit Mantri
5. Lending – To allow somebody to use something for a short time or to give somebody money that must be paid & back after a period of time.
E.g. : InstaPaisa, Vote4Cash, Mutual Loans, Milap
6.Financial Inclusion – Financial Inclusion intends to help people secure financial services & products at economical prices such as deposits, loans & insurance.
E.g. : Integra, FINO, A little world
7.Mobile Payments – Refer to any payment mode using a mobile device.
E.g. : ZipCash, YPaycash, Moneyonmobile, epaisa, Citrus
8. Prepaid & Gift cards – Prepaid cards can be reloaded & used indefinitely, while gift cards can generally only be used until the amount on them is exhausted.
E.g. : ItzCash, Zaggie
9. Personal Finance – It is defined as the management of money and financial decisions for a person or family including budgeting & investments.
E.g. : Paisa Gate, My Profit
10. Payment Gateway – It is a merchant service provided by an e-commerce application service provider that authorizes the credit card or payment processing for online retailers, clicks & mortar.
E.g. : PayU, DirecPay, Airpay
Top 10 FinTech Companies in United States (U.S.):
Bankers thought about FinTech Companies:
For now, there are no specific projections on the way FinTechs will transform the existing banking environment. It may go both ways: the influence of innovators might be highly beneficial and facilitate transformations, while it might also lead to the complete extinction of banks in their traditional form.
Today, our industry is interconnected with FinTech companies, bankers, and regulators. FI FinTech keeps our members abreast of rapidly evolving technology and how that interacts to improve banking.
FinTech companies make the business of banking better for the banks and their customers.
Financial Industry, Giants & Big Banks Buy into Fintech – Traditional financial institutions may be late to the fintech but they haven’t missed it altogether. Many of them are creating their own services or partnering with established fintechs to bring services to their clients.