Tag: Tech 👨🏻‍💻

  • Scaler Academy – An Edtech to Learn Programming & Prepare for Interview

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    It is an undeniable fact that the Indian education system has undergone a radical change over the last few decades. While there have been concerted efforts at making education more accessible, what is still lacking, especially in higher education, is the much sought-after connection with the industry.

    Instructors and mentors aside, who would not only equip pupils with new skills but also guide them in their careers, there is the necessity to have a curriculum that is vetted by industry veterans. That’s exactly what led to the launch of Scaler in 2019.

    An upskilling platform by InterviewBit, Scaler enables aspiring students and working professionals in tech to unlock their potential. At this moment, Scaler’s upskilling offerings, Scaler Academy and Scaler Data Science & Machine Learning (DSML), have over 35,000 working professionals cumulatively enrolled in its program since 2019.

    In terms of outcome, Scaler has already found resounding success. 94% of the placed learners have already bagged jobs with aspirational companies as software engineers and developers. Scaler learners have witnessed a mean salary of ₹21.6 LPA, a median salary of ₹17.5 LPA and a placement rate of 93.5 per cent. The highest domestic salary achieved by Scaler learners stands at ₹3.03 crore. The average salary for learners who had 6-10 years of work experience is ₹31.9 lakhs, while learners with more than 10 years of experience received packages averaging ₹57.1 lakhs, while the highest salary offered to a Scaler learner was a whopping INR 3.03 crore per annum.

    StartupTalky interviewed the founders of Scaler (by InterviewBit) to learn about the Success Story of Scaler and take a glance at Scaler’s Products, Business Model, Funding, Growth & more.

    Scaler – Company Highlights

    Company Name Scaler
    Founder Anshuman Singh, Abhimanyu Saxena
    Founded 2015 (InterviewBit), 2019 (Scaler)
    Sector Edtech
    Headquarter Bangalore
    Total Funding $76.5 million+ (2022)
    Valuation $710 mn (2022)

    Scaler – About
    Scaler – Founders and Team
    Scaler – Startup Story | How it Started?
    Scaler – Name, Tagline and Logo
    Scaler – Business Model and Revenue Model
    Scaler – Startup Launch
    Scaler – Challenges Faced
    Scaler – Growth and Revenue
    Scaler – Funding and Investors
    Scaler – Competitors
    Scaler – Acquisitions
    Scaler – Recognition and Achievements
    Scaler – Future Plans
    Scaler – Community and Reviews

    Scaler – About

    Scaler was incubated inside the InterviewBit in 2019 – a platform where people could learn new programming skills and practice interview questions in order to scale up in their careers.

    Scaler is an upskilling platform by InterviewBit that enables both students and working professionals to unlock their talent. Scaler’s offerings cater to –

    • Young working professionals (Scaler Academy, Scaler DSML and Scaler Neovarsity)
    • Students graduating from 12th grade (Scaler School of Technology)

    Scaler’s meticulously structured programs vary in duration from 9 months to 24 months. These act as career accelerators by enhancing the skills of the students by offering them a modern curriculum with satisfactory exposure to the latest technologies. Scaler’s students have access to over 1000 working professionals from top software companies across the globe, including Amazon, Google, Facebook, Netflix, and X (Twitter), among others, who act as instructors, teaching assistants, mentors and career coaches.

    Cumulatively, Scaler has had over 35,000 students and working professionals enrolled in its various programs. The Scaler programs are being developed as an inclusive ecosystem of engineers and mentors to help talent scale and build the next generation of global tech leaders. Scaler has been designed to help and guide students from engineering colleges to prepare and learn skills that they would require for top technology jobs.

    Scaler helps to polish skills and get its students ready for prospective jobs with big-tech companies, whether they are fresh college graduates or working professionals looking to advance in their careers.

    Scaler’s goal is to ensure that the talent is recognised regardless of the student’s background. The platform aims to create a benchmark for software engineers in the recruitment space so as to ensure that they receive the best opportunities in the industry to further their careers.


    Interviewbit – Top E-Learning Platform
    Growing population and unemployment go hand by hand in this contemporary world.
    The major reason for this is the unavailability of proper resources and lack of
    awareness among the people. InterviewBit is a learning platform that helps and
    mentors all those who are aiming for a job. The company’s gr…


    Scaler – Product/Services Offered

    Scaler is a tech education startup that offers courses on computer science which train and upskill software developers to find meaningful employment in India’s burgeoning tech industry. It offers several in-depth and intensive programs that are taught through live classes delivered by tech leaders and subject matter experts. The curriculum is systematically and specifically created in order to provide students with sufficient exposure to the latest technologies.

    Here’s a list of Scaler’s offerings –

    Scaler Academy

    For all the tech professionals who want to accelerate their careers, Scaler Academy has designed a flexible program for you. It is a program to master Problem Solving & System Design. One can choose the curriculum based on the level of knowledge one already entails & the type of specialisation needed, i.e., Backend Specialisation or Full-Stack Specialisation.

    • Thoughtfully designed learning aspects, topics & concepts
    • Hands-on Projects and assignments to implement concepts
    • Personalised topics, peers & pace of learning are optimised for one’s needs
    • Industry-tested curriculum to make one job/career-ready

    Scaler DSML

    The program is for engineers looking to specialise in Data Science and Machine Learning, The course will start by building a strong foundation in Data Structures and Algorithms. Then, learners will dive into Mathematics, followed by Data Mining, Statistical Analysis, Data Science, Machine Learning, Deep Learning and Big Data. More than 45 critical tech tools will also be taught during the length of the course.

    • Live class
    • Industry projects
    • 1:1 mentorship
    • Secure Placement Assistance

    Scaler Topics

    Scaler Topics is a gamified free learn-to-code platform that can provide quality technical content for anyone interested in software-related subjects. The platform provides streamlined technical content across all fields related to tech, data science, and machine learning for individuals passionate about learning and building a career in many in-demand domains with assisted videos from mentors, even those with no prior knowledge in their chosen field. In addition to the video courses, the platform provides a wide range of free material to software enthusiasts through interactive challenges, events, contests, and detailed article threads by industry experts.

    • Courses
    • Contests
    • Articles
    • Reading Tracks

    Scaler School of Technology

    Established in 2023, the Scaler School of Technology stands out as India’s leading institution for engineering education. The school presents a 4-year residential undergraduate program in Computer Science, delivered by eminent tech leaders from major industry players like Google, Microsoft, Facebook, Amazon, Uber, and more. Distinguishing itself with an industry-validated curriculum, an esteemed teaching faculty comprising top tech professionals, and an innovative 1:1 mentorship model, Scaler operates from a cutting-edge campus located in Bangalore’s Electronic City, in close proximity to major tech firms. Going beyond conventional education, the program provides specialised tracks in high-demand technologies coupled with a groundbreaking one-year paid internship. Successful program completion rewards learners with a 3-year BSc in Computer Science from BITS Pilani and a one-year Master in Computer Science from the globally accredited Woolf University.

    Scaler – Founders and Team

    Both Scaler and InterviewBit have been founded by IIIT (International Institute of Information Technology) Hyderabad alums Anshuman Singh and Abhimanyu Saxena.

    Anshuman Singh and Abhimanyu Saxena - Founders, Scaler (& InterviewBIt)
    Anshuman Singh and Abhimanyu Saxena – Founders, Scaler (& InterviewBIt)

    Anshuman Singh

    Anshuman previously worked at Facebook, where he led the team to build and scale the Messenger feature. Anshuman was also part of the four-member landing team to set up the London office of Facebook. He is a competitive programmer and a two-time ACM ICPC World Finalist.

    Abhimanyu Saxena

    Abhimanyu led a team that designed NYC-based retail marketplace Fab.com’s entire front end. A seasoned entrepreneur, Abhimanyu co-founded his first enterprise while still in college.


    MyCaptain Company Profile – Founder | Business Model | Courses | Climber | Wiki
    Company Profile is an initiative by StartupTalky to publish verified information
    on different startups and organizations. The content in this post has been
    approved by the organization it is based on. As a teenager, discovering and following your passion is difficult in India as
    neither the educati…


    Scaler – Startup Story | How it Started?

    Abhimanyu Saxena started his career with Progress Software as a Programmer and later moved to Fab.com as a Software Architect, where he worked for over three years. During his days at Fab.com, he had to recruit new talent for projects, which turned out to be a tedious job. Even after screening hundreds of resumes and conducting interviews, they were only able to find the right talent in single digits. Anshuman faced a similar challenge in his role at Facebook (Meta), where he was setting up the London office and was looking to recruit tech talent for Facebook’s expanding footprint.

    Almost 90% of the candidates interviewed did not have the necessary tech skills that were required for the job. This was when he experienced the scarcity of skilled tech talent in the industry and realised the gap that exists between the university curriculum and the skills that are required to succeed as a software engineer.

    In 2015, together, they started InterviewBit as an online platform providing interview prep to aspirants to make them job-ready, thereby also addressing the challenge faced by recruiters in hiring the right talent for the job.

    InterviewBit.com is a free coding practice platform for developers. The platform helps college students as well as working professionals to polish their programming skills and get job-ready. The companies that hire from the programmer community on InterviewBit.com pay the company hiring fee. All Scaler by InterviewBit courses have prepaid Scaler course fees that students need to pay to be part of the program.

    Scaler’s first two paying customers were Amazon and Facebook. “They started helping Amazon hire quality engineers back in 2015, and to date, they are super proud that we’ve helped Amazon hire a lot of top tech stars. They built an interview warm-up tool for Facebook Careers called CodeLab, which was exceptionally popular amongst the FB applicants,” Says Scaler Founders.

    The majority of private organisations, both large and small, claim that while graduates might possess theoretical knowledge, they usually lack the skills that are required to complement entry-level jobs. They realised that most people they engaged with were capable of achieving even greater things given the right guidance. That’s exactly what led to the launch of Scaler in 2019.

    At Scaler, the pedagogy of the courses has been created, and the structured interaction with recruiters and industry leaders (CXOs) has been set up, as it helps understand what companies are looking for in candidates and then train their students with those skills accordingly.


    List Of Top Edtech Startups In India | Education Startups In India
    Although people underestimate the value of education [/tag/education/] these
    days because of the “drop out” tag, education is irreplaceable. People need to
    upgrade their skills instead of just getting a degree. Schools and colleges are
    important but the skills which schools and colleges don’t teach …


    Scaler Logo
    Scaler Logo

    Scaler means scale – scale your career, scale your skills, scale your life to be bigger, and better. It’s also a play on a mathematical term – Scalar.

    The logo shows the process of scaling, from the small cube, becoming bigger, to the white space resembling a diagonal arrow pointing upscaling.

    The colour blue was chosen, as it’s commonly associated with trust, loyalty, wisdom, confidence, and intelligence. These are the qualities that Scaler wants to inspire in others when looking at the brand.

    Scaler – Business Model and Revenue Model

    InterviewBit.com is a free coding practice platform for developers. The platform helps college students as well as working professionals to polish their programming skills and get job-ready. The companies that hire from the programmer community on InterviewBit.com pay the company hiring fee. All Scaler by InterviewBit courses has prepaid Scaler course fees that students need to pay to be part of the program.


    Simplilearn Business Model And Its Story
    Simplilearn is one of the leading certificate training providers. The company
    provides online professional courses in disciplines such as Cyber Security,
    Cloud Computing, Project Management, Digital Marketing and Data Science. It is
    an India based global Ed-tech Company
    [/p/2b2cfa57-9b7b-4021-9bb6-4…


    Scaler – Startup Launch

    Scaler’s first two paying customers were Amazon and Facebook.

    “They started helping Amazon hire quality engineers back in 2015, and till date are super proud that we’ve helped Amazon hire a lot of top tech stars. They built an interview warm up tool for Facebook Careers called CodeLab, which was exceptionally popular amongst the FB applicants” Says Scaler Founders.

    Scaler – Challenges Faced

    Fixing the problem of talent scarcity is a rather hard problem, with fixes needed on both the supply and demand side. Lack of awareness among students and archaic ways of hiring at businesses, which have gotten established over the years, are two problems that need behaviour change. However, Scaler does see a positive change coming on both fronts at a rapid pace.


    Coding Ninjas Company Profile | Best Coding Courses | Funding | Revenue | CEO
    Company Profile is an initiative by StartupTalky to publish verified information
    on different startups and organizations. The content in this post has been
    approved by the organization it is based on. Digital education was restricted to smartboards in classrooms until the SaaS or
    B2B segment came u…


    Scaler – Growth and Revenue

    Post the phenomenal growth Scaler saw in 2021 and 2022, the edtech brand is now focusing on maintaining its top line and profitability. Scaler has been EBITA positive over the last few months and is hoping to hit annual profitable figures by the end of the year. Here are some growth highlights that Scaler has witnessed to date:

    • Scaler has expanded its operations to the US in January 2022
    • Scaler is adding 2,500 learners monthly, and since April 2019, it has onboarded & helped 35,000 learners cumulatively.
    • Scaler has a very active community on Discord where students and teachers (mentors) discuss various tech and digital skills topics, clarify doubts instantaneously, and discuss assignments, projects, etc. With over 130,000 members, it is the largest tech community in the country.
    • Scaler is positive for both cash flow and EBITDA.
    • Scaler’s courses offer 4.5X RoI (return on investment) for the students
    • Thousands of Scaler alumni are placed in companies like Microsoft, Google, Uber, Amazon, Paypal, Adobe, VMWare, Intuit and McAfee.

    Best Education Business Ideas to Build an Empire
    Education [/tag/education/] is one of the important things for people living in
    this world. As one important area, we can utilize education in many fields of
    operation and in our day to day life. This is perfect for those who have a high educational background or those who
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    Scaler – Funding and Investors

    Scaler (by InterviewBit) has raised a total of over $76.5 million in funding to date. The recent round of funding came in from Lightrock, Sequoia, and Tiger Global, which helped the company raise $55 mn, as of 1st February 2022.

    Scaler’s Funding and Investors details are as follows:

    Date Series Amount Investors
    February 1, 2022 Series B $55 million Lightrock India, Sequoia Capital and Tiger Global
    January 28, 2020 Series A $20 Million Sequoia India, Tiger Global, Global Founders Capital and Rocket Internet
    $1.5 Million Sequoia Surge Program

    Scaler is backed by marquee investors like Peak XV Ventures (Sequoia Capital India), Tiger Global, Global Founders Capital, and Lightrock India, along with several high-profile individual investors. Lightrock India has stepped in as a new investor, leading the recent round of Scaler on February 1, 2022, where the company raised $55 million.

    Scaler Shareholders
    Scaler Shareholders

    Scaler – Competitors

    Some of the top competitors of Scaler Academy include –

    • Unacademy
    • PhysicsWallah
    • Masai School
    • Upgrad
    • Simplilearn
    • Masters Union
    • Vellore Institute of Technology
    • i-Nurture Education Solutions
    • Indian Institute of Technology
    • Indian Institute of Information Technology
    • National Institute of Technology

    upGrad Success Story – Business Model | Founders | Funding | Revenue
    The content in this post has been approved by the organization, upGrad. With an exponential growth in the number of internet and smartphone users in
    India, turning online to get one’s tasks done is now mainstream. Education now
    falls under this umbrella as well. Online tutoring
    [/how-to-start-tuto…


    Scaler – Acquisitions

    Scaler acquired Coding Elements and Coding Minutes in 2021. Followed by Applied Roots in 2022 in a deal worth $50 million. All the founders of these companies and their respective teams joined Scaler as full-time employees. Recently, Scaler made its fourth acquisition of a Delhi-based education platform, Pepcoding, for an undisclosed amount. This acquisition will accelerate growth and support across various business units, including strategy, product design, B2B enterprise, operations and instructor org.

    Here’s a glimpse into the 4 acquisitions that Scaler made so far:

    Name of the company acquired Date of acquisition Price
    Applied Roots March 2, 2022 $50 mn
    Coding Minutes October 21, 2021 $98.82 mn
    Coding Elements August 30, 2021 $1.05 mn
    Pep Coding May 31, 2023 Undisclosed amount

    Scaler – Recognition and Achievements

    • InterviewBit was recognised by LinkedIn as one of the 25 hottest Indian start-ups to work for in 2019
    • InterviewBit was one among the 17 startups from India, Indonesia, Singapore, Vietnam, and Bangladesh that have made it to the inaugural cohort of venture capital firm Sequoia’s Surge program
    • Scaler was recognised as a Great Place to Work® by the GPTW Institute in 2021
    • Recognised by AmbitionBox as “The Best Place to Work in India 2022” among tech startup companies with more than 500 employees in India
    • The startup’s parent firm, InterviewBit, is featured on the Financial Times’s Asia Pacific High Growth Companies 2021, 2022 and 2023 ranking.

    Scaler – Future Plans

    For the near future, Scaler plans to sustain a substantial revenue growth range of 30-40% from FY24 to FY25 with a focus on not just the financial progress but also a consistent delivery of high-quality education and essential skills for their learners.

    “At Scaler, they believe execution is equally essential for success in online learning. Towards this end, they continuously experiment with and incorporate new methodologies for teaching and learning to ensure an effective outcome,” added Scaler team

    Besides this, the team is also focusing on building Scaler School of Technology with admissions open to welcome the second batch of students to the campus.

    Ultimately, their goal is to bridge the demand-supply gap in the tech industry.

    Scaler – Community and Reviews

    Scaler’s community on Discord currently comprises around 130,000 members. It is the largest tech community in the country, comprised of like-minded individuals, where members discuss various tech and digital skills topics, share job openings, and engage in games and competitions.

    The reviews of Scaler by many people say…

    • “People teaching you are either a world-class competitive programmer or have cracked interviews in companies which take world-class hard interviews”
    • “The doubt support time is mentioned as 30 minutes, but it is wrong, He must say. It’s less than that. Anytime He felt doubt, He messages his community of batch mates or even to the teacher who taught him that concept, and they clarify instantly”
    • “You will have a Student Success Manager who will be guiding you through every step of your journey. In my case, My SSM even got to the extent that He was not solving problems in the middle of the course, so she contacted me and asked me to make a Google doc and share it with her and update daily on that doc the questions He do”
    • “If you succeed in a job interview – they will call and congratulate you and talk about the next opportunities. If you fail in one – they will call and say it’s normal and will discuss areas of improvement you can make.”
    Scaler Office photos
    Scaler Office photos

    FAQs

    Scaler was incubated inside the InterviewBit in 2019 – a platform where people could learn new programming skills and practice interview questions in order to scale up in their careers.

    What is Scaler?

    Scaler is a competitive online accelerator program that offers a course on computer science that trains software developers to land jobs with top tech companies. It offers an intensive 6-12-month computer science course.

    How much is Scaler Funding?

    Scaler (by InterviewBit) has raised a total of $76.5 million in investment to date.

    Who are the founders of Scaler?

    Scaler and InterviewBit both are founded by IIIT Hyderabad alums Anshuman Singh and Abhimanyu Saxena.

    What is Scaler Academy?

    Scaler Academy is an online tech-versity for the top 1% of software developers in the country. They offer an intensive six-month computer science course through live classes delivered by tech leaders and subject matter experts.

    Who does Scaler Cater to?

    Scaler caters to:

    • Tech-enthusiasts in university (Scaler Edge)
    • Young working professionals (Scaler Academy)
    • Those looking to transform into future CTOs and entrepreneurs (Scaler Plus)
  • Forecasting Tips to Improve Your Sales Management

    Sales forecasting helps organizations estimate the volume of sales expected to be achieved and how to achieve it. Most organizations use quantitative and qualitative sales forecasting when making predictions. In modern times, technology has made it possible for organizations to use AI-enabled forecasting techniques to achieve more accurate predictions.

    Traditionally, companies look at their past year’s performance and use it as the base to predict future performance. This strategy experiences many shortcomings, and more companies are currently opting to use AI to make data-based predictions.

    Make data-driven decisions

    Accuracy is important in sales forecasting. It helps organizations make better projections which attract more profits in the organization. The company gets clearer insights on what is likely to work or not work. Accuracy helps managers to capture opportunities that can help boost revenue generation and company reputation.

    To make data-driven decisions, you need the right tools to support your efforts. Revenue Grid provides you with the right sales forecasting tools that make your prediction more accurate. The tools help you automate data capture, predict future performance, assess risks, create signals, and identify winning patterns. The following steps are important when making data-driven decisions.

    • Identify your goals: Understand the goals of the organization based on its vision for the future.
    • Identify your data sources: Know where your data is coming from. Modern businesses generate data from multiple sources, but it is necessary to know the exact sources.
    • Keep your data organized: There are several tools that can help keep your data organized. You can use CRM and other AI-driven data management tools.
    • Do your data analytics: Data analysis helps you understand where your organization is coming from in terms of sales and where it is headed to.
    • Draw insights and make decisions: The purpose of data analysis is to help draw insights and actionable conclusions.

    Implement a sales pipeline action plan

    Organizations increase sales by offering quality services and products other than quantity. A viable action plan ensures sales teams increase their number of leads while improving on quality. They need to focus on the entire process from the time the first inquiry is made to the time the deal is closed.

    They need to understand the total steps in the entire sales process and the total leads that convert at each phase of the process. If, for example, the organization needs to increase the number of closed deals by 20%, the team needs to know the total leads to push forward to achieve the percentage of successful deals.

    Put more focus on demand instead of supply

    Supply and demand are both important in a business’s revenue generation. However, when working on improving sales management, focus more on demand and less on supply. The sales team’s work is not to increase supply but to create more demand. When you know you will create demand for 500 items in the next month, your concern for supply will be based on the forecasted demand.

    Pay attention to important factors that affect sales forecasting

    Several factors affect sales forecasts in organizations. They are divided into two main categories – internal factors and external factors.

    Internal factors

    • Change in a business location: If a business moves to a new location, there will be several adjustments to make.
    • New staff joining and others leaving: When sales representatives leave a company, sales forecasts can be negatively affected.
    • Changes in policies and regulations: New policies affect revenue generation.

    External factors

    • Competition: In every business sector, new entrants increase competition.
    • Economic growth or decline: A stronger economy means people have greater buying power, unlike in a weak economy.
    • Changes in the market: Customer needs keep changing, and it is upon the organization to know the latest trends and flow in them.
    • Change in seasons: Customers may not buy during certain seasons of the year due to unique reasons.
    • Political changes: Political instabilities affect business growth.

    Conclusion

    Accurate sales forecasting is not easy to achieve since the expected results can differ. The use of AI-based forecasting provides a more accurate way to make data-driven sales predictions. Integrating CRM with the relevant tools helps accurately predict sales and track the effectiveness of the sales team.

  • How UPI Payments Impacted FinTech Industry?

    The term “FinTech” is the combination of finance and technology and is referred to the provision of new solutions in the field of finance by IT venture companies. New business models are being created one after another, particularly in the area of B to C services using the Internet. The major difference between these new businesses and traditional finance companies is their thought regarding IT investment.

    The use of information technology is generating dramatic changes in financial services making it more easier and efficient to use. Payment services were previously having the players like banks and credit card companies, but now variety of new players have entered the field making it more easier and beneficial for the people of the country. Correspondingly, UPI payments impacted FinTech Industry.

    Why is UPI growing at such a rate?
    How UPI impacted the fintech industry in India?
    Conclusion
    FAQs

    Why is UPI growing at such a rate?

    UPI Apps
    UPI Payment Apps

    • One of the reasons why UPI services has been adopted globally with trust. When you use UPI to pay for things, card information is not shared with merchants, meaning that even if the merchants are hacked, people using UPI payments are safe from leaking information.
    • Another reason why UPI payments is revolutionizing the Fintech Industry is its hassle free approach to pay and register. All that is required to validate your UPI is simply an authentication of your Aadhar card, your finger prints are scanned and your mobile phone number is verified.

    The Indian society have a strong fear of fraud, both in physical retail and online. Although governmental interventions to use digital transfer modes for payments had taken place in India, it is still a very cash-based society. If we take a look at credit card usage, which is a basic form of digital payments, adoption of such payment services are low in the states of India as compared to the US, UK, Japan or South Korea. Building trust in digital payments services is the key.

    The take-up of digital payments or any other FinTech services will be about how the FinTech industry can provide customers with comfort and trust, enabling them to feel safe and secure using the service. The use of mobile is already driving the biggest change in financial services history. Mobile is considered as the fastest mass adoption of a technology in history than any other technology. There are already 7.2 billion mobile devices today. With UPI payment services, mobile was only 1% of all transactions in 2010, it is now above 45% in 2019.


    Refrens Success Story – Best Payment Gateway for Freelancers
    Company Profile is an initiative by StartupTalky to publish verified informationon different startups and organizations. The content in this post has been approved by the organization it is based on. As people look for alternatives beyond their day jobs, they are quick to stumbleupon freelancing…


    How UPI impacted the fintech industry in India?

    FinTech Industry
    FinTech Industry

    CEO of National Institution for Transforming India (NITI), Amitabh Kant in an interview had said that Fintech market in India is likely to expand to $31 billion in 2020 and this owes largely to the use of UPI payments. This is mostly because India is the only country in the world with over a billion mobile connections and bio-metrics, provides an enough scope and opportunity for penetration of fintech technology.

    Indian FinTech market is estimated to jump to $140 billion in 2023 and by 2025, Fintech industry valuation is estimated at $150-160 billion.

    • UPI has made payments easier: Gone are the days, when people used to carry huge bundle of cashes as they traveled or visited a restaurant. With the introduction of UPI payments, it is now become an easier and more secure while travelling.
    • UPI has made the buying and selling easier through e-commerce: UPI has made the buying and selling through fintech app solution, easier for the e-commerce companies. When a diverse range of devices are connected via the Internet of Things (IoT), it possible to obtain historical data concerning peoples’ daily activities. Using these life-logs, the e-commerce platforms are able to analyse patterns of regular and illicit activity, increasing their ability to detect illicit activity.
    • Enhancing trust for both customers and businesses: UPI payments has initiated and created a trust between the buyers and sellers. This is due to the privacy that is maintained within the system. UPI transactions are always payer initiated and demands the approval of the payer by an OTP. This is focused on person-to-person (P2P) transfers.
    • Payments via UPI are extremely quick: Another noteworthy feature of the UPI that has created a huge demand for it in the Fintech industry is that the payments or transactions are done extremely swift. There is no lag and delay which helps in the smooth flow of business.
    • With UPI you can directly link your account to the BANK and there is no need for virtual wallets: There are many virtual wallet companies like Paypal, PayTM, Mobikwik etc, which requires you to put some money within the virtual wallet, but with the use of UPI payment you can directly use the money from your savings account.
    • You may also keep a record of your bank transactions through UPI: UPI also enables you to keep a record of the withdrawals and deposits, this saves time for people who would have otherwise visited the bank to update their passbooks. This creates a major benefit for the elderly people who do not need to visit banks and they can transfer whatever amounts they want through an application.

    Paytm – About – Vision and Mission – Tagline – Awards and more
    This post has been approved by the organization it is based on. Nearly 1.7 million people in the world are unable to engage in the formalfinancial system. This imposes adverse effects on saving and investments.Cash-based transactions lack transparency and are also typically unsafe. Paytm brough…


    Conclusion

    UPI in the last two years has made another innovation where you can request credit through your overdraft (OD) account. This latest value addition eliminates the risk of fraud credit card calls and the risk assessment involved through traditional credit facilities from banks. Thus we can rightly say that a culture of innovation and entrepreneurship has emerged with the use of UPI in the Fintech Industry and we could not have been more proud. It Revolutionised the idea of daily payments and also improvised on the security of transfers.

    FAQs

    What is UPI full form?

    UPI’s full form is Unified Payments Interface.

    What is UPI in banking?

    Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI).

    What is a FinTech industry?

    FinTech stands for Financial technology. FinTech is an economic industry that includes companies that use technology to make financial services quick and efficient.

    What is UPI Technology?

    UPI is a unified interface of NPCI that merges various banking services and wallets payment and other features under one payment system. One UPI ID  and a pin are generated. A UPI ID and Pin are used to send and receive money and real-time bank-to-bank payments can be made.