India's Unified Payments Interface (UPI) reached a record of 1.5 billion transactions in July 2020.
Wide acceptance of digital interactions is one of the positive changes in our day-to-day life with innovative payment solutions at the forefront of this paradigm shift. Indian Banks together with fintech players continue to focus on leveraging the real rime payments rails and API layers for various needs of both individual customers and businesses - resulting in the recent surge of UPI transactions along with IMPS and BBPS transactions.
Embracing Agile into the Fintech World
Agility builds resilience. Our response to a challenge can become a story with the potential to be part of something bigger - an epic. It is this agile mindset which sees an opportunity for growth in every activity. We understand that change is the only constant in life, but we also know that resistance to change is almost a rigid reflexive response in human beings. An organization's ability to effectively manage these conflicting forces, will foster enablers and break barriers. In the present world, there is an urgent need for businesses to embrace enterprise wide agility. More so for global fintech firms with their business model structured around digital flow.
Neo Banking: Changing the Norms of Traditional Banking
Digitalisation is a wonder that has pervaded all through most pieces of present day life, joining everything from the progress from video rental to spilling administrations and the move from paper passes to virtual vehicle cards. While not especially new, the equivalent has occurred in the financial circle with the digitization of procedures and stages like on the web and application based banking for customers worldwide. Neo-banking is not just about financial inclusion; it is also about bundling banking services with other financial services. So in India, Neo banking can work as an extension to solve for the financial inclusion challenges.
Digital India: Empowering a Connected Nation through Technology
The fast expanding digital payment ecosystem in India will help in navigating the Covid-19 pandemic crisis. The Aadhaar Enabled Payment System (AEPS) with 1.25 billion unique Aadhar cards is an unparalleled payment infrastructure ripe for entrepreneurial innovation. More than three hundred million Jan Dhan account holders were recent recipients of Direct Benefit Transfer (DBT). Add to this millions of digital-savvy MSMEs (Micro Small and Medium Enterprises), and you have a critical mass of consumers for digital payment services. Both central government and state governments use of digital payments as a tool for economic development will further enhance the ability to launch efficient digital first services for tens of millions of consumers.
Domestic Money Transfer: Evolution in Person-To-Person Payments
There has been persistent movement of individuals looking for development and better chances, subsequently amassing the populace in the urban areas. Dominant part of consumers is uninformed of the innovation to transfer money by means of internet banking. Presently, since they take a shot at an everyday premise and as provisional worker, they can't bear to save one day of work and hold up hours in lines of banks for money store or reserve move. It was in these situations that the Domestic Money Transfer (DMT) administrations assisted with taking care of the issue of cash move inside the nation for these vagrants who functioned as day by day wage labourers to send cash to their old neighbourhood. Presently they don't have to stand hours holding up in the bank to send cash, with the assistance of a cash move specialist he can move cash to their family quickly.
Forces of Revolution: Smart Cities
India launched its 'Smart City Mission 'with a dream to create 100 smart cities, turning them into competent urban local bodies, and apportioned 480 billion INR in its 2015 Union Budget for this purpose. So far, the government has approved tenders amounting to over INR 1,62,000 Cr under this programme. In the creative minds of the country, the image of a smart city contains a list of things to get of foundation and administrations that depict their degree of goals such as, basic infrastructure, enhancing the quality of life, clean and sustainable environment, and set examples that can be replicated to enhance the creation of more smart cities.
Aadhaar Enabled Payment System: Key things to know
The Aadhaar enabled Payment System (AePS) is a payment service platform or beneficiaries of direct cash transfer under the Rs 1.7 lakh crore Prime Minister Garib Kalyan Yojana (PMGKY) that uses a customer's Aadhaar Card details to access their bank account and perform basic banking transactions such as balance enquiries, cash deposits, cash withdrawals, Aadhaar to Aadhaar fund transfers and remittances through a business correspondent (BC) in isolated areas. AePS is a simple and safe payment platform that works on Aadhaar number and biometrics which eliminate the threat of any fraud and non-genuine activity.
Admiration of India's UPI: From Domestic to International
Unified payment interface (UPI), the instant fund transfer technology which is created by National Payments Corporation of India (NPCI), helps in interbank fund transfer. The speed and the scale that UPI carries are incredible. With the UPI payment platform, which was launched in 2016, people can transfer money easily with the QR scan code and by various other methods. By March 2020, there are as many as 148 Indian banks live on the UPI payment platform. In the same month, the numbers of UPI transactions are more than 1.2 billion and the amount exceeds Rs 200 billion. Such a number of transactions have never happened on a single payment platform across the globe. These statistics show the growth and trend of UPI in India. In today's time where developed countries are still using prepaid card payments, cheque as a dominant mode of payment, UPI payment platform has taken India a long way ahead.
Mitigating Risks in Prepaid Card Business - All you need to know!!!
The tremendous growth in the prepaid card business, not only attract customers from all sort of backgrounds but also expose it to various risks. Secrecy and bank-less transactions are amongst the main attractors that give prepaid cards the potential to cover a wide range of customers including the members that belong to the unbanked sector.
Prepaid Card: The Future of Payments
Prepaid cards are launched in the business market to fulfil the payment needs of industry processes or customers being it gifting, payroll processing, healthcare reimbursements, employee incentive processing, and consumer transit.
RBI introduces New type of Semi-Closed Prepaid Payment Instruments (PPIs)
PPIs are payment instruments used for the purchase of goods and services that include financial services, money transfer facilities, etc. against the value stored on such instruments.