How Fintechs Seized the Day at Mahakumbh India's digital payment ecosystem has seen unprecedented growth, with UPI transactions surpassing 16 billion in December 2024. Maha Kumbh reflected this trend as pilgrims increasingly adopted cashless payment methods.
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The world will once again witnessed the grandeur of Maha Kumbh Mela in Prayagraj, but this time in a different way. With over 40-45 crore devotees visiting the city of Prayagraj for this centuries-old festival, robust infrastructure and seamless services have been the top priority for the State Government. This is the first time that the devotees at the Mela have experienced digital services – right from AI technology, apps, chatbots and Google navigation.
Managing such massive gatherings can be overwhelming, and the Government along with local authorities are leaving no stone unturned in ensuring its success. Fintechs are leading from the forefront in ensuring a smooth experience for devotees, with an increased focus on their convenience and easy access to essential digital and financial services.
Assisted digital and financial services set to elevate the experience of attendees
Accessing digital and financial services independently can be a challenge for many, especially while attending a massive gathering like Maha Kumbh. Fintechs, providing last-mile services to consumers play a key role here, in making these services accessible through technology and Business Correspondent network.
With the access to essential transactions such as cash withdrawals, utility bill payments and mobile recharges, fintechs ensure to provide a seamless experience to yatris. Trust remains an important element in such transactions, and the presence of Fintechs which leveraging the local retail network, demonstrates their commitment to serving the underserved and unbanked, in a personalised manner.
Digital payments powering the financial needs of pilgrims
Over 16 billion UPI transactions were recorded in December 2024, showcasing the growing adoption of digital payments. Digital payment systems like UPI, mobile wallets, and cashless gateways help in reducing the reliance on cash and streamlining transactions for pilgrims.
Fintechs enable these contactless payments through UPI QR code-based transactions and Aadhaar-enabled Payment Systems (AePS) services. This eliminates the need for physical debit cards or mobile apps, which many might not possess or find challenging to use.
The access of contactless payments allows pilgrims to pay for food, transportation, merchandise, and donations seamlessly. This shift not only enhances convenience but also reduces the physical handling of currency, ensuring a safer and more efficient happening. Aligned with India's digital economy push, these solutions offer secure, transparent transactions while promoting financial inclusion for those without traditional banking access.
Simplifying journeys through assisted travel and ticket bookings
For individuals who lack access to online travel or ticket booking platforms and are not tech-savvy, Fintechs ensure the simplification of these processes in an assisted manner. Right from train ticket bookings to bus bookings, Fintechs reduce the last-minute stress for pilgrims, ensuring they travel with ease. The availability of travel booking services at local kirana stores or temporary kiosks within the Maha Kumbh premises underscores the importance of assisted digital solutions.
Tailored financial services for pilgrims
Recognizing the diverse needs of Mahakumbh pilgrims, companies are offering tailored financial services to enhance convenience and inclusion. Solutions like micro-lending services provide short-term loans for expenses like transport and unforeseen costs, with AI-driven processes ensuring quick access and minimal documentation. Services like digital health insurance also provide pilgrims with financial security and peace of mind. These innovations make managing money at the Mela seamless, ensuring a safer and more inclusive event for all attendees.
The Maha Kumbh is more than a spiritual gathering; it is a testament to India's cultural and logistical prowess. The integration of Fintech solutions at mega events such as these help in driving greater financial inclusivity and efficiency. A global celebration of spirituality and culture that it is, Fintechs are working towards empowering the lives of attendees with the right blend of technology and human touch.
