Spice Money: Industry Monitoring 23 to 25 February 2019
- Priyanka Kanodia
- Feb 25, 2019
- 3 min read
Spice Money
Industry News
The companies disrupting the payments industry in major markets through digital
Publication- Business Insider
Edition- Online
Date- 23 February, 2019
Noncash payments have been gaining popularity around the world for the last decade. And though cash isn't anywhere near dead, its global growth is slowing as consumers turn to emerging cashless alternatives. But there are a few key markets - Australia, Sweden, and the UK - where annual noncash payments have already surpassed traditional cash transactions altogether - and they're stong early indicators of what a truly cashless society could look like.
Why are digital payments on the rise?
The growing adoption of noncash payments is a direct result of the rise of e-commerce, but that's not the only factor. Consumers today are adaptable to disruptive technologies and are generally open to trying new types of digital payment methods. This consumer appetite is compounded by their access to infrastructure, as well as the emergence of government-backed initiatives, such as real-time transfers and the backing of electronic currencies, that make digital payments more enticing to both consumers and merchants.
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Digital payment apps need to be more user-friendly: CUTS International
Publication- Times Now News
Edition- Online
Date- 24 February, 2019
Digital payments applications need to be more user-friendly, consume fewer data and battery, be available in the local language and use innovative tools to enhance usability, according to Consumer Unity and Trust Society (CUTS) International. At the same time, there is a need to enhance trust in service providers by reducing fraud, improving convenience and fixing accountability, it said. Different users may prioritise divergent challenges to be addressed for enhancing the use of digital payment modes. While consumers face challenges such as lack of interoperability and high processing charges, merchants face challenges with respect to expensive acceptance infrastructure, transaction failures and unaware customers.
However, there is a positive correlation between the education of users, infrastructure availability and awareness of digital payments. But there is a low conversion rate among aware groups indicating that mere awareness is not sufficient for deepening digital payments. The non-profit organisation recently conducted three user perception and behaviour surveys to gauge various aspects of digital payments.
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7 credit card sins you must avoid at all cost
Publication- The Economic Times
Edition- Online
Date- 25 February, 2019
Credit card usage in India has increased exponentially in the past couple of years. According to RBI, there were over 4.1 crore active credit card accounts in India in August 2018, compared to just over 2.7 crore cards in October 2016. These numbers highlight a remarkable shift in preferences. However, new credit card users are prone to making mistakes when using plastic. Here are the seven sins that credit card users should avoid at all cost. Sin #1: Compromising card details The biggest sin is to reveal your credit card details to anyone claiming to be a representative of the card company. Banks and credit card companies will never ask you for details.
Anybody who does so is a scamster out to rob you. Also, be careful when handing over your card at a merchant outlet, especially at petrol pumps or makeshift establishments. There are high chances of your credit card getting skimmed, leading to misuse and losses. Basic precautions can save you millions, literally.
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The creator of Google Wallet is making a big bet on India via his 4-year old startup
Publication- Business Insider
Edition- Online
Date- 25 February, 2019
Osama Bedier, who created Google Wallet, set up his payments startup, Poynt, four years ago. In 2019, India will be the first Asian country where Poynt rolls out its payments product that Bedier likes to describe as the ‘Android’ for digital payments.
Doesn’t India have enough players into digital payments already?
The 42-year old Bedier-- also a Paypal veteran-- told Business Insider, in an exclusive interview, that he is not targeting consumers. Therefore, not looking to compete with Mukesh Ambani’s Reliance Jio or Alibaba-backed Paytm or even credit/debit cards. Poynt will target merchants, shopkeepers and small businesses. It will sell an operating system and a smart device that will enable merchants to accept any form of digital payment, from any service provider.
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