True balance forays into Fintech segment, focussing on rural India
The Fintech industry in India is still at a nascent stage but is growing rapidly, fuelled by a large market base, advancement in technology, the ever-evolving customers and promising government policies and regulations. This sector has gone through a remarkable transformation since past few years as is supported by innovation across multiple streams — payments, digital lending, e-wallets, loans, insurance, and others has seen a radical growth curve.
However, the knowledge of digital financial services was restricted to the bigger cities of India while rural India struggled to make its way through cash problems. Even these days, the effect of digitization is more visible in urban India. But, the essence of change from digital payments platforms come when it makes a difference even in India 2 and 3 cities.
There are no doubts about the growing requirements of digitization across the country and since rural India is home to millions, it contributes big time to the country’s GDP. However, the financial services market in rural India is untapped and the maximum percentage of the population in remote areas are unbanked users or those who make their transactions through cash.
To bridge the need-gap within the market, True Balance aims to bring financial freedom to primarily unbanked users. We provide them a safe, fast and convenient transaction experience while also bringing them under the umbrella of financial inclusion, right on their doorstep. The launch of the wallet feature sees the app gradually progressing from a “balance check app” to a “utility payment” and gift card app. We are working towards getting a digitized economy and in our target area which is Rural India, cash is still the preferred mode. So, we constantly strive to create products catering to their needs; which set our context for small –loans for utility services.
Currently, mobile platform sector is on a fast-growing pace in India. Every year, 100 Million smartphone users are flowing in the market. Even though the adoption of smartphones is increasing, there are over 1 B out of 1.3 B Indian users who are not able to access online payment. Services such as True Balance make it easy for users in rural India with no internet access to easily check their balances. The other thing is that after checking the balance, users can also easily make payments directly through this app. They get more cashback which they can invest later back into our service.
True balance is also coming up with new services concept on insurance, loan and handsets to focus on the deemed market of 2022 of $3.5 trillion market. This will enable users in the rural area to enjoy the financial services even if they don’t have bank accounts. This strategy will help to augment advantages of financial services to the Indian audiences.
However, in a developing market in India Fintech organizations can provide millions of people with basic financial services. Fintech player like True balance is slowly adapting itself to meet the needs of the next billion. Many more foreign companies should enter India and invest in the Indian Market since the country holds a lot of potential. We wish many companies can join our journey to India.