Newer alternatives to traditional banking and finance services in India

Traditionally banks have been known to provide services like checking accounts, maintaining records of the transactions, savings accounts and enabling people with low incomes to save money while earning some interest. Enabling wealth management, banks also have played a crucial role in providing loans and mortgages to businessmen, home owners, and for personal use while credit and debit cards eased out payments of big amounts. Instant and timed payments in the form of RTGS, demand drafts, cheques have also been managed by banks for a long time. With the advent of technologies, newer alternatives to traditional banking and finance services have come up that simplify a lot of such processes. Listed
below are some innovative banking and financial service providers that make life and every day tasks a little easier and hassle free.
An answer to the woes of recurring payment requirements by businesses every month or weekly or bi-monthly, is a state-of-the-art auto debit solution with direct interface with at least six banks. While it provides instant and assured B2B recurring auto-debit solutions, the biggest advantage is that the payment gets completed within the same day, as against traditional banks that take anywhere between 24 hours to 2-3 days.Automating deduction of payment for various vendors, right from the bank account, it is equipped with payment options like ACH, UPI, cards etc through various touchpoints like WhatsApp, link push and portal.
Razorpay is India’s perfect answer to payment gateway solutions for online business ventures. In today’s time when most of the businesses start with only online services or are slowly moving towards e-business, a safe and secure payment option is a must have. Razorpayallows the business to accept, process and disburse payment from their customised payment portals. With a hawk like eye on online fraudster, Razorpay promises safety and security for customers as well as business owners.
One stop shop for all kinds of payments, PhonePe is already a super hit amongst the masses. Enabling bill payments, sending money to friends and family, buying gold and investing, or shopping at favorite store, PhonePe is the best friend that will always have your back. Cut the long queues and pay instantly, right from the comfort of your home.
Lets accept it, online payments are easy, instant and time savers. However, there are times when there is a payment failure. The amount is debited from your account, but does not reflect at the receiver’s end. Or you need to pay instantly while the payment is not getting accepted. CC Avenue is the answer to such situations, that allows businesses to accept payment from different modes. Switching between various transactions easily, it trues to recapture abandoned payments or those that have failed. The Fraud Risk Identification
System and Knowledge base (F.R.I.S.K) ensures that there’s no such thing as payment failure. Built to adapt for an optimal transacting experience, the responsive transaction page is the backbone of this system.
Providing safe, secure and fast UPI payments, Paytm is the answer to all those who hate to carry cash, or wait for tenders. The online payments can be done to recharge your mobile or pay electricity bill. Moreover, Paytm is acceptable at local grocery vendors, tailors, shopkeepers, parlours, you name it and they accept it. No wonder it is the most favoured customer to vendor form of payment in today’s time.

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