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.

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