CHENNAI: Even as the National Payments Corporation of India’s recent upgrade to UPI 2.0 has created inroads for digital transactions in India, the unregulated workforce has largely been dependent on cash for their day-to-day payments. However, fintech company FSS has been innovating to bring to the rural part of the country cashless, presence-free banking.
FSS’ most recent products to the country include Finclusive and Aadhaar data vault that aim to bring a gambit of financial services at nearly the cost of Rs 11,000. “Nearly 84 per cent of transactions that happen in India are only payments,” said Suresh Rajagopalan, President (Software Products), FSS.
“However, most of these payments come from the workforce that has no access to any modern modes of banking. Most of them don’t even have access to debit cards. With more people in the workforce coming into regulated employment, we can evidently see that there is financial inclusion happening in the country,” he added.
Through the Aadhaar data vault, one can pay through an encrypted code that is linked to their Aadhaar number with a biometric verification. “The Aadhaar data vault has been approved by the regulators and will be undertaken by one of the client banks soon,” said the company, which has nearly 40 per cent market share in e-payments and 30 per cent share in IMPS transactions in India.
The eFinclusiv is a product that provides a gambit of financial services from across major national banks at a minimal cost of Rs 10,000-Rs 11,000. The platform brings Aadhaar-based transactions, micro-loans, savings, insurance, paperless and presence-free digital transactions through a mobile, hand-held device.
“The Indian economy is growing at a pace of 7.2 per cent in terms of GDP, however, with a 95 per cent gap in insurances undertaken and $740 billion of unmet credit. Enabling easier access to digital transactions will only help unmet needs to be fulfilled,” Rajagopalan added.