FinTech in Logistics
Oomkar Kulkarnie, Head – Product and Technology, 1Pay, explains the concept of FASTag for making fuel and parking payments and regulating them pan India along with seamless dispute resolution features, and the 1Pay neo-banking platform that brings together transportation, logistics and the banking industry to digitally unify the Logi-FinTech space.
What is the potential of FinTech in the logistics industry?
In the last decade, we have seen tremendous potential and a positive impact of FinTech in the logistics segment. While the sector has grown, so has the adoption of FinTech solutions. Right from e-commerce transactions to digitally managing supply chain, the digital payments acceptance graph has been rising. In the logistics space, FinTech innovations have solved the smallest of age-old problems in the industry.
For example, the FASTag mandate managed over a UPI-based payment platform has amplified the adoption rate of FinTech solutions and also helped build an ecosystem where managing tolls and on-road expenses for transporters happen seamlessly. This is also because of the push from the regulators, which necessitated the integration of technology in our digital ecosystem.
What is the potential of FinTech in the logistics industry?
In the last decade, we have seen tremendous potential and a positive impact of FinTech in the logistics segment. While the sector has grown, so has the adoption of FinTech solutions. Right from e-commerce transactions to digitally managing supply chain, the digital payments acceptance graph has been rising. In the logistics space, FinTech innovations have solved the smallest of age-old problems in the industry.
For example, the FASTag mandate managed over a UPI-based payment platform has amplified the adoption rate of FinTech solutions and also helped build an ecosystem where managing tolls and on-road expenses for transporters happen seamlessly. This is also because of the push from the regulators, which necessitated the integration of technology in our digital ecosystem.
This is a premium article available exclusively for our subscribers.
If you are already a subscriber, please Login
If not, subscribe now and get access to well researched articles & reports on infrastructure construction, equipment & machinery, innovations & technology, project reports, case studies, and more. All this by simply paying just ₹200/- for a month of complete portal access, or a discounted rate of ₹1000/- for a full year of access.
Lifting & Specialzed Transport, March - April 2022