The Latest Innovations in India’s Fintech Landscape at GFF 2023
At the forefront of digital finance, the Global Fintech Festival (GFF) 2023 has showcased groundbreaking innovations from various fintech companies, including Amazon Pay, BharatPe, and Revolut. These initiatives stand to redefine how individuals and businesses interact with digital payments in India.
Amazon Pay Launches UPI Circle
Amazon Pay’s latest offering, UPI Circle, enables primary users to efficiently manage payments for their family members and trusted contacts. This feature allows multiple users to maintain their own UPI IDs and QR codes while accessing pre-approved funds from the primary account holders, eliminating the need for separate bank accounts.
Future updates for UPI Circle will encompass bill payments and subscription services, extending Amazon Pay’s rewards ecosystem to all family members. With this strategic move, Amazon Pay joins the ranks of established players like PhonePe, Google Pay, and BHIM in the digital payments arena.
BharatPeX: Revolutionizing Business Transactions
BharatPe has unveiled BharatPeX, an innovative online payment aggregator and payment gateway (PAPG). This platform simplifies the process for businesses to send and receive payments across various mediums. Businesses can accept UPI, card, or net banking transactions directly within their app, further enhancing operational efficiency.
BharatPeX is equipped with an AI-driven service, BharatPeX.AI, which provides round-the-clock assistance for customers, guiding them through features, eligibility, and onboarding processes. This proactive support aims to empower businesses with a seamless payment experience.
PhonePe and SmartPOD: A Game Changer for Small Merchants
Leading the UPI market, PhonePe showcased its innovative SmartPOD at the festival. This device merges a point-of-sale terminal with a smart speaker, allowing small merchants to accept both card and QR payments using a single device. This solution addresses the challenges of limited card acceptance options faced by small businesses, thereby minimizing missed sales opportunities.
Moreover, PhonePe has introduced the Wish Credit Card in partnership with Utkarsh Small Finance Bank. This unique credit card is linked to a Fixed Deposit, starting from INR 2,000, determining the credit limit while simultaneously accruing interest for users.
Revolut’s Entry: Changing the Fintech Landscape
Revolut, a global fintech giant, has made its official entry into India with ambitious plans to onboard 2 Crore customers by 2030. The company will offer a prepaid wallet supporting UPI transactions, enabling users to make instant payments directly from their bank accounts. Additionally, Revolut will provide domestic and international VISA cards through its app.
In a strategic move, CEO Paroma Chatterjee has revealed that Revolut aims to acquire all necessary licenses in India and develop its products in-house, rather than relying on external partners. This direct approach is expected to streamline operations and enhance customer experiences.
Navi UPI and Biometric Authentication
Navi UPI has also made significant strides by introducing biometric authentication for its users. As the first UPI app in India to roll out biometric payments at scale, users can now authorize transactions using their phone’s fingerprint or facial recognition without a PIN. This feature is designed to reduce transaction failures, enhance user convenience, and bolster protection against phishing risks.
TWID’s UPI Rewards App: Turning Points into Currency
The rewards-based payments startup TWID has launched its UPI app, allowing users to make purchases using reward points from various banks and loyalty programs. Founded in 2020, TWID has developed a comprehensive rewards-based payment network, converting points into a fully fungible currency.
Currently, TWID supports over a million merchants, including major names like Swiggy, JioMart, and McDonald’s, and connects to issuers with a reward pool exceeding $2.3 billion. With investments exceeding $13 million from notable backers like Google and Rakuten Capital, TWID is poised for substantial growth in the rewards payments space.
Conclusion
The innovations unveiled at GFF 2023 reflect the dynamic future of India’s fintech sector, with companies like Amazon Pay, BharatPe, PhonePe, Revolut, Navi UPI, and TWID paving the way for a more efficient and inclusive digital payments landscape. As these features and products continue to evolve, they promise to enhance user experience and drive financial inclusion across the nation.