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5 FinTechs enhancing Card Payment options in India

By Gloria Mathias

June 24, 2024

  • Card Payments
  • Credit Card
  • Debit Cards

Credit card, Debit Cards, Fintech India, Fintech news, Fintech solutions, Card Payments, Payments Technology, Fintech Card Payments, India PaymentsPayments have emerged as the forefront of innovation within the FinTech space, setting new records daily with their rapid pace and technological advancements. From the traditional practice of storing cash in piggy banks to the era of digital currencies today, the transformation has been nothing short of remarkable. Central to this evolution is the journey from conventional card payments to the advent of virtual cards, a testament to India’s dynamic PayTech industry.

India’s progression from cash-centric transactions to card payments marked a turning point in its financial landscape. Initially, card usage was limited to a privileged few, primarily in urban areas, due to infrastructure constraints and limited merchant acceptance. However, the liberalization of the economy in the early 1990s paved the way for foreign banks to introduce credit and debit cards, gradually expanding their reach across the country.

For decades, global giants like Mastercard and Visa, alongside India’s domestic player RuPay, held a near-monopoly on card payments, setting the standards for security, convenience, and global acceptance. However, with the rapid advancement of FinTech solutions, a transformative shift has occurred in the landscape of card payments. FinTech companies have emerged as formidable competitors, introducing card payment solutions that cater to niche markets and specific customer needs. These solutions often boast quicker implementation, enhanced customization, and integration with digital ecosystems such as eCommerce platforms and mobile wallets. FinTechs also bring agility and flexibility to the market, challenging traditional players by offering competitive pricing models and user-friendly interfaces that appeal to a tech-savvy audience.

Listed below are 5 FinTechs offering Card payment solutions in India:

CityCash is a financial technology company that brings technologies and disruptive business models to the digital payments space. The company was started as an initiative to make India ‘Less Cash’ and offer digital payments for everyone. CityCash designs deploys, and operates low-cost offline and online payment technologies focused on the underserved space of high-volume, low-value micropayments. The company is creating a merchant-centric payments ecosystem through strategic alliances with various Government bodies, banks, merchants and technology vendors and offering NFC cards.

Karbon is a B2B payment solution for India’s finance leaders, entrepreneurs, business owners and corporate executives. It serves 2000+ teams across India, including decorated companies and tech unicorns. Karbon Card offers up to 15Cr free credit, no personal guarantee, unlimited employee cards for free, and more. Karbon Payout offers vendor payment on credit, 24/7 payout, bulk processing, and invoice management.

OmniCard is an Omnichannel Payment Platform for end-to-end Spending Solutions. OmniCard brings UPI Payments, Cards, & Cash together without a bank account. OmniCard puts security first & provides you with all secure modes of payment, specially curated for Gen Z’s & Millennials. OmniCard️ is licensed by the Reserve Bank of India. It is a consumer-centric spending FinTech with a vision to redefine payment experiences. It aims to solve the challenges of pre-banked and under-served segments of society with our convenient & secure omnichannel spending solutions built with innovative technologies offering unique propositions.

Zaggle is an innovative FinTech company that has been delivering financial solutions and products since 2011. With over 2800+ active corporate clients, 120,000+ merchant relationships, 50 million+ cards in circulation, and 2.56+ million users, Zaggle continues to strive to provide business financial management solutions. Zaggle’s Propel motivates and rewards employees and channel partners. YES BANK Zaggle Corporate Credit Card with Zaggle ZatiX offers corporate credit cards with spend analytics capabilities.

 Zenpay Solutions is a FinTech company offering hassle-free digital payment solutions to employers and employees, making the payment process simple and efficient for all our users. It has developed products such as salary cards and gift cards that help users make digital payments safely in the country. Its cards are built with RU-Pay, a domestic card payment service launched by the National Payments Corporation of India. They can also track their finances using the interactive dashboard, which helps them monitor their expenses and income with the utmost convenience.

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

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