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[Representational image]Reuters

ScrewCash is the new app on the block which aims to disrupt the budding fintech market in India by integrating different services offered by mobile payment apps, cashback apps, cash splitting apps, peer-to-peer lending apps into one platform. With an ambitious mission like that, it may be time to take stalk of some of the extant services ScrewCash hopes to bundle together.

Mobile Wallets

ScrewCash does not see wallets as competitors as the app has already added Citrus and Freecharge by striking a revenue-sharing deal. Will the bigger players fall in line? According to 2015 data from Nielsen, PayTm, Mobikwik, Freecharge and Oxigen have considerable reach to mobile customers. PayTm, according to TechCrunch, was valued at $2.8 billion as of August 2015.

Cashback Apps

ScrewCash offers to reimburse cashback directly to the customer's bank account. This could mean pulling the crowd away from GoPaisa — cited as the highest paying app by BW Dsirupt — profitable Crownit, Encashit, Cashkaro, Fashalot and many more.

Splitting Bills

Splitwise, WeSplitIt and Billr are known apps to split bills with friends on both Android and iOS platforms. With a few competent players, this segment seems to be the least challenging for ScrewCash.

UPI+more?

ScrewCash also intends to provide P2P money transfer and United Payment Interface (UPI), initiated by the Indian government, aims to be an all-in-one payment mode; though UPI currently has not integrated mobile wallets. UPI has advantages that are not easy to compete with, such as the cost of transaction as less as 0.45 paise. Reports state that already 29 banks have agreed to offer UPI services.

ScrewCash, which was launched in September 2015, has reported a 214 percent growth month-on-month in transactions, according to iamwire. Its mission to cement gaps arising from multiple apps providing diverse services in the online to offline market seems to have serious challenges on the way.