Brief Buzz: Trending now in FinTech – Varun Rathi
Adgully has commenced a new column – ‘Brief Buzz’ – wherein we are inviting industry experts to share their views on what is trending right now in different fields of advertising, media and entertainment. And we have asked them to keep it short and sweet.
In this article of Brief Buzz, Varun Rathi, COO & Co-founder, Happay, writes about what is trending in the FinTech space today. Happay is a FinTech start-up that offers expense management solution for businesses.
It’s the new go-to reason for anything ‘good’ or ‘bad’ happening anywhere in the country, and more so in the FinTech space. We have leapfrogged five years in terms of FinTech acceptance and awareness as a nation. UPI, wallets and banking apps are new ‘WhatsApp’ craze. People are complaining about the inconvenience, but at the same time praising the initiative.
B2C wallets like Paytm, Freecharge have got a ‘Nitro Boost’. A rare opportunity for a company when the regulations are in their favour. The opportunity is real for them and they have another 30 days to reset their base to a much higher level. I believe, Paytm was the only one ready to take advantage, but others are catching up fast.
In B2B, every FinTech company is trying to mould their offerings to support their customers best. The effect is not very evident in the short term, but the long term looks really bright. Businesses are the source of money for most of the daily transactions – be it payments to vendors or employees. Due to the blockers on cash payments, they are looking for ways to adopt digital payments. Once the source and destination are both digital, it will create a network effect and it will be one of the most ‘in evident’ long lasting effect.
A lot of our existing customers at Happay have increased their proportion of payments through Happay, which were earlier done using cash.
‘Necessity is the mother of ‘jugaad’ in India’. We can never be too surprised with the small and little innovative ways that our country comes up with to deal with any sudden ‘calamities’.