Digital loan services in India are growing exponentially every day. Banks generally provide credit services to the public, but in this era of digital services, many companies have begun to provide digital loan services.
digital loan services are currently in full swing in India. E-commerce is a company that provides digital services to digital service providers, technology service providers, smartphone companies, Pintech companies, NBFC and small banking companies.
The recently announced loan plans of two startups in the field of digital loan services have had a major impact on the public and banks.
Digital Clients in India
As India is one of the fastest growing digital service clients in the world, while providing better services to people from all walks of life, you can acquire a large number of clients in one short period of time. Therefore, all the leading companies have announced the cheapest but safest service plans.
Digital Credit Services
On this basis, India’s digital credit services are currently growing at an unprecedented rate. According to estimates released today, the total value of the Indian digital credit market is estimated at US$1 trillion. Who doesn’t want to occupy such a large commercial market?
Facebook Credit Scheme
In this regard, Facebook, the world’s largest social networking site, has decided to provide credit to small businesses through its Facebook website for the first time in the world. Although he decided to cooperate with a certain alliance to provide this kind of loan service, he decided to provide customers with loans ranging from 500,000 to 5 million rupees at an interest rate of 17-20%. This loan does not require any collateral.
China Xiaomi Project
owns and sells China’s leading smartphones, laptops and various electronic devices globally. Manu Kumar Jain, Chairman of Xiaomi, a leader in the Indian smartphone market, said that he plans to soon establish joint ventures with major banks and digital startups to provide credit cards, credit cards and insurance services in India.
Amazon’s New Investment
India’s leading e-commerce company Amazon has invested in India for the first time in areas of wealth management other than e-commerce and retail. Amazon has made a $ 40 million investment in Smallcase Technologies. Through this investment, Amazon will be able to provide a variety of credit and financial service plans. It is worth noting that Amazon already provides credit card and post-payment services.
Google Credit Programs
Google, a subsidiary of Alphabet, the world’s largest technology company, has begun to provide digital gold services, mutual funds and digital loans through its Google Pay digital payment platform, and now offers its customers higher interest rates. This has become a headache for banks.
Google Deposit Service Plan
Google has partnered with Equitas Small Finance Bank to provide one-year deposit financing services through the Google Pay processor. Google Pay Equitas Small Finance Bank currently provides a comprehensive deposit yield of 6.85%, and India’s leading banks provide a one-year deposit fund with a maximum interest rate of 5.75%. Provide interest income of more than 0.50% for the elderly.
Digital Payment Services
As India’s digital remittance services continue to grow at an unprecedented rate, digital financial services are also booming. A recent report by the Boston Consulting Group predicts that digital credit services in India will reach 350 billion U.S. dollars in 2024 and will soon reach 1 trillion U.S. dollars. What is the future of
Bank?
As technology and startups begin to dominate financial services platforms, the dominance of Indian banks is gradually declining. A similar situation has occurred in China. Since companies such as Alibaba and Tencent began to expand their use of digital financial services, banks’ dominance in retail banking services has fallen sharply. This was followed by a series of changes in the banking and financial services sectors.
The Reserve Bank decision
There are more than 300 start-up service providers in the online credit service sector in India, and the Reserve Bank plans to develop a new framework to implement and supervise these regulatory agencies. The growth of pintech and technology companies in the digital financial industry has reached an unstoppable level. Under the current circumstances, the competition for who will win the first place has ended.
