Digital Payments Landscape: The Current Snapshot Rapid changes in digital technology have immensely transformed the payments industry. With a vast business model to support an existing, highly competitive market, it is imperative to look for innovation, convenience, and faster payment solutions. A massive increase in smartphone penetration and mobile wallets has accelerated the adoption of […]
We are witnessing an era of digital payments globally, which has an immense market size and ever-increasing market popularity and growth. High smartphones and internet penetration has propelled this market further in almost all major world economic zones. Digital payment mobile applications are easily accessible, and with numerous governments taking initiatives to promote digital payments, […]
The modern payment system is no more in the control of a few large institutions. With the active participation of technology players, the entire eco-system is rapidly evolving with massive innovation. The ease of making cashless payments and the holistic experience around it is making news each day. Ever-changing regulatory changes requirements and low entry […]
As per the KPMG report on Fintech India – Powering payments, digital payments are set to grow at a CAGR of 28.8% in developing Asian countries through 2024. In India, the reception of digital payments systems has been even more enthusiastic, with the Bank of International Settlements reporting that in 2018, India had seen a […]
The past 5 years, India has seen a massive growth in digital transactions, incentivized by the rapid penetration of 4G mobile internet and the 2016 demonetization. Today, the digital transactions have become common place even for micro value transactions. A digital payments interface has the following four critical essential aspects: Security Scalability Resilience Integrability The […]
It was until very recently, that handling payments was exclusively handled by financial institutions such as banks. Today, that no longer remains the case. Payment management is one of the areas which the proliferation of technology has had the greatest impact on. The Unified Payments Interface (UPI) created by the National Payments Corporation of India […]
If you have bought an insurance policy for yourself or your family, you need to make periodic payments to your insurer of what is called ‘premium’. Same is the case if you buy any goods such as heavy electronics appliances on an EMI basis. It would be highly inconvenient to have to manually keep a […]
The banking industry has been one of the most eager adopters of technology, and also one which has perhaps managed to derive the maximum benefits out of the same. Not only has technology aided in significantly streamlining banking operations, but it has also massively improved customer experience when it comes to availing the services of […]
Payments are broadly categorized into push payments and pull payments. When a payer initiates a payment to a specific recipient by debiting his own account and crediting the account of the recipient, that is a push payment. When the recipient invokes a contract (usually a payment instruction or mandate) to debit the payers account and […]
Pickup your mobile phone and dial *99# . What you see next represents the ingenuity of the Indian payments industry. India is a nation where people at the extreme ends of the spectrum co-exist. The richest to the poorest. The highly tech savvy to the least technologically aware or inclined. Therefore, when we rollout a […]
