People do not want to pay!

Niyuzz 

The Roots of Fintech :-

How does innovation happen? It's usually a byproduct of finding a solution to a problem. We humans are inquisitive by nature by our inquisitiveness isn't enough to help us innovate frequently. 

Think about it you would devour the internet finding the reason why your credit card is not working only when you have to use it immediately for a transaction. 

Just like us Peter Knight in the 1980s was a Gym Centre owner from the United States of America. And the simple problem he wanted to solve was how to collect membership fees from his customers.

Back then there was no sophisticated way to collect recurring payments. Knight's gym costed $200 yearly an amount people hesitated paying upfront. Also sending monthly bills via post to his clients didn't work as often those mails went unanswered.

The lucky breakthrough for Knight came while talking to his friend who was in the insurance business where he told him about ACH payment system (Automated Clearing House) which was used in the insurance business back then to collect recurring payments.

This was exactly what Knight was looking for and after some back and forth with his bank he was allowed to implement this. He dropped his yearly subscription from $200 per year into a monthly subscription of $12 which skyrocketed his business tremendously. 

Kight quit the health club business and started a new company to help gyms make use of the ACH payment system marking the birth of CheckFree was born.

FINTECH, CREDIT, UPI AND ACCEPTANCE

Over the past ten years, finance, and technology have become the golden duo.India has seen the rise of a 200 billion dollar industry as a result of this - Fintech!

With the advent of UPI, things have gotten even more convenient.OneCard is one of the startups riding the Fintech trend.

Read about how One Card creates value for its customers and sits at the sweet spot of government's push towards UPI