The P2P lending software is dominant by marketplace lenders and at the same time, it is also very much customizable. The P2P lending platform connects the borrowers and lenders and is also known for its automated risk evaluation. 

The unique thing about the P2P lending platform is its source capital from investors by the platform itself rather than investing from their own pockets. So, this lending process does not have any impact on the balance sheet of a P2P platform. Also, the revenue is earned by collecting commission fees for acting as matchmakers between the borrowers and investors.

The investors and borrowers are moving towards this asset known as the P2P lending platform. The investors get a choice to choose their risk factor and earn huge returns while the borrower gets a chance to enjoy the access to credit almost instantly and right at their place. 

The P2P loans are usually collateral-free and the borrowers are supposed to pay back with interest. The interest rate is fixed automatically calculated and fixed by the platform depending on the loan amount and the period of the loan. 

Our white label solution for P2P lending platform is excellent automation for the fast loan application approvals.

Borrowers:

The borrowers are blessed with the holistic approach that the P2P platforms exert towards mitigating risks. The platform is very useful for borrowers who have a poor credit score or do not have a prior credit history. The borrowers can be anyone either an individual or an SME needing money quickly. The most important thing is the low-interest rates that draw in the borrowers.

Our white label solution for P2P lending is a hassle-free application which allows easy application of loans and lightning-fast approvals. 

Investors:

The investors are people who are looking for something better than the conventional methods of the lending industry. The small interest rates given by banks on deposits, the increasing real estate prices, wavering gold value and unstable nature of stocks push everyone towards the P2P lendings. They get the advantage of choosing their risk and generate huge revenues.

The loan process of P2P loan app you need to know before hiring a P2P loan app development company to develop P2P loan app

We can define the loan process in the P2P lifecycle in five stages:

⇒ Investor Onboarding:

A P2P lending platform should have an investor base for accepting loan applications. While the investor base is being built, there are many things that vary based on the country- the revenue model and risk factors associated with the investors can be different based on their experience.

⇒ Borrower Onboarding:

The probable borrowers apply for loans with the P2P lending platforms using the user panel of its front-end interface. They put in their personal and professional information and check out their credit scores. The information is gathered in the portal’s database and is sent to the back-end application for data verification. 

⇒ Credit Assessment:

The credit assessment includes screening the applications and determining the risk profile of the borrower. The platform uses a few third-party applications to check out the creditworthiness of the borrowers. Even when the borrower does not have a prior credit history, the innovative risk assessment models can sort it out by analyzing the trustworthy borrower based on their social media behavior, online purchasing trends, individual expenditure, and much more.

⇒ Funding:

Once the risk assessment is done, the requested amount of loan and borrower’s information is sent to the investors to view. The investors can then choose a borrower based on their risk ability. To mitigate the risk. it is advisable to spread the investments across various loans. The money is disbursed to the borrower’s account once the approval is sent to the fund. 

⇒ Repayment:

After the disbursement, the repayment is collected from the borrower by the P2P lending platform according to EMI selected and transferred to the investor’s account after the deduction of commission charges and other service taxes. 

Challenges associated with P2P lending platforms  

Even when the P2P lending platforms are called the social media of the financial sector, they have their fair share of challenges. It includes many risks along with the promising nature.  

Instant Disbursal

The most attractive reason for the people to move towards P2P platforms is they require less time to process the loan applications. To ensure less turnaround time and mitigate risk at the same time, the workflow of the P2P platform has to be made streamlined. These platforms don’t have the chance to cope up with the redundancy or process bottlenecks when the borrowers expect an instantaneous loan process.

Risk Mitigation

The risk factor determination is related to the borrower’s profile and since it is difficult to segregate the profiles based in a short span of time. The P2P platforms ensure that technology behind the credit analysis is smart and efficient to decipher proper results and offer correct insights to the investors. 

Delinquency Management

When the loans are granted the platform needs to keep a track of repayments made by borrowers. There should be a reduction in the potential defaults by considering delinquencies religiously. We need to set up designated rules to track and monitor repayments to increase revenue and decrease the chances of defaults.

We offer excellent white label solutions for your P2P lending business which are fully functional and affordable. They are equipped with all the necessary features required to run your P2P platform successfully. 

To learn more about the functionality and costs, contact us for a free consultation session. You can even ask for an app demo. 

The post How to develop a P2P loan app to connect borrowers and lenders smartly? appeared first on Coruscate Solutions.

The digital technologies like as e-wallets and Peer-to-Peer (P2P) lendings are having a tremendous influence on the way we buy and sell, with a predicted USD 1 Trillion anticipated to go through mobile payments by 2020. This shows an increasing influence of FinTech on our lives,

Digital wallets have revolutionized the means of how people use to keep their money. Digital wallets are the same as your physical wallets where you store your money. But in the digital wallet, you keep your money in digital form and get all your payments and transactions done with the help of your smartphone. The transactions are absolutely secure and safe. 

The payments done with digital wallets are more trusted and are done with a blink of an eye. If you employ an electronic wallet service in your digital platform, you can provide accessibility for frequent customers to deposit their money in your wallet and use it to make their purchases without having to go repeatedly through the payment gateway. 

A WNS DecisionPointTM report evaluates the influence and increase of e-wallets and P2P along with other game-changers in the FinTech industry

PayPal, Alipay, ApplePay, Oppo, Paytm, QFPay, etc. are some of the chief players in the e-wallets section. The e-wallets have become a global marvel as there are 80% of millennials shopping and paying bills online using their mobiles.

Let’s check out the data in various countries which indicate a positive outlook for e-wallets.

Growth of E-wallets across the world

• Europe: Europeans are heading in choosing the mobile payment, with 74 percent of that population using a mobile device to make payments and control their finances.
• United States: The popularity of e-wallets is anticipated to grow somewhat from their 2017 figure of 21.8% to 22.7% over the next five years. However, the credit and debit cards are assumed to fall from 16% and 15% each to 10% each.
• China: The mobile payment action in China was nearly 50 times greater than in the U.S. in the year 2016. Also, the number of Chinese mobile payments was foreseen to increase by 7.4 times between 2015 and 2019.
• Sweden: It is expected that by the year 2020 cash will be used for merely 0.5 percent of all payments and all the other transactions will be done digitally. 
• France: The French customers used to prefer card payments before e-wallets came into the picture. However, with the launch of  Paylib by the significant French banks, it became the most popular wallet in France. It has about 40 million users as compared to the 7 million PayPal users. 
• Germany: It is not an exaggeration to say that internet banking solutions like ELV, SOFORT, and Giropay rule the German market. However, the e-wallets are projected to surpass them and become the most used payment method by the year 2021. The bank transfers and e-wallets are expected to own 23% and 23.9% of the German market respectively.
• The Netherlands: In the Netherlands, an online banking solution iDEAL is leading by a whopping 57% share. In Belgium and Luxembourg, people preferred using cards. However, a local e-wallet, Payconiq is now being used frequently. 
• E-wallets picture in Asia: Asia is the world leader when it comes to digital wallets. 83% of Asian conversations fastened against 75% of overall global conversations. This is just the start! WorldPay’s recent report says that the credit card payments are expected to drop from 30% to 10% and e-wallet usage is expected to grow over 51% by the year 2021. 

We have a similar scenario of e-wallet usage in Japan, Singapore, Russia, Australia and almost every corner of the world. 

E-wallets – the road ahead:

The launch of Google’s e-wallet in 2011 provided only a few users access to its services as the system worked only if the users had a compatible device with NFC chips. Later, native mobile experiences hit the market with Apple Pay, Android Pay, and Samsung Pay jumping in the competition. QR code scanning remained in the picture as people trusted it and over the period of time, it became stronger and stronger with fewer security threats. 

In short, the success of mobile wallets has been dependent on three factors: 

• Access
• Interoperability
• Sustainability

Our white label solution provides you all of these qualities in a package to make you an instant star in the market.

Coruscate’s FinTech White-label solution:

Our white label global e-wallet solutions are designed specifically for payment service providers, ISOs, acquirers, online businesses, enterprise corporates, government and more. The e-wallet solutions are architected by a team of extremely talented digital payment market analysts and engineers. Our research team has put their insight and payment industry experience in designing an effective e-wallet white label solution.

Our adaptive payment technology is the best in the market and can help your business in reaching its true potential. Our focus has been on removing the pain points in the transaction process and we have been emphasizing on boosting the adoption of NFC and QR code technologies. With our state-of-art solution, we are pushing the digital wallets towards productivity. 

You can refer to our previous blogs to know the features and technical details of our white label solutions. 

Develop GoPay clone app. 

Develop AlexPay clone app.

Summing up :

Looking at the current global scenario, we believe the e-wallets are going to conquer the world soon and will be visible in every landscape. The latest technological developments have made the payment transactions very much safe and secure. The white-label solution price starts from $10,000. 

We can assist you with an end-to-end solution for establishing your mobile wallet business and making it climb the stairs of success. Connect with us to discuss your personalized requirements and ask for a free demo of the MVP model. 

The post Get going with our e-wallet white-label solution for your FinTech business appeared first on Coruscate Solutions.

Go-Pay 

The company Gojek is one of Southeast Asia’s leading on-demand multi-service platform and digital payment technology group based in Jakarta. It is the first unicorn company and first decacorn company as well in Indonesia.  It is worth more than $10 billion dollars and is operating Indonesia’s fourth-biggest e-wallet service called Go-Pay. The company has expanded across the region to markets in countries like Vietnam, Thailand, Singapore, and the Philippines.

Weyland Tech

Weyland Tech is another growing m-commerce and FinTech business provider accessible globally through its CreateApp. The company is Platform-as-a-Service (PaaS). It is spread across three continents and 10 countries. This also includes some of the speediest-growing developing markets in Southeast Asia. The company has reported selecting preliminary unaudited financial outcomes for the third quarter and nine months ended September 30, 2019.

The company has its subsidiary called Weyland Indonesia Perkasa (WIP). It operates platforms like AtozPay and AtozGo. The AtozPay mobile Payment platform is operating as m-Commerce and e-Payment markets in Indonesia. And the AtozGo ever-growing food delivery service in Jakarta, Indonesia.

The company is expecting a revenue of approximately $9.0 million for the third quarter of 2019. This would increase the revenue by 6.6% as compared to the third quarter of the last year. The company Weyland expects record revenue of about $24.6 million for the first nine months of 2019. This would describe an increase of 42.6% versus the same year-ago period. The company also anticipates setting balanced EBITDA positive in the third quarter.

The expected results are showing fast growth in the recurring income from CreateApp subscription fees as confirmed by Brent Suen, CEO of Weyland Tech. The growth is visible as the new customers as well as existing customers subscribing to additional features and modules. 

The app is available in 14 languages with more than 70 integrated modules. Weyland empowers SMBs to build and use native mobile applications for Apple iOS and Google Android without technical knowledge or experience. 

The technology grants SMBs to improve sales, be accessible to more customers, handle logistics, and advertise their products and services in an effortless, affordable and extremely effective way.

What is the future of FinTech in Indonesia?

There is a trend for big companies to invest such large sums into this expanding market. However, Indonesia seems to continue as a core for the Fintech industry moving ahead, for both large scale investors and startups looking to grow the revenue models and be the early joiners of this swiftly growing industry.

Looking at the current scenario of the FinTech market, it can be a good opportunity for startups looking for some revenue growing ventures. Joining the rising FinTech industry in Indonesia and across the globe can gain you really good outcomes in the years to come. But to make a difference, you need great technology to reach your audience and an awesome technology partner to back you up. 

What do we provide to suit your FinTech app needs?

As people have happily accepted mobile wallets to be an inseparable part of their daily lives, we provide amazing white-label solutions for you to provide your customers with reliable services. Our white label solution consists of a QR-based payment alternative to make the transactions smooth and quick for your customers. As FinTech involves money, security is the main challenge. But with our white label solution, you can be 100% sure that the transactions will be absolutely secured.

Your customers can easily use our mobile wallet for payment during retail transactions as we have taken care of enabling the integration of the merchants into one platform to make their payment transactions smooth and effortless.

How does the security feature of our white label solution work for your mobile wallet?

Our customizable white label solution consists of a QR code that needs to be scanned every time when you add someone in the contacts or attempt to make a payment. This makes certain that the payments are secure and done to the right person. The risk of fraud is automatically eliminated with this method making the process of payment stress-free and comfortable for everyone.

How does our white label solution manages the payment transactions?

We know there will be hundreds and thousands of payment transactions carried out in a single day. And the process will be much complex as all the banks will be integrated into the solution. So, there is a middleware system or an admin module that is present in every on-demand app which monitors each transaction occurring among the users, merchants, and banks. This system provides another layer of security for your mobile wallets.

Why are our white label solutions safe and trustworthy for your startups?

Our third-party components like the integrated payment gateway can be directly used to make any transaction through any bank. It is the safest and most trusted payment gateway that we imbibe in our apps as we believe in gaining the trust of the customers.

If we talk about the QR code, it is a sturdy and robust third-party solution and a new QR code is generated for each transaction to provide double-layered security. 

You can make your user’s life easy with our white label solution by enabling them for using offline payments as well. 

Not just that, our solutions are completely functional and 100% customizable according to your business requirements. We deliver end-to-end solutions and our expert team of developers backs you at every phase of your business right from designing to the maintenance of your app.

Coruscate, a leading FinTech app development company, can help you with the business models, market research and analysis and development of the features for your app. If you are interested to build FinTech mobile-wallets for your business, you can connect with us and ask for a free demo. 

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The post FinTech app development: How Gojek and Weyland Tech are winning amidst the FinTech explosion in Indonesia? appeared first on Coruscate Solutions.