Fintech Products Launched In The Indian Market After Demonetization


POST NOV 8th

The Nov 8th demonetization announcement has given the Indian Fintech segment a lift. Newer apps being introduced to help the people tide over the current situation and digitize the economy.The recently launched apps are mainly payment solutions catering to the UPI payment system. To our nontech readers,United payment Interface or UPI is nothing but a smart-phone based money transfer system integrated on any banking app.The major highlights of this system are

  • Instant money transfers irrespective of bank holidays and working hours,
  • Recipient bank account or IIFSC code is also not required.
  • Transactions on multiple bank accounts through single UPI app
  • No waiting period after adding a new payee
  • Post client approval bills can be sent and money can be received
  • Cash on Delivery facility can be used without paying actual cash to the delivery boy .Only bill needs to be approved .
UPI Architecture

Diagrammatic Representation Of UPI System

How UPI System Works

How UPI System Works

Sending Money on UPI

Sending Money on UPI

The Top 5 popular apps launched after Demonetization

With so many UPI apps being launched, it is a bit trying deciding on the most suitable and appropriate app ,so no doubt our readers also would be finding it difficult choosing the best app. Did some research and we have come up with a ready reckoner of the top 5 recently launched apps for our readers.The apps are

TOP 5 APPS

TOP 5 APPS

About The Popular Apps

  • SBI PAY APP

    SBI pay

    SBI PAY

    SBI pay is SBI ‘S Unified Payment App. Some of its highlights are
    • Meant for NonMerchant User
    • NonSBI account holders who are a part of the UPI can also use this app
    • Only Virtual payment address detail is entered
    • Merchant payments and enhanced transaction limits features is not available at the moment
    • Only Android users can use
  • EASY PAY APP

    EASY PAY

    EASY PAY

    Easy Pay is ICICI Banks mobile app for its current account holders. Some of its features are
    • Meant for merchants retailers and professional
    • This app helps merchants to accept instant cashless payments on mobile phones from customers through different digital means.
    • App is available for mainly for Android users
    • Merchants can receive payments via SMS link or a QR code. SMS link for making payment is sent to the customer on his mobile phone.
    • Merchant will be notified once Customer responds to the collection requests
    • Merchants can view the older collection request raised, status of the collection recently raised, re-raise a failed transaction
    • Nil transaction charges
    • Sub merchant option to enable employees to collect on merchant’s behalf
  • BHIM APP

    BHIM APP

    BHIM APP

    BHIM app is National Payments Corporation of India brainchild and functions on UPI.Some of its Key highlights are
    • Supports all Indian Banks using the UPI platform and money is instantly transferred or received.
    • Can be used on all mobile devices
    • Users can transfer money to those who do not have a UPI -based bank accounts
    • Users can check their account balances at a given time and chose any one account they want to do their transactions
    • Facility of creating Personalized QR account for a fixed amount especially in the case of merchant seller -buyer transactions.
    • Currently Available in two languages Hindi English
  • Aadhar Card based Payment App

    Aadhar Card Payment app

    Aadhar Card Payment app

    Aadhar card based payment app is a government app. Some of its features are
    • Payments is made by scanning fingerprints at biometric machine and providing only the Aadhar number
    • Internet is not required
    • Simpler and safer than other apps
    • Only Merchants need to install this app
    • Aadhar is linked to KYC verified bank account
    • Available for Android,IOS,Windows users
    • Currently No charges and instant transfer
  • PhonePe UPI app for IOS

    PHONEPE

    PHONEPE

    Phonepe is the first fintech firm to launch a UPI app for IOS users. Its backed by Yes Bank some of its highlights are
    • Users can transact up to 1lakh per day
    • No third party wallet top up
    • Zero fees for all transaction

Apart from preparing the ready reckoner, we have compared the above products on a few basic points. This comparison would make it easier for our readers in app choosing  

Table comparing the products SBI PAY, EASY PAY, BHIM, AADHAR PAY, PhonePe

Features SBI PAY EASY PAY BHIM AADHAR PAY PhonePe
Operating System Android Android All All IOS
Internet Required Yes Yes Yes No * Yes
Merchant Payment available No Yes No Yes No
Uses UPI Platform Yes No Yes No yes
Languages available in English English English , Hindi English English
Should Users install the app Yes Yes Yes Only Merchants to install it yes
Charges NIL Nil NIL,however the user’s bank may levy nominal charge Nil Nil

*Biometric Machine required

Assuming that this blog has helped in deciding on the best payment app we are signing off and would be catching up with our readers in our next blog "Review of Fintech Products Launched after the Demo and Products in pipeline" where we would be discussing the recently launched most downloaded app and the apps ready for launch

PICTURE COURTESY

Google
SBI Finally Launches UPI Powered SBI Pay App; Even Non-SBI Customers Can Register           

Author :

Divya Menon: Content Strategist

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