Demonetisation was a huge step taken by the Indian Government for a better and healthier economy.
The sudden announcement took most people by surprise and a lot of individuals and businesses were left facing a credit gap.
Few entrepreneurs identified the solution to the crisis and implemented the same in their companies. These platforms worked on a distinguished model and leveraged a digital route to help consumers as well as small businesses, keep up with the situation.
They supported the country to become a cashless digital economy and also helped the government to make demonetisation a big success story.
Here are five platforms which were a boon during demonetisation:
Paytm
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Paytm was one name that brought finance in the hands of users when there was a dearth of physical currency. Right from a local hawker to a jeweller, everybody was relieved when they understood the functioning of Paytm and realised that they could pay and accept payments through a mobile application.
Today Paytm is India's largest mobile payments and commerce platform. From starting as an online mobile recharge and bill payments app, Paytm has built a strong marketplace for itself today.
Faircent
Faircent.com is India's largest peer to peer lending website which caters to retail and business loans. It is an online platform where, people who have spare money lend it directly to people who want to borrow, thereby eliminating intermediaries and the margins they used to make.
Recently, Faircent.com, under the trusteeship of IDBI, created an Escrow account for its lenders to help ease the payment process and ensure greater returns on investments.
Rubique
Fintech company, Rubique is the leading marketplace lending platform in India. Rubique empowers individuals and SMBs with an easy and smoother access to finance through a wide range of loans, credit cards, and insurance products.
Built on proprietary matchmaking algorithm, Rubique's marketplace platform has been integrated with financial institutions' systems for real-time processing and for providing online approvals to the customer.
During demonetization, a lot of SMEs which majorly dealt in cash felt helpless. Through Rubique, they could easily avail a loan while comparing products and services on the marketplace model.
LoanTap
LoanTap is a fintech platform delivering flexible EMI free loan products to salaried professionals. It uses technology to deliver smart and innovative products for millennials.
The company is known for its unique product portfolio and quick financial support to salaried professionals. During demonetisation, when people had prior financial commitments and requirements and suffered a cash-crunch, Loantap with its quick application procedure eased their woes.
BankBazaar
BankBazaar is a popular online stop for loans, insurance, and other financial products. During demonetization, where a lot of people required quick financial support, BankBazaar was available just with a click.
The company made it simpler for consumers to avail loans while comparing the interest rates.