In the era of digital transformation, the Indian fintech landscape has been witnessing a remarkable surge in innovation, particularly in the realm of cashless payments. With a growing emphasis on convenience, security, and efficiency, several indigenous fintech players are spearheading a revolution in the way transactions are conducted in India.

Here, we delve into the top Indian fintech innovators who are disrupting the cashless payment ecosystem:

1.         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 over voice with the help of voice assistants like Alexa, Siri, and others. With 32 filed patents and 17 grants, the company has strong IP assets and has been working with RBI, NPCI, Amazon Pay, ICICI, SBI, Gpay, Verifone, and Mastercard, among others

2.         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.

3.         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.

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

5.         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.

6.         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 a company limited by shares. It is majorly in Business Services business and currently, company operations are active.

7.         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 a responsible and sustainable future. They aim to solve the problems of pre-banked and under-served segments of society with our reliable omnichannel payment solutions integrated with consumer platforms using innovative technologies with the blend of personalisation.