Top 7 players poised to disrupt the cashless payments ecosystem

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The financial services industry had undergone a tremendous transformation, accelerated by the COVID-19 pandemic. And considering the role digitization plays in the financial lives of people across the country today, electronic or cashless payments lie at the very epicenter of this digital transformation.

With payments becoming increasingly cashless, the industry is fostering inclusion majorly and is also supporting the development of digital economies, driving notable innovations in the process.

Even as COVID-induced situations normalize and in-store shopping returns, contactless payments are likely to remain constant, as more consumers embrace the streamlined and efficient purchase experience. This shift from cash to digital is anticipated to have a thorough positive effect on the entire payment ecosystem.

In fact, as per an analysis by PwC, Global cashless payment volumes are set to increase by more than 80% from 2020 to 2025, from about 1tn transactions to almost 1.9tn, to almost triple by 2030. Asia-Pacific will grow the fastest, with cashless transaction volume growing by 109% until 2025 and then by 76% percent from 2025 to 2030, followed by Africa, Europe, Latin America, US, and Canada.

Let’s look at some of the players who are perfectly poised to leverage this immensely lucrative payments ecosystem:

ToneTag (Brand of Naffa Innovations Pvt. Ltd.), Bengaluru: ToneTag is a voice-first communication technology platform that enables cashless payments and proximity engagement services to individual users as well as merchants. ToneTag provides users with a highly secure communication channel that is independent of any instrument or infrastructure, making it highly scalable and interoperable. They are also the proprietor of other sound-based payments and engagement solutions, such as non-mobile digital payments and context-based solutions. Non-mobile digital payments are essentially digital, cashless payments made with the help of a voice assistant such as Alexa or Siri. The company has 32 filed patents and has been working with RBI, NPCI, Amazon Pay, and Mastercard, among others, in the payments and commerce space and Alexa, Google Assistant, and IISC in the voice space.

Cashfree Payments India Private Limited, Bengaluru: The Cashfree Payments India Private Limited extends a cross-border payment platform to facilitate the purchase of assets listed on foreign exchanges like publicly listed shares, exchange-traded funds (ETFs), and units of mutual funds, that are securities by Indian investors via local payment methods.

Fairex Solutions Private Limited, Hyderabad: Fairex Solutions Private Limited provides an aggregation platform of leading cross-border payment providers for outward remittance. It is involved in Software publishing, consultancy, and supply [Software publishing includes production, supply, and documentation of ready-made (non-customized) software, operating systems software, business & other applications software, and computer games software for all platforms. Nearby Technologies Private Limited, Mumbai: Nearby Technologies Private Limited facilitates routing the inward cross-border remittance to the beneficiary’s Aadhaar number as a virtual bank account

using existing Rupee Drawing Arrangement (RDA) mechanism. They are engaged in the business process of service providing a broad array of Money Transfer Service and Ticket Booking Service.

Open Financial Technologies Private Limited, Bengaluru: Open is Asia’s first neobanking platform for SMEs and startups. They are on a mission to deliver a truly seamless business banking experience and make managing finances a breeze. Powered by partner banks, Open offers a business account that let’s small business owners collect payments, auto-reconcile them, and make seamless payouts. 

Tap Smart Data Information Services Private Ltd. (CityCash), Mumbai: TAP Smart Data Information Services Private Limited is an Indian Non-Government Company. It’s a private company and is classified as’company limited by shares’. It is majorly in Business Services business and currently, company operations are active.

Eroute Technologies Pvt. Ltd., Noida: Eroute Technologies is a card-based consumer-centric payment company with a mission to redefine spending experiences with real time visibility and control over spends that enrich the consumer’s lives for responsible and sustainable future. They aim to solve the problems of pre-banked and under-served segments of the society with our reliable omni-channel payment solutions integrated with consumer platform using innovative technologies with the blend of personalisation.

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