Business Wire IndiaTransmart Digital, a leading provider of merchant solutions, formally announced the partnership with 4th Wave, a Canada-based Finance and Banking As-A-Service Platform provider, for India and Area countries. Transmart Digital will host the 4thWave Platform and will provide the Platform-As-A-Service (PaaS) to the Banking and Finance fraternity in India and Area countries, aiming to change the Payments and MSME landscape altogether.
India is exploding with various “innovative” Digital Payment options, but the jury is still not out – how “sustainable” are these propositions? The PaaS offering from Transmart addresses the economic viability and long-term sustainability for the partner institutions through re-imagined democratised propositions on payments, loyalty, BNPL, and reward automation, to name a few.
On the occasion of launch of the services, Ms. Dipti Kataria, Director & Co-Founder of Transmart Digital said, “Transmart has always been at the forefront of introducing innovative and profitable services. We will draw from 4th Wave’s experience in emerging economies and introduce sustainable payments and MSME financing solutions that can potentially change the landscape in India and Area countries.”
Further Mr. Partha Saha, Senior Vice President – Global Markets 4th Wave, commented, “We are very excited to work with Transmart and introduce our proven propositions in India in PaaS model. The synergies between the partners are very symbiotic. This partnership envisages offering payments, payments valued added services, and MSME financing propositions which are the cornerstones to a successful roadmap for financial institutions.”
MSMEs are the backbone of the Indian economy and there is a concerted Government push to address the huge credit gap (approx. Rs 26 trillion) to the MSMEs. The lenders have however been unable to address this credit gap because of the limitations of the traditional methods of lending. The MSME Financing PaaS propositions from Transmart is a set of technology enabled lending propositions tailor-made to address sector specific requirements and nuances.