Have you ever wondered how are you able to make payments for a ride even before reaching your destination or paying utility bills without even stepping out of your home? I am sure you must be aware about it – via Paytm, Google Pay; yes, you can name a lot of channels that make instant payments happen. But how is this happening, how are traditional banks getting replaced with digital transactions? The answer is simple – because of embedded financial services.
Embedded finance is the new business model that is gaining attention these days. Today, non-traditional financial players such as Amazon, Google, etc. are also trying their luck for market share in consumer financial services. Besides these conglomerates, there are many HR tech platforms that are making access to financial services hassle-free.
Embedded finance is a completely new concept for some people; therefore today we’ll take a look at the examples of embedded finance that will transform the near future: