Over the past decade banking has changed immensely, majorly due to digitization. FinTechs have further exponentially created solutions that were unthinkable until recently. While banking processes have been made easier, it has also helped in cutting down transaction time. Innovative solutions for recurring payments, instant payments of large amounts, cashbacks have ensured that majority of consumers avail these facilities. It is not just a boon for the consumers but banks as well, as the work gets done automatically without the need for any human intervention. Here are 5 Fintechs that provide payment solutions and have made our lives easier.
Paycorp
Paycorp Solutions Pvt Ltd has been known for automated recurring payment solutions. In the beginning of the year, they launched first of its kind ACH payment gateway that offers a convenient alternative to credit card, debit card, UPI payments and net banking. It enables the consumer to split the payment into easy instalments at the checkout of eCommerce websites, directly from their account, without a credit card. It can be activated in an easy 3-step setup which takes less than 3 minutes. It enables the consumers to plan their finances and also automatically makes the payment every month, as long as there is sufficient balance in the account. In fact the app also reminds the user about upcoming ACH payment, and you can then maintain minimum balance needed for payment.
Paypal
It was one of the world’s first digital wallets, and when eBay bought it in 2002, it made a splash. The most well-known brand, which is used widely all over the world, accepts all payment methods with affordable prices. Another factor contributing to its popularity is its simplicity of usage; all a user needs to do is get a PayPal account and put the “Pay by PayPal” button to their website. As a result, it simplifies life for e-commerce portals that serve both large and small enterprises. PayPal Payments Pro, an enhanced version, provides phone-based payments, online invoicing, in addition to in-person payments.
CashKaro.com
Cashkaro is inspired by the London payment gateway model, in which consumers receive cashback and reward points for using their portals, which can then be used to make additional payments. It has grown to become the largest cashback and coupon website. While the gateway takes all types of online payments such as cards and UPI, it also accepts cash payments. All the user has to do is choose any product from over 1500 e-commerce platforms and pay using the CashKaro interface. It provides the user with attractive savings as well as additional cashback, which no one can refuse.
Razorpay:
Razorpay has grown to become one of India’s leading payment gateways. It is one of the most secure payment gateways, accepting payments by debit cards, credit cards, net banking, UPI, and wallets such as JioMoney and Mobikwik. The payment gateway benefits the founders by automating money flow. The Razorpay router API, which is connected with a customised programme called Magento 2, allows you to split payments across partners or multiple accounts as needed.
Stripe
Stripe not only creates payment gateways, but also websites that provide safe and secure payment choices. It is available to retailers who desire in-person payment and quick payment verification, as well as subscription-based businesses, platforms, and marketplaces. It can also send invoices, issue virtual and physical cards, manage the balance sheet, and automatically seek capital for the company. Furthermore, it aids in the prevention of online fraud by guaranteeing that only safe transactions are carried out.
