It is hard to imagine an industry that hasn’t benefited from the digital revolution. Small and large B2B sectors, online entertainment, SME & MSMEs, and e-retail have advanced massively from this overhaul. One of the great milestones of Digital Innovation is the launch of the 5G network. Even the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said that the roll-out of 5G in the country is a very big confidence booster to India’s aspirations for growth and that the enthusiasm surrounding the launch of 5G is truly empowering.
5G is projected to account for almost 40 percent of mobile subscriptions – 500 million – by the end of 2027. According to the latest data from internet testing company Ookla, download speeds on the 5G test network in India have hit 500 Mbps.
It is set to power even the remotest parts of India with internet connectivity. And it promises game-changing improvements for MSME financing in India. This ubiquity of the internet will drive India's economic growth.
The 5G Network is an upgrade from the popular 4G network and brings more smarter devices, better data storage & retrieval, and broader information circulation. The 5G Network is set to improve connectivity not only between individuals but also between computers, objects, and apps. It is also capable of allowing more users to connect to a network at a given point. This kind of congregation empowers many business owners at the same time providing equal opportunities without discrimination based on geography.
The 5G network is the bright ray of sunshine that MSME financing in India needs right now. It is expected to significantly increase mobile network capacity over 4G, enabling more users to connect to the network than ever before. The efficient and timely flow of finances and access of knowledge to all has huge benefits for any business. Most of all, the 5G network will bring this efficiency and ubiquity of knowledge. Apart from that, it will bring
It is touted as the biggest revolution in digital innovation, one that will benefit every citizen of our mammoth country. The benefits are manifold, so let’s look at them one by one.
Even the most rural parts of India will have 5G enabled high-speed internet. This ensures that every business owner, SME or MSME enjoys access to vendor financing, collateral-free credit, procurement planning, instant payments, and hassle-free access to all services of Bizongo.
The potential of moving at 5G speed means Bizongo can combine various technologies to provide even better security and consumer protection for your procurement planning and transactions. MSME financing in India can become safer than most places to transact and borrow.
With 5G Network’s capacity and speed, Bizongo will be able to develop new products and processes for you. This will help you with customised solutions to make accurate lending decisions. Video conferencing with your virtual financial consultants will be smoother, and they can help you make informed decisions to improve cash flow. Video sharing will be faster so information can travel at lightning speed through your devices. With more information, you can make better decisions.
In 5G speeds, your business decisions don’t have to take a break. Every transaction, inquiry, and information can be accessed by you in real-time without glitches.
Bizongo takes user feedback and technical issues very seriously. We also constantly improve our services as per industry upgrades and aim to keep getting better for you. With 5G Network enabled services, we can update our products in the background so that you get better service each time you transact with us.
With the 5G network, MSME financing in India can have the best-in-business financial products and services. Bizongo provides collateral-free credit lines so you can get loans without the backing of an asset, security deposit or a guarantor. Over time, you might never have to visit a bank for your business financing needs.
You might still be worrying about making financial transactions online. But 5G allows more data to travel across networks in real-time. This is going to eliminate performance-related glitches in payments for MSME financing in India. Every transaction will be smooth and quick. Bizongo partners with NBFCs which ensure strict security protocols with technology at its heart to mitigate the risk of fraud or cyber-attacks.
The capacity of SMEs and MSMEs to introduce, integrate and disseminate new technologies is unmatched. 5G will be a catalyst for the success of your SME and MSME businesses.
Lack of funding, growth opportunities, working capital requirements and scaling the business have often plagued SMEs and MSMEs in India. Smart and reliable partners like Bizongo remove these roadblocks so you can run a hassle-free business. Bizongo has a network of over 1500 curated manufacturers across categories. Through its proprietary digital platforms, Bizongo can offer collateral-free credit lines for your business, efficient Digital Vendor Management, Supply Chain Automation & Supply Chain Financing as key services.
Powered by 5G, Bizongo will only get better. With improved products, no latency, faster transactions, aided financial decisions, fraud prevention, and improved security, 5G is going to change the game for MSME financing in India and you. You can contact us to learn more about how you can get access to an unsecured collateral-free credit line easily.