Five Startup Areas In India Where FinTech Can Play A Major Role

The FinTech startup market is heating up India, as the country is very prone to disruption of existing services and platforms. With so many people in the country having limited to no access to financial services compared to the Western World, things could get very interesting in India over the next few years. We have listed five major industries where FinTech could make a major impact.

Online Shopping — E-Commerce Versus M-Commerce

The concept of online shopping works completely different in India compared to the rest of the world. Not too many people have access to broadband Internet or a computer to begin with, yet there are a plethora of mobile devices with data plans being used by everyday consumers. As a result, tackling the mobile commerce industry in India will be key active in the [financial] technology sector.

Consumers in India want the same thing everybody else in the world wants: a variety of ordering options, lowest delivery fees, discounts, and a smooth refund policy. Providing all of these features results in stellar customer reviews, which is what companies will be looking for. FinTech companies can make a big impact in the online shopping market by smoothening the payment and refund processes, which will help with faster and cheaper delivery as well.

Food Delivery Services In India — Crowdsourcing Or Not?

When it comes to ordering food, customers will first and foremost rely on reviews or testimonials from other users. Word of mouth is a powerful marketing tool, and crowdsourcing this type of information can be quite useful to startups. For Indian customers, they are unbiased towards crowdsourced or recommended food lists, as long as the information is accurate.

That being said, delivery schedules and overall availability can make or break any startup in the food delivery business. Logistics is a direct result of the payment infrastructure, as a timely payment can make a difference between getting food in thirty minutes, or having to wait for twenty additional payments until the payment cleared. Definitely an area worth of interest to FinTech companies.

In-app Grocery Purchases — Payment Options Are Key

One of the most interesting trends in India — as well as the rest of the world — is the option of ordering groceries through a mobile device. It goes without saying this process needs to be as convenient as possible, Part of that convenience comes in the form of adequate payment options, which can be provided by FinTech startups looking at conquering the Indian market.

Online Furniture Shops — Smooth Service And Consistency Are Needed

Buying furniture online is not something most people would think of as a booming business, but the trend is picking up India it seems. When buying something you have never seen in person online, the quality of the ordered goods is more important than ever. Plus, making the user experience nice and complete in the form of a mobile application is a critical hurdle to overcome for any company

Having plenty of furniture options on its own is not enough, though, as delivery schedules play a major role in ordering these heavier items and getting them delivered. Without proper payment methods, none of this can be accomplished in a convenient and mobile experience. FinTech companies could make a name for themselves if they figure out a way to crack the code for easy payments when dealing with mobile applications tied to a very tight timekeeping schedule.

Ride-hailing Companies — Payments and Regulations

Last but not last, the biggest disruption is taking place in the ride-hailing industry right now. Companies such as Uber, OLA, and Lyft are making a name for themselves, despite regulatory concerns. Keeping up with those requirements is not an easy task, regardless of how big or small the company in question might be.

One concern a lot of people might have is how the payment structure for these ride-hailing companies works exactly. Most of these solutions rely on credit cards to complete an automated checkout process, but there is plenty of room for alternative solutions. Any FinTech company working on automated payments that do not rely on credit or debit cards would become a major player in the years to come.

What are your thoughts on the FinTech industry in India? Are there are companies or markets you are excited about? Let us know in the comments below!

Source; Tech In Asia

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