Financial Hacks For Millennials And Gen Z In India: Courtesy PaySprint

S Anand, the Chief Executive Officer and Co-Founder of PaySprint, a Fintech venture focussed on Next Gen Neo Banking Solutions, offering a Unified Open API Platform shares his financial insights with Mumbai Live

Financial Hacks For Millennials And Gen Z In India: Courtesy PaySprint

PaySprint is a Fintech venture focussed on Next Gen Neo Banking Solutions, offering a Unified Open API Platform. It works closely with various banks to bring digital banking solutions to the end consumer. Banks will continue to be the custodian of the customer and the various banking products and services, while PaySprint will create larger consumer adoption.

The Fintech venture was brought to life in 2020 to offer better, faster and easier digital payments. 2020 also saw India coming to age on digital payments which have been possible through JAM - Jan-Dhan Accounts, Aadhar and smartphone penetration. India is expected to be a 10 trillion-dollar economy in a few years and, banking and fintech are going to play a big role in achieving this, believes S Anand, the Chief Executive Officer and Co-Founder of PaySprint.

In the last 6 months since its launch the company is pioneering strong partnerships with the banking ecosystem and provides a Unified Open API Platform that would transform how Bharat transacts which will lead to larger consumer adoption, interface, and delight.

On being asked how the journey has been like since the past year, S Anand explained, “We have launched 20+ Banking API’s and have onboarded 250+ partners who are in various stages of integration and go Live”.

With many fintech ventures in the market, PaySprint has managed to set itself apart by ensuring ease in onboarding and integration. Additionally, they give their API partners the power to choose and manage their preferred banks or service provider through which they can get their transactions processed. This, coupled with offering all types of neo banking solutions under a single dashboard has allowed them to manage their business more effectively. S Anand says, “A successful start-up is the one that resolves out from others, even in one aspect or builds up a solution based on the target customer’s main problem statement.”

Sharing his stance on the relationship between banks and Fintech’s, he states, “Banks will continue to be the custodian of the customer and various products and services, whereas Fintech’s will usher greater innovation and technology, creating a better customer interface leading to larger consumer adoption and delight”.

Additionally, he believes that India will be soon a $10 Trillion economy, which can be achieved through a robust partnership between banks and fintech. He adds, “Today banks are convinced that in order to extend banking solutions beyond their own channels, a larger adoption of their financial services will require a strong partnership with Fintech’s through API Banking”. “Thereby API Banking is truly creating a strong relation between banks and Fintech’s which is setting the stage for the next big revolution in banking”.

Even with API’s gaining traction in banking, some continue to remain unaware in regards to what it constitutes. S. Anand simply explains it to them as, “Application Programming Interface (API) traditionally pertains to the tech interface between software programs. This interfacing ability facilitates a third-party application, like PaySprint, to synchronise and connect to a bank’s tools and services”. “API banking refers to a set of protocols that makes a bank’s services available to other third-party companies via APIs. This helps both banks and third-party companies to augment their complementary specialities and offerings”. He thinks that over the last few years, APIs have become significant to banks and fintech companies. Since they provide better means to share data, integrate with systems, and personalise services, making financial services quick and efficient.

Another crucial component in the banking industry is the Unified Payment Interface (UPI), which has taken India a step closer towards becoming cashless. S. Anand draws a comparison between this new payment method with one’s smartphones. He states that the smartphone becomes a virtual debit card, enabling one to send or receive money instantly.

Talking about whether he believes that UPI can sustain its growth, he says, “For a number of years, we have been seeking a revolution in banking in India. What we have in India is the most sophisticated public payments infrastructure in the world. The current trends in UPI have been very encouraging and with the increase both in transactions and active monthly users, it will not only sustain its growth but with will be a major contributor to Digital Transactions in the coming years”.

Consequently, even with the leaps being made in the online transaction realm, many customers continue to remain apprehensive of it. S Anand believes that some of the determinants of this nuance are technology and security issues and inefficiency at making complex transactions. He believes that it can be better addressed by demonstrating responsible behaviour and adhering to the requisite guidelines.

In his conversation with Mumbai Live, he elucidated how PaySprint’s services are meant to ease transactions for millennials and Gen Z in India. He says that they do this by incorporating flexibility to provide the best features and services to streamline financial services. This coupled with the reduction in administrative hurdles in regards to managing personal finances, like applying for a business loan, checking your creditworthiness, has been their key to success. They also enable their users to control, track, and analyse all financial movements, in one place. API banking has enabled PaySprint to offer products and services better suited to the audience’s needs. The most important fallout of API Banking is the data analytics which has enabled them to tailor products, services and specific marketing initiatives.

Further broaching the arena of financials for millennials and Gen Z in India, S. Anand is of the opinion that they must create a habit to start saving early in life. “Today there are numerous avenues where small denomination savings can be done. The three good saving avenues are to invest in mutual funds SIP, P2P lending and gold.”

Lastly, on being asked what he hopes PaySprint achieves in the years ahead, he enunciated, “A few years down the line we want to change how Bharat Transacts and contribute to the $10 trillion Indian economy, our ambition is to become a Unicorn”.  

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