India has a diversified financial sector undergoing rapid expansion. Various reforms introduced by the Government of India to liberalise, regulate and enhance this industry have supported this growth.
Traditionally, Fin Tech space could not keep up with the innovations because it was to some extent held back by regulatory uncertainties and a conservative approach on the part of regulatory bodies. Also, generally the incumbent financial institutions also opted for slow and steady improvements as opposed to disruptive innovations.
However, over the past couple of years, a paradigm shift in these perspectives is being observed in the country. Latest technologies are enabling significantly more transparency in financial systems, and regulatory authorities are becoming more open to adoption of these technologies. The government’s efforts towards promoting digitisation of financial systems and reducing cash transactions in the economy have also been successful in shifting consumer focus towards digital alternatives for financial transactions and this has translated to the most benefit for the payments sector. As per a PWC’s FinTech Trends Report 2017 Overall, India offers the highest expected return on investment on FinTech projects at 29% versus a global average of 20%.
With a population of close to 1.2 billion, India presents a vast, growing and dynamic market. The extent of the FinTech market can be imagined by a simple figure of bill payment, where more than 30 billion bills are paid every year with a value of more than 100 billion dollars. Since even now close to 70% of these bills are being paid in cash, there is a huge scope of FinTech which encourages and eases digital payments.
Currently, there are certain challenges being faced by customers in the payment and financial sector including lack of single platforms for paying all utility bills, even when certain distributors or retailers provide these services, there is a high chance of stealing of the cash collected from customers due to lack of proper organizations and it being an individual driven service offer. Certain other challenges that customers face include lack of safe methods of international remittance, time taking banking procedures and lack of professional customer support during payment processes.
PayPortal is creating customer delight through making financial transactions easier and smoother by ensuring quick and safe recharges, money transfers and payments. PayPortal has adopted the blockchain technologies as one of the most important aspects of further development of its digital payments platform. A key benefit of adopting blockchain technology will be server decentralization, which will keep the mobile wallets data safe in case of hardware failure or hackers attack. Also PayPortal will be implementing a cross border money transfer’s service between Indian migrants living abroad and their families in home country through the same concept