India is a fast growing economy with more than a billion mobile connections and a smart phone user base that’s poised to hit 530 million in 2018. India is also characterized by an increase in internet penetration and broadband speed combined with the fact that the vast majority of population are young, with millennials being the largest demographic group.
The younger population is moving beyond the legacy system of money management such as traditional banks and increasingly managing money online through wallets and digital means. These conditions are ripe for further development of fintech ecosystem in the country.
The legal and regulatory support extended by the Indian government to this sector in form of enabling policies and innovations is contributing to the growth of this Industry in the country. The regulatory bodies are committed to making finance digitised and accessible for the masses. As part of its Digital India initiative, government of India is encouraging a paperless and cashless model of finance, which helps in increasing financial inclusion, reducing paperwork, fraud and bureaucracy, improving efficiencies, and reducing costs.
FISME, the leading federation of MSMEs, recently submitted a set of suggestions to the Government for promotion of Fintech Industry, in response to the invitation by a Steering Committee constituted by the Government to develop a support eco- system for the sector.
This growth and innovation in the Fintech sector in the country is ably supported by private organizations. One such organization working specially in the northern parts of the country is PayPortal Services Private Limited. PayPortal is a privately owned company that has been established in 2011 under the laws of India by international experts who have been in the payment services industry for more than two decades.
Payportal’s innovative and technically sound centralized platform connects Indian service providers like banks, mobile operators, digital TV operators and utility companies with public through a wallet. Payportal wallet number is linked to a mobile number of the wallet’s owner. It only takes a few seconds to set up a wallet and two factors authentication process ensures that the customer is exactly the person who owns the wallet and offers a safe and secure payment method. The PayPortal platform utilizes the advantages of personal computers and smart phones and is available on a secure web page that has been designed for personal computers and mobile browsers as well.
While most companies in the current payments landscape are either focused on remittances or money transfers; PayPortal is introducing innovative technologies such as blockchain for making its data decentralized and payment systems more secure. The company is working towards its vision of providing an innovative and seamless single window payment solution to its customers through an extensive network of channel partners including distributors and retailers.
PayPortal is a pioneer in the Indian market to look towards introducing blockchain technology and international payment solutions. With its advanced experience in domestic money transfers, the company plans to realize this part of the project based on the own blockchain and crypto currency PPTL Coin. The PPTL pre sale is already underway and is getting very positive response from investors.
PayPortal is committed to work towards empowering its end customers by making their experience in bill payments and money transfers easy, smart and faster.