Contactless payments, digital loans make kiranas open doors to fintech

MUMBAI: The coronavirus pandemic might help achieve India’s stated goals of creating a less-cash economy and enhancing financial inclusion. Shoppers at even neighbourhood stores now want contactless digital payments, and that demand dovetails with what lenders want in lieu of working capital loans — digital invoices and online transaction records.

Top fintech companies are, therefore, rushing to tap into this new consumer trend, with several of them offering digital solutions to small merchants. These range from instant loans to digital billing to even geotagging, as companies believe the merchant digitisation business will boom when the lockdown eases