A large portion of banks and technology companies are adapting to the upcoming technologies for speedy transactions, incentivisation of digital methods and big data use as the new emerging trends in the market. These are forming the base for digitalization in the market.
To uplift financial technology adoption in the country, all-digital methods are being propagated and spread everywhere.
The following few trends are being found in the headlines of Digital Payments World :
- Instant Payments: Instant payments help to make money available within an easy click. With the instant payments, the money gets available easy into the account, 24 hours a day, 365 days a year. UPI (Unified Payment Interface) technology is the way ahead for the people in our country. Infact, the launch of UPI 2.0 by NPCI (National Payments Corporation of India) has bestowed more advantages to the people using it for cashless transactions.
- Digital Wallets: The rising use of smartphones is rubbing onto the adoption of digital wallets. The acceptance and use of secure technology are on the move and hence is most liked by Banks and Fintech companies. All the main players offer cashbacks or takeaways on using digital wallets with the retail domain flourishing beyond expectations in the year 2018.
- PoS Terminals: Use of PoS (point of sale) terminals are on a rise as well with the constant pressure for selective cash transactions. The government and retail companies are clearly spreading the word. As these terminals are cheaper, banks are emphasizing more on it.
- Artificial Intelligence: Artificial intelligence is nothing but the technology used helps to make digital transactions more secure and robust. The idea of artificial intelligence is to upgrade the level of digital payments.
Technologies like machine learning, artificial intelligence, encrypted user interface, etc. the digital payments world are revolutionizing. There’s no doubt about the changing face of digitization and more and finer tuning. The integration of payment applications will see another reign of technology.
According to the latest NITI Aayog report, the digital payments market in India is slated to reach $1 trillion by 2023 and mobile payments are expected to rise from $10 billion in 2017-18 to $190 billion by 2023.
There’s never a right time for the industry leaders to pick opportunities and showcase the best from the digital world which will further boost digital payments. These digital efforts are in sync with customer demands and their inclinations. It gives companies to experiment more with technology for enhanced customer experience.
Fast and open digital payments go hand in hand
Unfortunately, digitization requires upgradation in the infrastructure to support incessant digital payments. Currently, India is striving to deliver the best of digital services and increased efficiency. There is a deeper understanding that payment infrastructure serves as a critical digital experience factor that directly influences customers’ likelihood of converting and returning to the digital wallets.
In addition to that, the customer interface needs to be strengthened for better settlement efficiencies in the system with faster payments networks. This will help banks opening payment ecosystems to attract third-party developers to create and deliver innovative credit transfers services.