How Innovation In The Fintech Space Can Solve Basic Necessities Of Our Life

Move from cash to online payments could bring significant amount of discipline and regulation across tiers and help clamp down on corruption

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By Sneha Banerjee

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Can new innovation in the fintech space help you purchase every household requirement without using cash? Well, looks like we aren't far away from that day when everything we need in our day-to-day life can be bought using cashless modes of payments. From ordering a pizza, to paying our bills, we can now pay our traditional doodhwallas (milkman) via online payments. Who would have thought that milk, one of our daily purchases, could be bought using Paytm?

Yes, you heard that right! Vijay Shekhar Sharma's Paytm will now allow consumers to make cashless payments through their Paytm wallets across 100+ Mother Dairy Milk Booths starting this month. "Starting from the morning milk supply to all other everyday necessities, it is our mission to make everyday payments extremely simple," Sharma said in a statement.

Paytm has been a cheer leader of the fintech space by allowing consumers to make cash-less payments at pan shops, parking lots, vegetable vendors and several schools and colleges.

Fintech evolution could fix corruption

The emergence of online payments can help organize the retail sector and allow vendors from tier 2 cities to get access to the larger market. Apart from making our lives simpler, it will also help bring about regulation in the system.

Most governments across the globe are trying their best to move away from cash as currency for trade, this move from cash to online payments could bring significant amount of discipline and regulation across tiers and also help clamp down on corruption. We expect it only to be a matter of time before other online players competes for market share in this space, Nikhil Kamath, Co-Founder of Zerodha, said. Nikhil runs an online discount brokerage firm.

"Fintech has enabled rapid scale-up of several traditional financial services leveraging the distribution efficiencies through technology. From a lending perspective, fintech players have been making significant progress on solving two key aspects – access and experience," Vaibav Singh, Associate VP, Business Development, Capital Float said.

"To name a few other segments where we expect new-age financial technology companies to have a significant impact soon include personal wealth management, online trading, business ERPs such as payroll, invoicing, expense management and others, " Vaibav added.

"Mobile and e-KYC is magic: Micro payments via UPI / wallets and e-KYC will help onboard users in a seamless fashion. Mobile phones and finance for payments and online transactions go a long way in helping the end users," Archit Gupta, founder of ClearTax said in an e-mail. ClearTax allows people to file their tax returns online and is backed by Paytm.

"Digital & e-commerce goods enable faster buying and selling online. Investment and money management on mobile app further helps users increase visibility on their money," Archit added.

Government is also taking lot of steps on making cashless transaction and RBI working on policies to make it happen we will see lot of development in fintech side, Anil Joshi, Managing Partner at Unicorn India Ventures said.

Sneha Banerjee

Entrepreneur Staff

Former Staff, Entrepreneur India

She used to write for Entrepreneur India from Bangalore and other cities in South India. 

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