3 FinTechs propelling Contactless Payments Technology in India

By Gloria Mathias

Contactless payments are emerging as a pivotal force driving innovation in the Indian FinTech space, restructuring how financial transactions are conducted across the country.

The market for contactless payments in India is booming, owing to technological advancements, changing consumer habits, and supportive government policies. The COVID-19 pandemic gave this trend a major boost as people turned to safer, more swifter ways to pay.

Technologies like Near Field Communication (NFC) and the Unified Payments Interface (UPI) have transformed how Indians handle their finances, making transactions faster and more secure. The government’s Digital India initiative, along with backing from the Reserve Bank of India (RBI), has further strengthened the market.

FinTech companies are leveraging this momentum to introduce solutions, ranging from NFC-enabled mobile wallets to seamless QR code-based payment platforms. This shift is streamlining the payment process for consumers and empowering businesses, especially small merchants, to embrace digital transactions with greater ease. With the rise of contactless payments, FinTech firms are reshaping the financial landscape of India, offering scalable and user-centric solutions that cater to the diverse needs of a rapidly digitizing economy.

Listed below are 3 FinTech platforms offering contactless payments in India:

TapTap is India’s Innovative Payment Startup, Prepaid Card Issuer, Wearable Technology Developer, and Program Manager. It is the latest offering from the innovators at BillBox. TapTap’s mission is to onboard a new generation of trusted, secure, and robust FinTech platforms that are synced with Gen Z’s needs and create innovative wearable digital payment solutions for brands and corporations.

Seshaasai is a privately owned company focused on secure and versatile technology-driven solutions. Seshaasai, committed to developing high-quality tech-based solutions such as omni-channel communication systems and smart payment solutions, Seshaasai has actively led India’s digital evolution. From transactions to identification, its proprietary software programs prioritise data security. From financial institutions and healthcare to education and government, Seshaasai transforms business challenges into competitive opportunities.

Transcorp is a BSE-listed and RBI-regulated entity with Prepaid Payment Instruments (Wallets/Cards) and Authorized Dealer Cat. 2 (Forex) licenses. Transcorp operations include money changing, inward remittance, car rental services and organizing tours and travels. Since its inception, Transcorp International Ltd. has had a technology and global outlook that ensures consistent diversification and growth. Transcorp operations include payment cards and UPI wallets, money changing, inward remittance and travel services.

Also read: Global Payments Vendors and Landscape Report Q1 2024