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%.
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