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Digital payments: RBI panel says paper usage, acceptance infra need attention
Publication- Business Standard
Edition- Online
Date- 05 June, 2019
India needs to make more efforts to decrease the volume of paper clearing and increase acceptance infrastructure to promote digital payments, according to an RBI report. The report found that India has a strong regulatory system and robust large value and retail payment systems which have contributed to the rapid growth in the volume of transactions in these payment systems, said the report released Tuesday.
The report on 'Benchmarking India's Payment Systems' which provides a comparative position of the payment system ecosystem in India relative to comparable payment systems and usage trends in other major countries. India is a "leader" in regulating costs of payments systems, number of debit cards issued and automated teller machines, and oversight by the Central bank, it said. The country is "strong" in areas like having necessary laws and cash in circulation per capita.
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Industry News
Global Mobile Wallet Market 2019 Technological Advancement – Alibaba Group, Apple, Citrus Payment Solutions
Publication- News Truths
Edition- Online
Date- 04 June, 2019
Global Mobile Wallet Market by Manufacturers, Countries, Type and Application, Forecast to 2023 passes on a structural overview of the global Mobile Wallet market including its definition, applications, and advancement. The report analyzes the historical data from 2013-2017 as well as the present performance of the market and forecast 2018-2023 to make predictions on the future status of the market on the basis of analysis. The report contains an introduction to new trends that can guide the businesses performing in the market to improve their strategies. It comprises the structured and systematic founded procedure of assessing and introducing the market mechanisms. Basically, its an intelligent research study of gathering and assessing the numerical data related to services and products.
The report will give the answer to questions about the present performance of the market and the competitive scope, opportunity, challenges, cost and more. The market can be divided based on product types and it’s sub-type, key applications, and major regions. Then it discusses recent product innovations and provides a scenario of potential regional market shares. It aims to fulfill your targeted customer’s understanding, needs and wants as well as to explain how effectively a company can meet its requirements.
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Razorpay launches digital payment support for 100 currencies
Publication- Business Standard
Edition- Online
Date- 05 June, 2019
Razorpay, India's first converged payments solution company, today announced that it now supports 100 currencies for international digital payments - including all popular currencies such as U.S. Dollar (USD), European Dollar (EUR), British Pound (GBP), Arab Emirates Dirham (AED) and Singapore Dollar (SGD). With this offering, the company aims to open new growth avenues for the MSME segment, by enabling them to accept payments from other countries.
For the longest time, businesses in India have been losing out on potential customers and partner businesses due to the inability to accept payments from other countries. However, the past few years have witnessed a range of changes in global trade paradigms, unveiling new emerging markets and channels for global business expansion. During April-February 2018-19, the Indian goods exports grew by 8.85 per cent to $298.47 billion. This depicts how the cross border e-commerce will only see an upward spike through the next five years. Enabling businesses with support for international transactions will play a key role.
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FinTech to disrupt banking
Publication- Telangana Today
Edition- Online
Date- 05 June, 2019
Financial technology (FinTech) is emerging as a major sector in India. With transactions moving from cash to digital, and investments in FinTech in the country being the second largest in the world, next only to China, the sector is growing at a phenomenal pace boosted further by unified payments interface (UPI). In the coming five years, FinTech is going to disrupt the entire banking sector, says an industry expert.
Dr Santanu Paul, CEO & MD, TalentSprint, told Telangana Today, “In the traditional banking sector, we have seen that the public sector banks used to account for 60 per cent of the sector while private sector banks (PSBs) accounted for only 40 per cent. We have seen in the last 3-5 years that this has been reversed, with private sector banks gaining dominance by occupying 60 per cent of the banking business leaving the remaining 40 per cent to the PSBs. Now, FinTech is slowly unbolting the entire banking sector.”
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Digital payments: Cashless India could be a model for the world
Publication- The Financial Express
Edition- Online
Date- 05 June, 2019
A cashless society wasn’t the original goal of the country’s draconian currency ban in November 2016. But when an acute shortage of banknotes gave a fillip to digital wallets, that purpose was added as an afterthought to justify an act of farcical state overreach. The real innovation in mobile payments in India began a few months prior to the cash ban. It’s called a unified payment interface, or UPI. The name is clunky, but the idea is simple. One smartphone owner who’s a customer of Bank A can request a payment from, or initiate a payment to, another owner who has an account with Bank B. Neither party needs to know anything more than each other’s mobile number or a virtual ID. They don’t even need to use the same mobile app to transact.
In this, India was ahead of even Asian money centers like Singapore and Hong Kong. With more than 140 Indian banks sharing the interface, and Alphabet Inc.’s Google and Facebook Inc.’s WhatsApp offering instantaneous payment services on it, UPI has become a keenly watched experiment. By the looks of it, things are going well: From nothing to 800 million monthly transactions in less than three years, India’s UPI has taken off. Growing smartphone use and crashing data costs have helped immensely.
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