Product Overview

Product Overview

Our Product – FinX Mobile Money Suite

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FinX Mobile Money Suite represents the pinnacle of mobile payments with the right mix of innovation, technology, and business acumen, thus providing a flexible, secure and efficient platform to run a highly scalable mobile wallet platform. Financial solutions for every mobile device at last mile Open Platform – Design services for multiple consumer segments and ecosystem parties. User Experience – Deploy better user interfaces and customer offerings that can lead to more active wallets. Easy Integrations – Seamlessly merge with both existing and emerging technology. Complete Security – Best-in-class security capabilities, which drive consumer trust. Compliances – Flexible software that enables you to adhere to all relevant rules and regulations. Looking to bundle telecom and financial services into unique and flexible offerings? We’ll connect you to a global financial network that makes it easy. From international fund transfers to local retail purchases, your customers can spend, send and receive money right from their mobile devices. To get more information on our products Click here

FinTech Trends, Product Overview

Everything you need to know about – OpenBanking, OpenAPI, OpenData

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Vishal’s take on OpenBanking In a recent post on McKinsey about Open banking, it said – The potential benefits of open banking include improved customer experience, new revenue streams, and a sustainable service model for underserved markets. Well, the benefits may be seen in the long run. However, the topic of the hour is Open Banking. Do the technology, data and products need to be accessible or restricted? Well, that’s what this post would talk about – What is Open Banking? What is Open API and What is Open Data? Open API [Application Programming Interface] is a concept to allow global users [ read it as developers and programmers] to access the web services and software applications. You may think why one should allow its code to be freely available? Consider this – an API is a language that a machine understands, to make it talk to a third-party system or another device you would need to provide a handshake channel, and that’s what Open API does. Have you ever noticed while traveling from one state to another how quickly we get an SMS from the service provider saying – Welcome to “new” state! So even though your mobile is specifically for calls, it also reads the area you are in and sends it to the local service provider which may differ from your home service provider. Open Data concept also serve the same benefit of providing data as an open source that could be reused to build more apt, reasonable yet smart solutions for the individuals. Just for example if government openly provide the data on people who are unbanked in a district, it would be easy for fintech startups to reach out to the target audience. Using the Open API and Open Data Concepts Open Banking is evolved that also must follow a set of regulation from – Competition and Market Authority’s (CMA’s) ‘Open Banking remedy’ and the European Payment Services Directive 2 (PSD2). Open Banking is a term used by the financial institutions to – Improve customer satisfaction and banking experience Provide Transparency to its customers in availing banking services To share the financial transactions with third parties Third parties can initiate a fund transfer from an individual’s account to pay the bills or shopping bills OpenBanking is inclusive of OpenData and OpenAPI  How Open Banking Works? Now let’s take a quick example to know Open Banking works – Consider two firms A and B, while A is a fintech firm offering core banking solutions firm B is an expert in data churning and analytics. A customer uses a software/mobile app for his banking services like checking account balance, paying of utility bills but he needs to know which category is he spending more. For this he has two solutions, first to manually maintain an account book or second integrate his banking app with the solution offered by firm B and look at the spending’s chart. Here if the two software of firm A and B are communicating with each other, they are – Talking via an open API Sharing transactional data about the customer Helping customer get a better banking experience The Firms investing in Open Banking Capgemini – In one of their reports, Capgemini highlighted a case study where they have integrated a bank software with online travel service [international travel]. With Open API the travel desk can offer its customers convenience of purchasing foreign currency before their journey. Wipro –In another news Wipro also launched their open Banking API platform. The platform will help Banks and other financial institutions to provide access to the third-party application, new distribution channels and servicing that complies with regulatory norms. IBM –As per a report from IBM , when one of the European banks adopted IBM API gateway it resulted in bank’s flexibility to select new digital channels. IndiaStack –One of the fore frontiers in the game on Open API, IndiaStack with its unique solutions let start-ups, businesses, governments and developers to build their own innovative solutions to hard problems.   Advantages and Disadvantages of Open Banking With so much innovation and opportunity in this space, let’s look at the pros and cons of Open Banking – Advantages of Open Banking to Banks Automation is easier – With banks and fintech firms providing open API it gets easy for the workflow to automate and for a smooth transaction to happen. Aggregation of Services – How about using a comparison model of a financial management software to know the best yield for a mutual fund? These kind of aggregation would also boost customer trust and loyalty. Advantages of Open Banking to Customers Customer reaps the benefits and picking what he likes – You use a banking app but not keen with its financial advisor module so that you could switch to another third-party app/software. He is not forced to use that specific software because it is bundled with his/her account. More customized and relevant product offerings – With Open Data if lenders know the financial portfolio of an individual, based on that they could provide a better loan plan or credit cards. It would not only help the individual from the burden of debt but also would save money for lenders in verifying their history. Advantages of Open Banking to Fintech Easy Way For Banks to Extend Their Services – Fintech firms with their innovative and unique solutions could easily handshake with banks and financial instructions via Open API to make the product offerings more customized and exotic. Meet The Customer Requirements – Today clients, are not satisfied with age old offering, they demand for innovation. How about paying back one of my friend via whatsapp? Open API could help them offer that, while banks are busy in handling regulation and offering banking services, fintech firms can innovate and lure customer base while offering convenience and security. Disadvantages of Open Banking The concept is still building up, and till date, we have not encountered a scenario that could

FinX - the global payment switch
Product Overview

FinX – The Global Payment Switch, Connecting Multiple Markets, Channels and Partners

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We human are strange in behavior. First, we look for various options, and then we look for one option that serves to all. Don’t believe me? A single Windows login to access all your office systems? A single FB /Google login to access most of the third-party applications? An OS that runs on phones, tablets, and desktops? A device that allows you to make audio and video calls? A universal language? And the list could go on… Talking about the new technologies, while people are trying to put Bitcoin as the global currency, we @Teknospire working on a payment switch FinX that has the potential to serve as a global switch connecting different markets, channels, and partners. Vishal Gupta the CEO of Teknospire says – We are living in the age of inventions and innovations, while NPCI is emerging as a National Transaction Switch [NTS], there is a dire need of a global transaction switch that connects countries, continents, oceans that is compliant and follows regulation. What is FinX? FinX is a payment switch solution that could be integrated with any Banking solutions to avail value added services and banking services that are cost effective and could be availed from any location. Some of the key features of FinX – The Payment switch are – All banking services at your fingertips. Avail value added services like – DTH Recharge or payment of utility bills. A user-friendly interface is providing users with Analytics support. Secure, compliant and adheres to all regulation. Payment of School/College Fees, Insurance premium available in online and offline mode. Seamless integration with wallets, net banking, card issuers and payment aggregators. A simple, manageable and intuitive dashboard are highlighting sales patterns, revenues and business trends. Talking about why FinX is distinctive Vishal Gupta says- Without reinventing the wheel, FinX has adopted a lot from NPCI’s way of architecting a complex switch catering to all possible channels, be it direct to consumer or via assisted retail. Specific transactional logics especially at the last mile which addresses the grants, donations, micro loans repayments, insurance repayments, pensions and ghost workers etc. Along with these non-banking services, the FinX switch also integrates with banking ecosystem over ISO standards with a real time Business Intelligence (BI) built in. FinX is the move towards Banking v3.0 and catering to nations needs of aggregated transactions. How FinX is evolving as a Global Switch? If you are still wondering how to use FinX payment switch for your business, here are the specific use cases. B2B Markets Some of the leading B2B firms in India are Mjunction, AmazonBusiness , TradeIndia, IndiaMart, etc. The Business to business[B2B] firm deals with other business. Just, for example, a nationalized bank, while transforming digitally would need the software solution that could help them maintain ledgers, users data, accounts etc. These services could be availed from another software business that helps banks in initating and maintaining the Digital ledgers, accounts etc.Experts believe that by 2020 the B2B in Indian e-commerce would rise to Rs 45 lakh crores. With such a fascinating growth, most of the B2B owners need technology involvement to avoid paper-based methods [bank cheques] for a smooth transition. They are looking for technology-driven payments options that could help them in optimizing cash flow, tax regulation and most importantly fast and reliable processing. With FinX- the payment switch the businesses could make fast and smooth money transfer for the deal via any channels like Web-based, via mobile app or an SMS, SIM over or scanning of QR code. B2C Markets The consumer demands home deliveries, cashless mode, hassle free returns of goods purchased and anytime anywhere access. With the number of wallets, payment banks, and other payment options in place it is difficult for consumers/business to sign up for all services. That’s where FinX the payment switch comes into play. If from an online store customer buys some stuff and has just a digital wallet on his mobile phone to pay. The business could use the payment switch to connect the consumer digital wallets with business users account. So, no matter what payment mode the consumer has with FinX the digital switch most of the business could provide different payment option to their consumers. G2C Markets In every country Government to Consumer [G2C] markets make huge efforts and investments to enhance productivity and competence by implementing e-government services, to contribute towards the socio-economic development of a country. In India, itself the grants received under various schemes or subsidies offered to rural people, in most of the cases is not received by them. FinX – the payment switch could help these grants/financial support via schemes like Atal Pension Yojna or Sukanya Samriddhi Yojna to reach the last mile. With the adoption of mobile phones, users could use SIM Over or SMS channels to access the partners like banks, schools or e-commerce and get the benefits they deserve. With an omnipresent channel, FinX , government and the consumer does not need to tie up with all partners but could still avail the benefits. C2C Markets India has seen a considerable rise in its Consumer to Consumer [C2C] markets, thanks to the adoption of mobile phones, improvement in mobile broadband/Data plan, supporting government policies, technology innovation in e-commerce platform and the ever-growing entrepreneurship. While experts feel C2C markets, most of the consumer rely on Cash on delivery mode; things are changing with the recent stress on the Cashless mode by the government. While consumers have now started putting classifieds on OLX and Airbnb, the firms need to provide different payment option that could serve different customers via various channels. FinX – the payment switch is just an intelligent and reliable solution to meet the trust factors of customers and serve different firms as a switch to connect to partners via different channels. B2B2C Markets The beauty of B2B2C[Business to Business to Consumers] markets is that customers could reach to them via multiple channels. While serving through multiple platforms comes the challenge to cater

Cloud Robotics in Fintech
FinTech Trends, Product Overview

How fintech Could Use Cloud Robotics to stress BaaS and Financial Inclusion?

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Cloud Robotics in Fintech While the human mode says NO to machines and robots, the techie inside us craves for hands-on experience to all the latest technology. A few days back when I experienced the Augmented Reality in real, I was awestruck, and my hands itched for more, I wanted to build more use cases for what I experienced, I yearn for what next? And then I stumbled upon Cloud Robotics – another technology that is currently employed by Google in self-driving cars and has a promising future. Cloud Computing has been adopted worldwide, and robotics that existed even in the 90s has now given birth to IoT’s and other intelligent and smart machines. So, could the dual power help Fintech world and bring in Financial inclusion for one and all? Let’s dive in to find out – What is Cloud Robotics? Cloud Robotics is using of robotic technology coupled with the power of cloud computing, cloud storage, cloud infrastructure and computation. While the robotic technology helps individuals in automation, the cloud takes up the communication, accessibility, computation and storage part. So essentially, we are trying to reduce the load on the robotic machine and making an interactive user interface, while the processing and storage are offloaded onto the cloud.   How Could Cloud Robotics help Fintech World? Robo-Advisory Financial Advisory for long has been the domain of wealthy high class. But with the advent of Robo-Advisors or DIY advisors, the lower income group could now plan their financial portfolio and meet the money targets. Robo-Advisors is a DIY activity where the user is first asked a certain number of questions, the algorithm churns these numbers and presents a financial plan to the customer. He/she would need to assess the risk assigned to each of the investment options and then decide whether to go with it or not. The customer himself does the investment and allocation, and the system/firm is not responsible for it. Voice Assisted Payments Voice assistant payments is a feature that would allow users to make payments by issuing a voice command through a device. As you cook your son’s favorite dish in the kitchen you could issue an order – pay my electricity bill through ABC bank debit card of amount INR 245! That is indeed a reality with voice assistant payments. The voice assisted payments comes with a boon for people who do not have English as their Primary language. As most of the devices and simulation in the market are English input based, voice assisted devices could let people communicate in their native language with a simple language translator. Robots serving as Customer Support How often have you complained about the helpdesk in Banks/firms that’s of no use? Well, being customer facing has its own merits and demerits, but a job where you just have to direct people to go to this counter or that counter could be frustrating for a human. That’s why Robot come into the picture, with a predesignated options one could easily find a way in Banks. In fact, HDFC Bank recently deployed a robot named Ira to help its customer with general banking queries. Robo Agents The developing and underdeveloped countries are still struggling to bring every citizen under a bouquet of banking services. One of the key challenges is connecting banking to remote and rural areas, while Agent Banking has lifted and shown a significant change, the last mile delivery is still a challenge. The Robo-Agent could fill in the gap by providing banking services at the doorstep, urgent cash need or quick loans. Robo-Teachers How about teaching the business tactics or professional education or financial management to one and all? A Robo-van in your society or your village for a scheduled period. While the Robo-teacher answers all your queries on the best way to transfer funds to your kid or how to get an Aadhaar card or how to use Aadhaar card to make payments, it could also help in simulated based learning. Cloud Robotics Integrated with Analytics, IoTs, and AI Well, all the above scenarios do fall under this category, but the explicit usage of technology like Analytics, IoT, and AI would empower Cloud Robotics for Fintech. A possible scenario would be when a carpenter is short of cash, goes to nearby e-corner/ Robo Customer support to get his monthly expenditure and it shows up the visuals, with all allocations and investments. The AI-powered Robo advises him on how he could cancel the use the emergency funds for his needs or pull out some of his investment to meet the urgent cash need. The race has just started, with people quickly encashing the opportunity presented by technology, it might be a challenge for people to interact with a machine but we are humans, adaptive enough for a change… Would you?

Fintech Tools Enabling BaaS to Remote Areas
FinTech Trends, Product Overview

What banking services are needed by rural areas and How fintech tools and technology could enable them ?

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Fintech Tools Enabling BaaS to Remote Areas Cashless Payments, Digital Economy, Financial Inclusion these buzzwords seem to be the modernized face of banks and fintech industry. The urban class may be reaping its benefits, but what about the rural people? The lower income group is not competent to get a designer financial portfolio for himself. He has basic demands like – Cash Security, Anytime Cash, Hassle free loan, financial literacy and budget management. So, could the fintech tools and technology serve the purpose? Let’s dive in to find out :– Fintech Tools and Technology That Could Enable BANKING-As-A-Service [BaaS] to Rural People   Experts believe that technologies like Artificial Intelligence, Blockchain, Internet of things, Cloud Computing, Cloud Robotics, Automation, Biometrics and Quantum Mechanics would change how we tackle our daily chores and services. Let’s take a closer look at these advanced technologies that could shape the Fintech Scenario of remote villager’s life. – How Artificial Intelligence Could Enable BANKING-As-A-Service [BaaS] to Rural People ? Knowing the fact that the unbanked population could also be uneducated and could only converse in the local language, the agent banking has been flourishing. But how about an AI-based app that could help you provide answers to all your banking needs via voice? Simple queries like – What’s my savings account balance or Transfer funds to my kid school account would not only help rural people use the banking services but would also make human involvement redundant. Above was one of the quick example of voice – assisted payments that could use Artificial Intelligence, but it could also help in remote workers to locate the nearest ATM or cash counter to collect money in case of emergency. In India AnyTimeLoan – a start-up from Hyderabad is providing a shorter term unsecured loan to “needy people.” Loans for amount 1,000 – 60,000 INR are given for shorter duration i.e. 1- 90 days. They also disperse loans to students specifically for K-12 students to support their educational needs. Another fintech firm – MyBucks in Luxembourg is bridging the gap of traditional and virtual banking. Backed up with the power of technology they are offering financial products and extending their help in creating financial inclusion. Wallet.AI the smart wallet monitors users behaviours and spending habits, and then alerts and educate individuals on how to increase saving while making some intelligent spending decisions. How Blockchain Could Enable BANKING-As-A-Service [BaaS] to Rural People ? Blockchain with its unique characteristics provides financial institutions and fintech firms for modifying their products and services leading to the adoption of services by unbanked and underbanked. In India one of the leading banks State Bank of India has announced new initiative Bankchain, that would allow data exchange across banks thereby reducing fraud and duplication. Coins.ph a firm from the Philippines has built a mobile based app that uses Blockchain and allows users to buy load, pay bills, send and receive money, and shop online in more affordable and faster manner. Another Nairobi-based fintech firm – BitPesa is offering global money transfer to pan-Africa via Blockchain platform. The firm receives the funds in the original currency, that is then transferred to the digital currency. This digital currency is then transferred to the closest real time digital wallet via Blockchain in the destination country. Finally, it is converted into its local form and paid out. How Internet Of Things[IoT] Could Enable BANKING-As-A-Service [BaaS] to Rural People ? Smart Homes and wearable devices are some of the examples urban population is exposed to, that uses Internet of Things. But to help the needy with basic facilities like water, electricity and data, firms are brainstorming new ideas and are also implementing them successfully. Firms in Africa who are using solar power to provide electricity to the underprivileged group have recently partnered with a digital wallet firm to facilitate services like Pay-as-you-go and prepaid. So, while Solar lanterns could be bought, you could easily recharge them with your digital wallet and get electricity on the go. While Fintech would explore getting banking to the doorstep, Insurtech could take into accounts the living conditions and present a customized insurance plan. Or how about a farmer whose harvester machine sensors convey about the condition to its service center and in case it needs repair it could be scheduled before harvesting season. How Cloud Computing and Cloud Robotics Could Enable BANKING-As-A-Service [BaaS] to Rural People ? With data stored and accessed via Cloud, it offers benefits in cost reduction and anytime anywhere access. Most of the digital wallets across the world are using the power of cloud computing and providing banking to rural people. Some of the leading banks in India like ICICI Bank, HDFC Bank have started using cloud technology to boost the financial health of the economy. Integration of Cloud computing with Robotics is serving the population with time-saving and higher quality offerings. Cloud Robotics Banking could allow the natural flow of data backed up with e-KYC making account opening smooth and hassle free. In India, ICICI Bank has launched Smart Vault. It is an excellent, first-of-its-kind locker in India that is designed to bring human intervention to a minimum. Smart Vault is a progressive breakthrough in the way banking technology is being implemented in the country. Users can access their locker at any time of the day or night and even on bank holidays. Powered with robust multi-level security measures, it utilizes a robotic arm to fetch your locker from a secure vault using Radio Frequency Identification (RFID). How Biometrics Could Enable BANKING-As-A-Service [BaaS] to Rural People ? Biometric technology like fingerprint and iris scanner are making banking services accessible to many first-time users. Bharat Financial Inclusion earlier known as SKS Microfinance Ltd is providing collateral-free loans to individuals, especially women to allow them to set-up their business/income generating activities. The Indian Aadhaar based biometric authentication is enabling users to avail loans instantly. Fingpay a product based startup from Indore is using Aadhaar ID and biometric authentication to allow

Micro ATM
FinTech Trends, Product Overview

Popular Micro ATMs in rural areas

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One a recent visit to our relative, he mentioned that in Zimbabwe Ndasenda with help of Teknospire’s Finx -Agency and payment Banking Suite was providing financial inclusion to the unbanked in remote areas. Here in his village with fewer ATMs and half of them, cash stripped, when it is becoming difficult for the needy to survive, what to mention about attaining financial inclusion! With a quizzical look on his face he asked have you heard about the portable small machine that looks like a card swiping machine but can provide basic banking facilities? Nodding his head in a forgetful manner he said what is it called? I replied saying “Uncle the machine is called a micro-ATM. Smilingly he asked can do me one favor? Yes, Uncle? I replied, He looked thoughtfully and said, “I support our country’s digitalization drive and want unbanked to bank. Probably I could contribute to financial inclusion by setting up a Micro ATM in my shop. Can you provide me the list of the Micro ATMS in rural areas as my computer is under repairs”? I said yes just give a half an hours time. Took out my tablet did some googling and prepared the list. The list handed over to him included the below popular micro ATMS, their features, and picture in a tabular format for his better understanding. Micro ATMs From Picture Can it be Used in Rural areas Is it Aadhar Enabled, Interoperable and does it have Thermal Printer Is Biometric verification and other Multiple Identifiers used Banking activities Performed How it work for Business correspondents(BC) IDFC Bank Yes Is Aadhar enabled and interoperable Has a thermal Printer Biometric verification is done Has an attached biometric scanner Uses multiple identifiers such as mobile number, aadhar number, debit card number, bank account number A/c opening Cash deposit Cash withdrawal Balance-inquiry Statements Remittances Bank would give the micro ATMS on a lease model to the BC and 300 rs every month would be charged for its usage BC’s would earn an income of Rs 3000-5000 3.14% or a maximum of Rs 15 would be charged as the transaction fee Of the 3.14% or a maximum of Rs 15 charged as transaction fee BC’s would get 75%. HDFC Bank Yes Is Aadhar enabled Has a thermal Printer facility Biometric verification is available Uses Identifiers such as debit card, account number,aadhar card number A/c opening Cash deposit Cash withdrawal Balance-inquiry Statements Remittances and fund transfers Preapproved-loan disbursement Pensioner’s payment Availing Direct Benefit transfers under MGNREGA Withdraw DBT entitlements Bank would give the micro ATMS on a lease model to the BC and 300 rs every month would be charged for its usage BC’s would earn an income of Rs 3000-5000 3.14% or a maximum of Rs 15 would be charged as the transaction fee Of the 3.14% or a maximum of Rs 15 charged as transaction fee BC’s would get 75%. AXIS Bank Yes Is Aadhar enabled Has a thermal Printer facility Biometric verification is available Uses Identifiers such as debit card, account number,aadhar card number A/c opening Cash deposit Cash withdrawal Balance-inquiry Statements Availing Direct Benefit transfers under MGNREGA Withdraw DBT entitlements Fund Transfers Bank would give the micro ATMS on a lease model to the BC and 300 rs every month would be charged for its usage BC’s would earn an income of Rs 3000-5000 3.14% or a maximum of Rs 15 would be charged as the transaction fee Of the 3.14% or a maximum of Rs 15 charged as transaction fee BC’s would get 75% SBI (Its Customer service point offers Micro atm facility) Yes Is Aadhar enabled and interoperable Has no thermal Printer facility Biometric verification is available Uses Identifiers such as debit card, account number,aadhar card number Aadhar enabled cash deposits and withdrawals Fund Transfers Balance enquiries Enrollment fees and other requirements specified by SBI for becoming CSP   Looking through the details that I had prepared my uncle said “thanks for the details I will go in for HDFC’s micro atm” and install in my shop. And our conversation ended with him very thoughtfully saying “Will ATMS become a thing of past and what next after Micro ATMS” References: Estel Micro ATM Meenakshi Energy brings in micro ATMs to help villagers overcome cash crunch – Economic Times What is Micro ATM ? All you want to know is here! IDFC Bank using micro-ATMs to make inroads into un-banked areas HDFC Bank’s Handheld Micro ATMs With Biometric Verification Can Change Rural Banking In India For Ever India Post to set up 10,000 ATMs, 20,000 micro-ATMs by year-end SBI Portal Eligiblity for opening & maintaining of CSP UID boost for micro-ATM makers

MAKash Digital Wallet
FinTech Trends, Product Overview

MAKash – How Manappuram with Makash is strengthening dream of #DigitalIndia

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Dreams become a reality when intentions turn into actions. The current post is all about this famous quote. Even before the big dream of #DigitalIndia was weaved, Manappuram Finance Ltd was keen to let the governance and aid reach out to the masses in a digitized way.  Yes, they are a step closer. Thanks to thousands of foot soldiers as Agents/Branch Correspondents in Kerala – the #changemakers, Manappuram Finance Ltd or MAFIL the initiators – with their MaKash e-wallet and the rural people the beneficiaries. The change is here! Valapad Village is now an e-literate Village Valapad village in Thrissur district may be known for its idyllic beach, but in March 2017 they made their mark on #DigitalIndia map by being an e-literate village of India. What is e-literate Village? An e-literate Village means at least one member of each household is educated with different payment options to promote #cashless mode and help rural people in #FinancialInclusion. The education is intended to support individuals in performing #financialtrancations independently, make an informed decision of their financial matters and reduce dependency on Banks, Agents or fintech firms. How Valapad transitioned to e-Valapad? Valapad village with a population of about 35,000 has a literacy rate of 86.5% underwent a remarkable change of being a digitally literate village. The transition was facilitated by Manappuram Finance Ltd employees, ward members and a group of trained volunteers from the nearby college. The members went door-to-door to educate individuals on different modes of payment options and the way to avail them. The drive went for five days, where volunteers covered 8,742 households out of a total of 9,809 homes. The mission imparted training to residents on #digital wallets or #ewallets like MaKash, Online Banking facilities, #BillPayments, #cashlessPayments, #FundsTransfer #Loans etc. While the transactions seem simple, the need to educate residents on jargon like login, password, OTP, etc. was essential. The mission was aimed :– To let residents, understand the benefit of Digitization Helps residents in Financial Inclusion Onboarding for people who are less tech-savvy should be smooth Residents are educated, informed and independent of financial transaction they perform To promote #cashless economy MAKash E-wallet – Bridging the Gap The GOI with its initiatives like Digi-Dhan Melas, Bhim App or Aadhaar Based Payment is pushing every bit of the air on this earth to turn #DigitalIndia dream into reality. Manappuram Finance Ltd are using these initiatives to reach out to people thereby creating a Digital ripple that results in Financial Inclusion for one and all. The recent effort by MAFIL to launch a semi-closed payment instrument and eWallets – MaKash would be beneficial to rural people regarding low cost, convenience and serves as a gateway to many services like bill payments, funds transfer, cash withdrawal or online shopping. The Makash App UI is elegant and intuitive in nature; you can download the app from s Google Play store . The UI has been designed with an aim to meet the requirements of non-tech savvy people. Screens like logging in, DTH, Airtime recharge need minimal information, and with two clicks a user gets instant recharges. MAKash – Digital Wallet More features are currently WIP and user would soon be able to avail services like landline and broadband recharge. Manappuram, who are known for their Gold loan would also provide a natural feature of loan disbursement through Makash. The unique characteristics of the loan processing would be that the loan amount would be credited to the user’s wallet and he could withdraw it as per his need basis. Teknospire Proud To be the Technology Partners for Makash While collaborating with Manappuram as Technology partners, we dreamt of a vision to provide a seamless interface that could connect the foot soldiers to every household in a digitized way. Our solution Makash is advanced in technology, customer focussed and yet simple in use. While Manappuram was looking to innovate, we @Teknospire just helping them to accelerate the vision with apt products and solutions as offering and will continue to do so… So, next time when you get stuck on a highway and looking for an ATM, do not rub your eyes if the owner asks you to pay via digital wallet! #DigitalIndia in the making… References: Intel Launches Rural Digitization – Video Bhim: India’s ticket to a cashless economy Manappuram Finance launches co-branded prepaid Money Card After Manappuram’s project E-Valapad, village declared fully E-Literate

Fintech Transaction
FinTech Trends, Product Overview

Current Fintech Trends In Emerging Markets

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Fintech Transaction Fintech is best described as financial services initially being provided by banks now provided with the help of technology by banks and other tech firms. For my Non-Tech readers, I would best describe Fintech as the marriage of finance with technology. Fintech is the buzz word now especially in the developing countries where banking is still a luxury for a majority of the population and currency is “the” main means of trade. Now compared to the west the emerging markets are potentially huge markets for the fintech firms. By emerging markets, I mean the BRIC countries (Brazil, Russia, China, India), South Korea, Mexico, Indonesia, Turkey, Saudi Arabia and Iran, Kenya, Zimbabwe. China and India are the top emerging countries contributing to the fintech boom mainly owing to a growing e-commerce sector. Surprisingly China has overtaken the west in fintech adoption levels. Zimbabwe, Nigeria and Kenya lead the African team. Indian Fintech CompaniesHere I would be taking on the Indian Fintech market, India being an ideal EC** market for highlighting. What is making the fintech firms to click and stay around here ? It is primarily their disruptive technology. Companies like Paytm, Oxigenwallets, Mobiqwik provide fintech applications easily accessible on smartphones anytime anywhere. Also, for the EC’S population that has easy access to a smart-phone than a bank, this comes as a boon. Present trends such as UPI indicate that Indian fintech firms are busy taping payment solutions, customer engagements and process involvement segments. Fintech Trends 2017 According to KPMG and NASSCOM study, the current monetary value of the Indian fintech sector is $33 billion and would annually shoot up by 22% to $73 billion levels by 2020. 2017 would witness Indian fintech eyeing areas of wealth management, lending and insurance to further scale up their activities. Apart from expansion the upcoming trends that Indian Fintech sector would be witnessing would be :- Micropayments :- With the advent of demonetization the face of digital payments has changed. Micropayments, various applications have come to the fray making the ecosystem better and speedier. 2017 will see a lot of action in this segment. It would take some out of the box thinking to solve the pain areas if the existing fintech firms or start-ups wish to survive in this segment. BlockChain Adoption :- The technology adopted for “Cryptocurrency” or the digital currency is going to witness a larger adoption in India mainly due to its wider acceptance, security and transparency features. Banks in India especially the RBI are looking forward to adopting this technology to reduce cheque frauds. Adopting blockchain would do a massive turnaround in simplifying operations, risk and fraud reduction, lowering settlement time and capital improvement. Providing Loan Accessibility :- In EC’s **like India almost 3/4th of the population especially those in the rural areas do not have any access to the credit facility. In 2017 we could witness Fintech making an entry in this segment, this would make loan accessible to those who cannot access it. Fintech for Social Causes:- Fintech startups who wish to solve social-economic issues through profit would see a spurt this year. These start-ups would use technology that caters to large number of people and would widespread their business to solve these issues and bring in financial inclusion. Regulatory Technology:- RegTech firms would make a landing this year. These firms aim at making compliance friendly to businesses and entry by providing tools that automate compliance task, improve identity management, reduce fraud risks. Though still in its development stage in India it can help other firms to concentrate on their core competencies than spending time on regulatory requirements. Teknospire is an example of a fintech company in sync with the trends. Our Fintech solutions are :- Provides accessibility to loan payments and disbursements. Supports Micropayments in form of remittances, utility payments, online purchases, merchant payments, voucher payments and redemption. Contribute to solving social issues through lean banking. Having discussed on the current fintech trends and how Teknospire is in sync with the trend, we would be highlighting the “Fintech Technologies used in 2017 “in our upcoming blog. References: MARTIN CURRIE INVESTMENT MANAGEMENT The 5 big fintech trends in emerging markets Fintech Forecasts for the Emerging Markets #5 Fintech Trends That You May Want To Watch Out For in 2017 As India’s Fintech Reaches Inflection Point, Is There a Need to Regulate? RISE OF FINTECH COMPANIES IN INDIA – THE NEW TREND IN DISRUPTION FOR INDIAN RETAIL BANKING SECTOR Financial technology – Wikipedia Emerging markets – Wikipedia Emerging Markets: India and the Pyramid of Opportunity in Fintech FinTech Outlook for 2017: Report Discussing Trends, Opportunities and Challenges   Picture Courtesy Google **EC Emerging Countries

Union Budget 2017
FinTech Trends, Product Overview

Fintech Firms and Union Budget 2017

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The most awaited and anticipated day in the India financial year is the Budget day. This year’s budget was slightly different compared to the previous budgets on its presentation. 1st Feb was the presentation date of this year’s budget instead of the regular March 1st. Secondly, this was Arun Jaitley’s first paperless budget, Paperless budget to make sure implementation and proper usage of the allocated funds right at beginning of next financial year. Thirdly this budget has ensured that a separate railway budget need not be held as it includes the latter also. Also, Arun Jaitley has done a proper juggling of increased transparency, lesser corruption, broader tax base and higher incentives. Post putting the budget across to the nation the only sector that was all smiles and gave its a thumbs up to the Fintech sector. And why not? Post-Nov 8th demonetization with the government going all out to push cashless transactions and making digital payments a norm it would have surprising if the fintech sector was not given a leverage. In tune to his quote“Digital Economy has a transformative impact in terms of greater formalization of the economy and mainstreaming of financial savings into the banking system. India is now on the cusp of a massive digital revolution.” The finance minister has made provisions for fintech sector’s uplift on JAM (JanDhan-Adhar-Mobile) lines thereby successfully managing to keep the fintech fraternity happy. While we look at what is in for fintech sector this budget, we shall also analyze the excluded points that support the betterment of the fintech arena. Additions in favor of the Fintech firms :- The Introduction of Referral Bonus Scheme for individuals, Cashback scheme for merchants to promote BHIM in Tier 2 and Tier 3 cities. Benefits of such schemes is to bring about direct and healthy competition between the existing payment channels while at the same time providing good alternatives to them. The Launch of Aadhar pay, a merchant version of Aadhar Payment-Enabled System especially for those who do not have debit cards, mobile wallets or mobile poor. In short, this would be extremely beneficial to those housewives, people earning low salaries. The budget has included changes in Grievances Handling process of digital payments, Negotiable Instrument Act to boost the confidence levels of the merchant and outlets accepting digital payments and motivate them to use digital means more. Also, this would secure them against frauds, non-payment. This is a pro digital economy move, a trump card for the finance minister in this budget. Creation of Payment Regulatory Board under the RBI to make various payments interoperable and reliable. For All startups incorporated after 31st March 2016, Profit-linked deduction period or the tax holiday has been increased to 3yrs out of 7yrs from 3yrs out of 5yrs.A tax holiday is a reduction or elimination of the tax on a temporary basis. By March, roll out 1 million POS machines to be used at the railway stations, fuel stations, and hospitals. Start-ups including fintech start-ups can avail Tax Concessions in the first 7yrs. Fintech Priority areas excluded : Regulatory framework for centralising KYC to avoid frauds. Fintech skill development programs for to the youth to improve employment scope in this booming sector. Removal of establishment criterion for the start-ups to avail tax concessions. With additions exceeding the exclusions the Fintech sector is no doubt happy but what we want to see and discuss is “How far the Union Budget 2017 will make the economy digital” which we shall in our one of our forthcoming blog. References: How union budget could help in going #Cashless Based on Budget 2017: Placing Cornerstone for Future Budget 2017: Start-ups can now avail of tax holiday in first seven years of existence Union Budget 2017: Startups hail Arun Jaitley budget, as Fintech firms set to party !

Wallet into Payment Banks Transition
FinTech Trends, Product Overview

Wallets Turning Payment Banks- What are the Advantages and Why this Transition ?

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The other day, my better half after reading that the Patym is transiting from a wallet company to a Payment bank with a frown on his forehead, came up and asked, is this conversion a start of new trend? Will there more of this? Without a second thought, I muttered yes we will be coming across such similar conversions in a span of 2-3 yrs. Preferring normal banks he countered my statement asking Why? To which I explained :- Due to high costs normal banks preferred not having branches in the rural areas and far off places. Also, villagers found it difficult and time-consuming coming to the city and bank and hence they remained unbanked. To bring the unbanked into banking fold the RBI could not have come up a better idea than launching payment banks. Payment banks are banks which involve in only cash deposits and withdrawals and would not be providing loans. In its search for payments banks, RBI was eyeing for entities that had rural reaches.The Telecom companies, Wallets companies and the Indian Post Office scored a point as they had better mass reach than the others. To those who are following this closely it comes as no surprise that Airtel, Paytm, Indian Postal services and Aditya Birla’s Idea are among them who bagged 11 licenses and are on their way to start operations soon. Patiently listening to me, he asked what is in it for digital wallets companies in this conversion? Keeping my coffee mug aside, I replied to my dear husband- “Firstly to diversify, secondly to give better service by make use of their customer base. ” Also once Wallet companies become payment banks they can offer bank like services ( saving… insurance, loans… and much more…) In the last one year with so many wallets being launched, it is necessary that the wallet companies diversify to stay afloat or else they would perish. Having technological experience they can acquire customer bases in location where normal banks dare to go because of the cost involved in maintaining a branch and regulations required to be abide by them. Also since the wallet companies already have customer bases at the places where there are no normal banks, it would be less expensive to work on them than opening a normal bank in such locations. With such diversification taking place in wallet companies there would be a positive growth in their earnings. Chat on Payment Banks What about the wallet users? pat came the third question from him. Answering his question spontaneously my reply was :– Interest rates going up as high as 14.50% on SB accounts. Cash back and other facilities such as Mutual Funds, Insurance, SIP. Existing wallet balances can become account balances if users prefer opening bank account. Possible for users to use the same for making payments. Self -declared merchants can accept higher amounts as compared to the current Rs 25000 cap. Nil Settlement charges for the transaction made through payment bank accounts. Possible to add more money quickly through single screen. Usage of Biometric passwords for processing transactions would take care of security issues. Cash withdrawal would become easier due to their large distribution networks. Cash transfer through digital means is free of cost. Seeing my husband’s frown turning slowly into a smile I realized that I was successful in convincing a tough customer. With a twinkle in his eyes he came up and said tomorrow we will discuss “Digital Wallets converted to Payments banks”. Our coffee time conversation ended with his words “Now that Whatsapp is the new entrant in the wallet space, soon a day will come when FB/Whatsapp will provide a platform to do banking transactions and solutions to buy utilities”. References: Google Paytm wallet to convert into Payments Bank Aditya Birla Group gets RBI licence to start payments bank WhatsApp will reportedly launch peer-to-peer payments in India within 6 months

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