We believe change is the only constant, and no doubt, time and again, this universal fact has manifested itself in its best form. The pandemic taught us many things, and we gradually adapted to many new ways of leading our lives. The financial sector was the one to be hugely impacted by this turmoil which disrupted our entire socio-economic ecosystem. However, it can also be regarded as a learning period for us because India as a nation has become more financially liberated and inclusive than its former version.
Financial inclusion is something that every nation around the world is trying to achieve by implementing the right strategies. Still, we need a clear idea of financial inclusion before we delve into understanding the contributing factors. It is about delivering standard financial services and products in the form of business loans to the underprivileged and weaker sections of society without discriminating among the elite class. Traditionally rural India struggled to receive financial aid mainly because of dubious loan sharks and their nefarious schemes.
Thanks to the advent of the digitized economy and progressive reforms that any business bank advocates nowadays, modern finance has penetrated every nook and corner of the country. Still, the existing Indian government is focusing on ways to promote digital finance homogeneity and has urged the emerging fintech sectors to take the initiative of financial inclusion very seriously. If we point out the technological tools that catalyze this growth, they can be named ATMs, card payments, chips, and UPI payment apps.
Merchants from all across the country have switched to digital modes of making and receiving instant payment that helped them contribute to the growing economy. But using digital payment apps helps them avail of several benefits like discounts, cashback, loyalty programs, etc. Let’s have a rundown of some of these leading merchant payment apps in India and how they strengthen the socio-techno economy of India:
- Paytm has been a leading player in the fintech sector for a few years, providing much-needed digital support to small and medium-sized businesses. Apart from offering services like bill payments, money transfers, and online shopping, it has also launched its banking services, and now it can serve as any leading business loans app.
- Phonepe has managed to reach the rural side of the nation, to ensure that the weaker sections of society are well acquainted with the benefits of digital financial services. It also offers multiple services like paying bills online, making instant payments, and transferring funds anytime and anywhere. Cashback rewards and discounts on transactions are some of the enticing features of this payment app.
- Bharat Interface for Money (BHIM) is a government-backed UPI payment app designed to cater to the needs of all types of merchants and their businesses. All they need to have is a registered phone number or a UPI ID to avail the benefits of this payment app. It has gone a step further in promoting financial inclusion by covering multiple languages in the app. Therefore, it is a perfect tool for a diverse nation like India, where culture and language change every 500 KMS of distance.
The national payments corporation of India (NPFC) understood the assignment. It came up with the concept of UPI (unified payment interface), which has proved to be a game-changer for the growth of India’s digital economy. UPI apps have played an essential role in creating a self-reliant economy in India. Another revolutionary toolkit introduced by an international organization like Google in the form of Google Business will help all types of businesses to strengthen their digital presence.