Digital transformation is shaping up the payments industry
By MYBRANDBOOK
The COVID-19 pandemic has accelerated the shift of the digital payments industry further, which is evident from the rising digital payments globally, and in India.
The shift in the financial services space has been seismic as financial institutions (FIs) that traditionally enabled the payments economy are no longer required to carry out financial transactions. Digital transformation has encouraged regulators, innovators, and providers to focus on cyber and data security.
It is imperative that innovation in the payments space goes hand-in-hand with security and necessary initiatives are taken to safeguard consumer data and interest. The digital transformation in the payment ecosystem is being brought about by fintechs riding high on the trifecta of innovative technology, supportive regulation, and customer demand.
Technological innovation is transforming the digital payment ecosystem by increasing peer-to-peer (P2P) as well as person-to-merchant (P2M) payments. the Reserve Bank of India’s (RBI’s) regulatory sandbox along with the expanding open banking ecosystem have created an environment conducive to innovation in the payment and other financial services space.
Completing this trifecta is the increasing demand from consumers for personalised, seamless, and transparent transaction experiences that can be achieved with absolute comfort and efficiency.
A report says, by globally a leading financial technology provider, India reported 25.5 billion real-time payments transactions ahead of China’s 15.7 bn transactions in 2020. The report further noted that transaction volume share in India stood at 15.6% and 22.9% for instant payments and other electronic payments, respectively while paper-based payments had a considerable share of 61.4%.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
VVDN TECHNOLOGIES
HP INDIA SALES PVT. LTD.
TALLY SOLUTIONS PVT. LTD.
DATA SAFEGUARD INDIA PRIVATE LIMITED
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SANTHOSH VISWANATHAN
Santhosh Viswanathan is the the Vice President and Managing Director f...
ICONS OF INDIA : RAMESH NATRAJAN
Ramesh Natarajan, CEO of Redington Limited, on overcoming ‘technolog...
Icons Of India : NATARAJAN CHANDRASEKARAN
Natarajan Chandrasekaran (Chandra) is the Chairman of Tata Sons, the h...
PARTNER SPEAKERS
PSU
BEL - Bharat Electronics Limited
BEL is an Indian Government-owned aerospace and defence electronics co...
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - AJAY BANGA, President - World Bank
Ajay Banga is an Indian-born American business executive who currently...
Indian Tech Talent Excelling The Tech World - NEAL MOHAN, CEO - Youtube
Neal Mohan, the CEO of YouTube, has a bold vision for the platform’s...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
