Uvik: Democratizing Contactless Payment For All

In India, we have approximately three crore merchants, but only 10-12 percent of them possess card acceptance solutions. The major hurdle is the cost associated with PoS/mPoS terminals and their maintenance, making them not so feasible to use and penetrate. With the government and regulators supporting latest technologies to digitize payments and the pandemic led sense of precautions, we believe NFC based contactless payments is the future of accepting safe and secure payments. By enabling contactless payments acceptance on smartphones, Uvik is helping India in its fight against COVID-19. As it does not require any external device, a merchant can download UPoS app and do a simple digital onboarding process to start accepting contactless payment. Uvik's cheapest card reader solution provides access to contactless and chip card payments to merchants at 40-50 percent less cost compared to the currently available solutions.

10 Most Recommended Fintech Solutions Providers - 2021

Propelled by the unusual turnarounds during the pandemic, the fintech industry across the globe hosted a turning point in the year 2020. The exponentially increasing digital transactions is driving the growth of the industry. The global fintech industry is poised to reach approximately $305.7 billion by 2023, expanding at a CAGR of whopping 22.17 percent during the 2018-2023 period. The strong tailwind caused by the pandemic is expected to push these numbers even further. The growth trend is prevalent in India, which is one of the fastest-growing fintech markets in the world. As of March last year, India and China hosted the highest fintech adoption rate (87 percent), out of all the emerging markets in the world, while the global average adoption rate stood at 64 percent. According to ResearchAndMarkets.com, the fintech market in India was valued at approximately Rs.1,920.16 billion in 2019 and is expected to reach Rs.6,207.41 billion by 2025, expanding at a CAGR of nearly 22.7 percent, which in fact is more than the global average. Recognizing the key progressions and developments in the Indian fintech realm, CIO Insider has come up with an index of ‘10 Most Recommended Fintech Solutions Providers - 2021’. The list comprises fintech solutions providers who have shown immense proficiency in their operations, improving financial literacy & inclusion, and building an ecosystem around them, and in turn have been significantly driving the fintech industry’s more-than-global-average growth in India. The following list has undergone strict scrutiny by a panel of experts that include industry veterans & subject matter experts, CMOs, CEOs, analysts, and the CIO Insider editorial team.