Need of fintech companies to navigate the undergoing COVID pandemic in India

Over the last decade, India has succeeded in building a robust low-cost digital payments market, with the government leveraging this infrastructure to transfer money to more than 33 crore individuals as part of its Covid-19 relief package.

However, there are still villages where we will not even hear those villages where ATM services are available to some extent. In such a situation, it is very difficult for the last mile of the society to visit banks for all their needs, especially amidst the COVID scare and social distancing norms applicable.

Hence, giving way for fintech companies in the country to assist the underserved in their daily banking activities

CoinTab

Cointab is a mobile app which enables you to manage your money with ease – add bank accounts from 90+ banks and easily check account balance, transfer money to friends & family in real-time and request money from them.You can pay your credit card bills in real-time, do recharge of your mobile/dth, and pay all of your utility bills from any of your bank accounts.You can easily view your Employee Provident Fund (EPF) data, balance, passbook.Its a simple and convenient way of banking

BANKIT

BANKIT a business Correspondent to various Banks and partner with leading service aggregators for fast, simple and secure transactions. The fintech company in the last 2 months has assisted several people residing in rural, semi-urban and semi-rural areas via their vast network 15000+ agents across 26 states. BANKIT is serving the vulnerable community with a means to access the money in their account for daily activities by providing them cash via their AePS and Micro ATMs portfolio as well as cash at home service.

Paytm

Paytm Payments Bank has recently launched a DBT (Direct Benefits Transfer) facility, through which customers can receive the benefits of over 400 government subsidies directly into their PPBL Savings Account.The bank has now implemented the option to avail benefits of Direct Benefit Transfers (DBT), which is a scheme by Government of India to transfer the subsidies of various social welfare schemes like LPG gas subsidy, MNREGA payments, Old Age Pension, Scholarships directly into the beneficiary’s bank account.

Udaan

Udaan was launched in 2016 by former Flipkart senior executives Sujeet Kumar, Vaibhav Gupta, and AmodMalviya, Udaan connects small or medium-sized businesses (SMBs), manufacturers, wholesalers, traders, and retailers to sell goods and services to each other.The company also offers other services such as credit financing and logistics to connect manufacturers with retailers.Udaan is joining the brigade of UPI payments app with its QR-code based digital payments for retail outlets, restaurants and merchants.

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