5 Startups easing financial transaction process amidst social distancing

24th June 2020: We are all aware that digital payments continue to grow even after the lockdown has been lifted. The primary reason being the fear of the spread of the virus through cash. However, the digital payments spike has also led to a rise in Companies working on easing the financial transactions for people of all ages ensuring low or no touch in the transaction. There has been a worldwide acceleration in digital shopping due to the changes in the way we live, work and buy. There are a few areas that are witnessing a significant uptick in digital payments by way of increased adoption during and even post lockdown phase. These include online grocery stores, online pharmacies, OTT players (telecom and media), EdTechs, online gaming, recharges and utility/bill payments.

Listed below are 5 companies that have eased the financial transaction process in the current crisis situation.

Simpl 

Simpl is an application that gives shoppers to purchase now and checkout in a single tick with pay later usefulness to fabricate trust and give solid purchaser assurance. Simpl works with dealers and budgetary foundations to empower a reality where each money related connection is easy and straightforward. Through Simpl you can however things now and the collected bill later. As an innovator in the ‘Pay later’ space, the stage is working in a joint effort with some top traders across classifications – Dunzo, BigBasket, 1mg, Licious, Furlenco, and so on.

Xpay. Life

Blockchain-based platform XPay. Life offers an array of digital payment services, including touch screen ATP kiosk, web, mobile app, POS device and others. The platform caters to both B2B as well as B2C segment. The company providing the highest level of transparency during transactions. It has partnered with leading banks to further expand its reach. XPay.Life has completed 1 Lakh transactions worth INR 5 Cr, since its beta version launch in 2019. In the last ten months, it also claims to have achieved 234% growth via web and mobile app. People can pay for their Electricity, Mobile recharges, DTH, Broadband, LPG, Loan EMI, etc. through the Xpay Life App and web version. Majorly serving the rural India for easing Their payment woes, the platform has 253 billers across India with a wider reach to 50000+ pin codes in Tier 3 and Tier 4 cities across India.

Pay Nearby

Pay Nearby Technologies, a FinTech company, is offering financial/non-financial services to the underbanked and unbanked segment is on a mission to launch its own network of Micro ATMs. It operates on a B2B2C model, where they partner with neighbourhood retail stores who can offer Assisted Digital Financial Services like Aadhaar ATM, SMS Payment, Khata Service, Utility Payment, Prepaid Cards, Mutual Funds & Insurance, Money Transfer, Hyperlocal Services and payment services like Bharat QR and UPI using the PayNearby App.The company had recently  tied up with National Payments Corporation of India (NPCI) and Equitas Small Finance Bank for this initiative.

Razorpay

Founded by IIT Roorkee alumni, Razorpay aims to revolutionize money management for online businesses by providing clean, developer-friendly APIs and hassle-free integration. They offer a fast, affordable and secure way for merchants, schools, e-commerce and other companies to accept and disburse payments online, own a fully-functional current account and avail working capital loans.

PhonePe 

PhonePe strives to make commerce a seamless experience for both customers and businesses. PhonePe makes it easy & affordable to get discovered and accept digital payments customers. PhonePe’s goal is to make digital payments so easy, safe and universally accepted that people never feel the need to carry cash or cards again. 

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