Fintech Platforms Disrupting Digital Payment Space With Their Product Innovation

The payment ecosystem is one of the most technology influential sectors in this pandemic. Innovation is not only highly driven with the changing face of the current payment system, but also, making it faster than the current pace. 2021 is expected to bring acceleration to the B2B payment methodologies, pointing towards a transformational change in the payment ecosystem. With this unrestricted flow of customer demands, there is an increase in the widespread innovation in payments that, in turn, squeezes the traditional payment market. Thus, to gain popularity among the customers, it is essential to reward agility by anticipating the next-gen payment solutions. 

Hereby enclosing Fintech platforms disrupting digital payment space with their product innovation:

1.       ToneTag: Backed by Amazon, Mastercard, 3one4 capital and Amensa, ToneTag is the largest sound-wave communication technology platform in the world. This technology uses sound waves to enable contactless, offline, and proximity data communication on any device. With 15 globally filed patents and multiple grants, this Bengaluru based company is changing the payment and transaction landscape in India. Leading this initiative is ToneTag’s ‘Retail Pod’, a sophisticated payment accepting device, which is capable of accepting payments from any phone, basic or smart, working with or without the internet. One of the key features which makes the Retail Pod a promising prospect is its Sound-based authentication of the OTP, wherein the Retail Pod itself authenticates the incoming OTP from the bank and completes the transaction through its highly secure 3-layered encrypted sound technology. The simplicity, security and sophistication of ToneTag’s Retail Pod have captured the interest of both merchants and consumers alike; this fact is proven by the 3,10,000 merchants who use it for their daily Peer-to-Peer transactions and the 100 million customers who use ToneTag’s proprietary technology for their day-to-day payments.

2.       DigitSecure: DigitSecure is a fintech, payment services provider, that displaces PoS terminals with a mobile application for accepting touchless payments – contactless and QR — safely and securely. The PCI Certified, device- and OS-agnostic solution, offered as SoftPoS Platform as a Service, makes touchless payments acceptance simple and affordable for millions of SMEs across the globe.  With a mission to accelerate the acceptance of touchless payments by making it simple and affordable, Jaya Krishna Gullapalli founded DigitSecure India Pvt. Ltd. in September 2007, in Hyderabad and also registered in Singapore as DigitSecure Singapore Pte. Ltd.  With operations in Dubai, India, and Singapore, DigitSecure is well-positioned to serve APAC and CEMEA market.

3.       PineLabs: Pine Labs is an Indian merchant platform company that provides financing and last-mile retail transaction technology, founded in 1998. It is one of the unicorn companies, with a valuation of over US$1 billion. It provides a merchant platform and makes software for point of sale (PoS) machines. The company has more than 70,000 retailers across India, including major retail outlets such as Mark’s and Spencer’s Retail, Pantaloons, Shoppers Stop, and Westside. It has a presence in India and Malaysia and other parts of Asia. Some of its investors include LonePine, PayPal, Temasek, Actis Capital, Altimeter Capital, Sofina and Sequoia Capital.

4.       RazorPay: Razorpay is the only payments solution in India that allows small merchants to accept, process, and disburse payments with its product suite. It gives them access to all payment modes including credit card, debit card, netbanking, UPI and popular wallets including JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money, and PayZapp. Razorpay’s business banking arm, RazorpayX, brings effectiveness, efficiency and excellence to all financial processes. With RazorpayX, businesses can get access to fully-functional current accounts, supercharge their payouts and automate payroll compliance.