Sharat chandra onion Credit FinTech is simply the merger of Finance and Technology. It refers to digital solutions of any financial service provided by a start-up company or any mainstream company developing technologies to replace traditional financial services.
Sharat chandra onion Credit What Are FinTech Credit Cards?
Sharat chandra onion Credit Fintech credits are digital credit cards armed with new technological services, better cash-back programs that are not issued by traditional banks. This technology has already imprinted a great impact in the financial industry with its short term credit products, mobile-based loans, paperless documentation and instant financial solutions. These credit cards do not even require any credit scores.
India has emerged as the second-largest fintech hub that is constantly redefining the existing traditional financial services with new technologies. This advanced service proved itself to be transparent, instant, secure and quite economical. Recent phenomena like pandemics and rapid digitalization have increased the use of smartphones and the internet tenfolds. This is one of the reasons that people are more relying on digital products. Hence, the popularity of Fintech credit cards is also growing rapidly.
Fintech products are attracting more millennials than any other age group. Their revolutionizing digital services, innovative products, customer support are making them more appealing to this generation.
How Are FinTech Credits Different?
With the increasing trend in Fintech services, a question is also circulating in people’s minds on how are these different from regular credit cards. The answer is simple- people are more comfortable with digital services and now are inclining towards mobile apps to tackle their financial needs. Others include:
- Fintech firms go beyond to approve credit cards for a customer.
- These companies are always finding new ways to provide credits to customers.
- Some companies can provide paychecks faster than traditional institutions.
- Fintech credits offer more rewards than other credit cards.
Some New Age FinTech Credit Cards
Many Credit Cards are coming into the market nowadays. Some basic requirements a customer should keep in mind when purchasing a credit card-
- Free ATM access
- FDIC insurance
- Simplified rules
- Good Ratings
- Low to zero fees
Some new-age credit cards include:
- Simpl
A low-ticket, easily accessible and quite simple credit card is Simpl. It gives a custom credit limit around the range of Rs 2000 – Rs 20,000. It is typically used for retail and e-com purchase.
- Pay 1/3rd
A fintech start-up, called Uni, recently launched this longest interest-free credit card. This pay later card automatically splits the cardholder’s transaction into 1/3rd, allowing customers to pay their total bill into three parts over three months and that’s also for no extra charges.
- LazyPay
As the name suggests, LazyPay provides a smooth transaction with an easy payment system. It is a great credit card for day-to-day purchases.
- Slice
It is a millennial-friendly fintech company. It provides credit lines from Rs 10,000 – Rs 10 lakh. It challenges the traditional credit system while providing smart, smooth and transparent financial services.
- Ola Money Postpaid
This is a fast and simple digital credit system from Ola. This card can be used to pay for your Ola rides and various other online transactions. The company provides this credit service to their customers with no extra charges and promises a hassle-free payment system.
Final Thoughts
Fintech cards are generally very safe but practice caution when dealing with relatively newer companies. These credit cards offer many useful features that traditional banks do not. Fintech credit cards are the new trend and we should not deprive ourselves of having the latest services.