Published on February 4th, 2021 | by Bibhuranjan0
India’s role in the gambling FinTech industry
We are spending more and more time on the internet and a lot of our purchases are done without physical presence. That means that we can´t pay with cash nor can we swipe our card. This fact has increased the need of safe, fast and cheap ways of paying for our shopping. Of course, there are plenty of companies fighting to get a front row seat in the FinTech area.
The casino business is one of the fastest growing industries and especially as there are many smaller transactions being done both to and from the casinos. And many transactions means that there is the potential of many small incomes. And if one has a well working software that means that there is a huge potential to make big money, and big money are being made. Some of the fastest growing companies are just FinTech companies that are focused on casino transactions.
And there are plenty of knowledge and ingenuity in India to take a big bite out of the economy in FinTech that the casino business offer. If you want to learn more about the casino industry you can explore and compare the Indian online casino here and at Casino Captain India and the different ways of payment that they offer today.
As one of India’s biggest FinTech companies most have used Paytm to charge their phone, paid their electrical bill or bought tickets to the movies. They have developed a e-wallet that you can use to pay for just anything. All that is needed for the user is to download the Paytm-app and create an account, after creating the account you register your credit card to your account and you are ready to spend money at all sites that is connected to Paytm without giving them your card information.
Over 100 million users
As a partner to Paytm you have a full overview of your transactions and you see the payment straight away, and refunds are easy and quick. The fact that over 100 million of India’s population have the app makes it one of the most used payment methods in the country and is there for a strong marketing point.
Founder became the youngest Indian billionaire
In 2010 Paytm started as a prepaid mobile and DTH recharge platform and has grown to offer everything from their own marketplace to using the app for paying for road toll. The founder, Vijay Shekhar Sharma was the youngest to become a billionaire in India in 2017 by Forbes, seven years after starting Paytm.
In 2008 the non- profit organization National Payments Corporation of India started under the supervision of the Reserve bank of India as an umbrella organization to enable easy payments and settlements. In 2016 they introduced a real-time payment system using a phone app. With the UPI app it is possible to send money between bank accounts but also to phone numbers where the receiving account does not have to be known to the sender.
Well used and safe
There are more than 200 banks enabling their consumers to use the UPI app and this FinTech app with more than 22 billion transactions in 2020. The users can connect their multiple accounts from different banks to one place. It also gives the users a safe way to receive money from private persons in a safe way without giving away any bank information. It can also be used as a proof of payment if it comes to any discussions.
Many casinos offer their gamblers to use Bitcoin as payment. Unocoin has made it their core business to trade Bitcoin and other cryptocurrencies as Tetherium and Tether. By offering their traders an app they can sell and buy whenever it suits them and the rates are at their best.
First e-wallet to go international
There are yet to see if any of the India started FinTech services will find its way outside of the local market. Some companies have started to look global, like Finology who is aiming at the financial market and not to everyday transactions as e-wallets. There are examples of highly successful business taking the international market, the independent Swedish company Trustly is present as a method of payment on many of the biggest casinos around the world.
Who will be jumping on to the chance
Some of the FinTech companies that are making it on the international market have branch offices and engineers in India, so the knowledge and knowhow can be found inland. Someone needs to organize and lead the knowledge and take the ingenuity to an international level. And maybe get some start up funds to get a kick start and some of the best employees.
Image by Free stock photos from www.rupixen.com from Pixabay