These startups are helping boost financial inclusion

NEW DELHI: Addressing different functions of finance, be it lending, payments, banking or taxation, fintechs are revolutionizing financial inclusion and digital financial adoption in India.


Startups including

Save Solutions

,

ToneTag

and

Ajva Finance

have the ability to reach marginalized markets at the grassroot level.

“We have a customer-first approach that helps us create maximum value for our clients by providing them with banking solutions. We aim to empower them economically and aid them in enhancing their living standards,” said Ajeet Kumar Singh, founder at Save Solutions, which has established over 12,000 customer service points.

The startup operates closely with a network of public and private sector banks to plug the banking needs of the unbanked. In addition, Save Microfinance, the MFI arm of Save Solutions, is actively involved in the disbursals of MFI loans to the untapped sections of the population.

Similarly, ToneTag is leveraging its encrypted ‘Sound-Wave’ technology to democratize the digital payments ecosystem. The patented technology is enabling a completely offline method of payment that does not need to rely on smartphones, cameras, QR codes, or RFID tags.

“ToneTag has been a pioneer in leveraging the technology that uses sound waves to enable contactless, offline and proximity data communication on any device to create fulfilling and immersive experiences across user cohorts,” said Kumar Abhishek, co-founder and CEO, ToneTag.

“Our main aim is to cater to the gap in digital payment accessibility by introducing a payment solution that the rural Indian population or digitally not savvy people can easily use. Though the smartphone revolution in India is on the rise, a majority of the rural population is still reluctant to leave the comfort, simplicity of feature phones and conduct offline payments daily. Our easy, secure payment service not only allows a mobile user to do fund transfer but also helps in utility bills, balance enquiry, recharging their DTH, pre-paid mobile network service, or FASTag - by the power of their voice. This is an all-inclusive technology that fills the gap in the existing financial ecosystem and brings many benefits to the customers,” he added.

A larger number of fintechs are also working towards accelerating the rate of adoption of digital practices in the country. One of the means of executing this task is through nominal pricing of services, such as those by Ajva Finance. The group provides unified solutions for B2B and B2C needs pertaining to financial, taxation, and compliance requirements. The core target audience of the group is the MSMEs, who do not have the resources or accessibility to large institutional financial services providers.

“We have engaged an able and well diversified team of industry experts who specialize in the rich understanding of taxation, financial, government, and compliance-related matters. eMSME aims to guide its clients and handhold them in solving complex financial requirements, freeing up their bandwidth to focus on core areas of operations and strategies,” said

Vikesh Agrawal

, CEO, eMSME. “Our USP lies in unparalleled service-delivery at an affordable cost, bringing more and more MSMEs under the umbrella of organized financial services and making them more bankable and credible as we follow the principal of including the non-included."