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5 FinTech super apps transforming banking in India

By Gloria Mathias

July 19, 2023

  • 360 Degree View
  • Bill Payments Platform
  • Cashfree Payments

Super App, Digital Payments, Fi, Jupiter, OneStack, CashFree Payments, One app for all, Digital Transformation, FinTech, India FinTech has been an ever-evolving space in India with constant technological advances and developments. As the industry evolves, newer digital applications and platforms widen the scope of financial innovations. One such recent development in the FinTech industry has been the cropping up of FinTech super apps.

A super app is a Digital platform developed to supply multiple financial services and products in one place, enabling users to achieve and administer all their money-related decisions seamlessly. It helps in efficiently streamlining the process and boosting financial accessibility across India. Essentially, India’s majorly youthful and technologically driven population is well suited for FinTech super apps.

Below listed 5 FinTech super apps are among the top platforms booming in India:

Cashfree Payments is a payment and API banking company. It provides full-stack payment solutions for businesses in India to accept payments and make payouts. It offers a range of solutions helping businesses send money instantly 24×7 to any bank account, UPI ID, card, or wallet with a simple API that businesses can integrate with their product. The company provides an advanced payment gateway with features like instant refunds, card preauthorization, etc. The company is integrated with major platforms like Shopify, PayPal, Amazon Pay, Google Pay, and Ola money (wallet and postpaid), to note a few.

Fi is a financial app with an in-built savings account provided by the platform’s banking partner, Federal Bank. The app is a money management platform looking to transform the banking experience in India. The Federal Bank Account, offered through the app, is a digital bank account that gives you the fastest way to open a bank account online. Users can do everything from the Fi App, including p2p payments, fund transfers, bill payments, and more, with features to automate every action. Availing of the Fi-Federal co-branded Debit Card provides card owners with spending insights and tools to grow their investment and earn rewards.

Jupiter is a digital banking app aiming to deliver a smooth banking experience. It helps users cut through the banking jargon, offers smart insights based on your spending, and provides a range of new-age features to make sense of your finances. The 1-app for everything money helps to spend and save money, track expenses, pay bills, and invest money in Direct Mutual Funds. It lets users make smart money decisions daily using easy, intuitive, and personalized money management tools.

Navi is a FinTech super app that aims to make personal finance simple, affordable, and accessible. The tech-driven app is easy-to-use and offers end-to-end solutions for all personal finance needs in a 100% paperless manner. The Navi app caters for everything for users looking for an online loan, an instant personal loan, a big-ticket home loan, index funds to suit your investment goals, or a comprehensive health insurance policy to safeguard yourself and your family members.

OneStack is a super app to save, borrow, spend and grow money without approaching a bank. It helps the long-tail banks by offering a white-label mobile application which is integrated with the existing core banking system (CBS). The application gives a combined view of all the existing banking services and financial products offered by the bank and third-party service providers. It helps banks in digital transformation and competing with large banks, Fintech & others.

Also read: Global Payments Vendors and Landscape Report Q2 2024

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