back Back

3 FinTechs fostering financial inclusion in India

By Gloria Mathias

September 20, 2023

  • Cooperative Banks
  • Digital Platform
  • Farm Infinity

FinTech, Funding, Financial Inclusion, FidyPay, Farm Infinity, GRAMePAY, India, Financial Services, India is an emerging player in the FinTech landscape, and technology is unfolding at lightning speed with disruptive solutions generated to combat any financial obstacles. However, technology cannot be catering to all in its innovative stage, creating more solution gaps than bridging them.

Hence, Financial inclusion is the process of ensuring that all individuals have access to affordable and appropriate financial services.

The Reserve Bank of India (RBI) released the Financial Inclusion (FI) Index in 2022. The index measures how well the general population can access financial products and services. The index includes the level of availability, accessibility, and affordability of financial products and services. The index improved from 53.9 in 2021 to 56.4 in 2022. In March 2023, the index reached a score of 60.1.

Listed are 3 FinTechs serving the unbanked population in India:

Farm Infinity provides a digital platform to facilitate easy access to affordable financial services to farmers, Farmer Collectives (FPC/FPOs) and agribusinesses. The company plans to leverage technology and provide a platform for services to the economically impoverished population of India, primarily farmers and help them with a sustainable livelihood that enables enhancement of their living conditions based on their needs, skills, and traditional livelihood occupations.

FidyPay is a full stack simple and automated FinTech API Platform working towards providing easy and convenient plug-and-play solutions on a real-time basis. The company’s primary focus is financial inclusion, macro digital payments, integration, and paperless banking. The company envisions being the leader in digitizing financial inclusion and micro-payment space in India. It offers diverse financial services and products for smooth access to different financial and banking services which eventually will help in the growth of the overall digital financial services.

GRAMePAY is a Device, Channel, and Technology Agnostic Digital Payments Platform crafted for India by experienced payments industry professionals. Leveraging its industry experience of BFSI and financial inclusion Programmes, the GRAMePAY Team is building a distribution ecosystem through its team of Social Entrepreneurs. It provides offerings to Regional Rural Banks, Small Finance Banks, Cooperative Banks, Micro Finance Institutions, NBFCs, and Financial Institutions on its Platform as a Service model.

Also read: Global Digital Banking Vendor & Landscape Report Q2 2024

Previous Article

September 20, 2023

Finastra partners Microsoft to accelerate trade platform modernization

Read More
Next Article

September 20, 2023

Ingenico and Diggecard announce gift card solution for acquirers

Read More

IBSi Daily News Analysis


July 19, 2024

Cooperative Banks

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


5 FinTechs boosting Wealth Management in the USA

Read More


Coast raises $40m Series B to boost modern fleet payments

Read More


Digital wallet Kuady opens office in Bulgaria

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024