201 posts in the “Blogs” category

<strong>Card Payment Tokenization – What It Is and How It Works?</strong>April 15, 2024 - posted by Ashish Katkar

Over the last decade, India has catapulted into a leadership position globally for its efforts to embrace digital payments across the nation. While UPI brought digital payments to the masses, the country’s rising middle class was also showing increased patronage of physical payment instruments like credit cards. Banks, Fintech companies, and even retail brands were […]

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<strong>Is Virtual Credit Cards the Future of Credit Card Payments in India?</strong>April 01, 2024 - posted by Debasis Mohanty

Digital payments have been on the rise in India since 2017. All such statistics indicate that the future of credit card payments and overall digital payments is on the rise. Technology has taken the digital payment setup one step ahead, and now the digital age is noticing something called virtual credit cards. The global virtual […]

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<strong>How Banks Are Using AI to Tackle Traditional Barriers in Lending</strong>March 28, 2024 - posted by Sankhadeep Chakraborty

In the last couple of decades, the banking sector has embarked upon a fundamental change in its approach to delivering services. They have transitioned from a model that puts their operational rigidity as the main focus area into one where the customer’s financial well-being is the priority. The explosive growth of self-service options across web […]

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<strong>Why Automation and Digitalization of Lending Business is Future?</strong>March 19, 2024 - posted by Ashish Katkar

Just like other industries, the wave of automation and digitalization is transforming the financial lending business also. The global pandemic only succeeded in accelerating this wave. The need for remote working and social distancing in the financial sector increased the shift towards automation and digitalization. The global lending industry faces a host of challenges like […]

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<strong>Know Everything About Credit Card EMI: Do’s &amp; Don’ts</strong>February 28, 2024 - posted by Debasis Mohanty

The credit card market in India is very established and soaring in the contemporary time. As per reports, there were around 86 million credit cards active in India as of April 2023. The trend is going upward because a lot of banks and eCommerce websites are launching co-branded credit cards to attract customers based on […]

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<strong>How to Use Payment Analytics to Grow Business?</strong>February 26, 2024 - posted by Ashish Katkar

Be it through cash or any other mode, timely payments are essential to growing any business enterprise. In the modern age, companies are now accepting cashless forms of payment. At the global level, the volume of cashless payment transactions will reach 2.3 trillion by 2027. 30% of these transactions use payment methods like account-to-account transfers, […]

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<strong>Let’s Understand the Different Types of Credit Cards</strong>February 08, 2024 - posted by Sankhadeep Chakraborty

In 2022, around 73 million credit cards were issued in India, and this number is expected to grow to 200 million by 2026. With the various benefits and rewards that credit cards provide, their popularity has grown immensely in recent years. Many e-commerce companies typically give fantastic discounts when a transaction is made with a […]

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What Is the Difference Between FinTech and RegTech?January 29, 2024 - posted by Debasis Mohanty

Are you watching the battle for the future of finance? On one side, there are FinTechs and on the other one, we have RegTechs. FinTechs are transforming the way people manage their finances. RegTechs, acting as the guardians of compliance, are ensuring that innovation doesn’t trample over essential regulations. FinTech means companies using technology to […]

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<strong>Will SoftPOS Set the Stage for the Next Phase in the Digital Payments Revolution?</strong>January 24, 2024 - posted by Sankhadeep Chakraborty

How about the convenience of using your mobile phone as a digital payment terminal? This marks the next phase of digital payments in the form of SoftPOS. Short for Software Point-of-Sale, SoftPOS effectively enables retail merchants to run their business from any location without investing in expensive payment hardware. With smartphones equipped with near-field communication […]

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<strong>B2B Payments – What Are the Trends in 2024?</strong>January 11, 2024 - posted by Debasis Mohanty

In 2019, the global B2B payments market hit $732.4 billion, took a pandemic hit in 2020 at $868 million, only to bounce back impressively to $125 billion by the end of 2021. Yet, that’s not the end of the tale. Juniper Research projects an eye-popping leap, aiming for the global B2B payments industry to top […]

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<strong>Important Trends Shaping the Credit Card Industry in 2024</strong>January 08, 2024 - posted by Sankhadeep Chakraborty

The credit card industry, with a global holder count of over 1.25 billion in 2023, is expanding and undergoing remarkable transformations. As we approach 2024, this sector continues its dynamic evolution on an impressive trajectory. Emerging technologies propel it along, and evolving consumer behaviors shape its course, all within the context of a changing regulatory […]

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<strong>Let’s Explore the Connection Between Central Bank Digital Currencies and Financial Inclusion</strong>January 08, 2024 - posted by Debasis Mohanty

According to the Reserve Bank of India (RBI), India’s financial inclusion index improved from 43.4 (in 2017) to 60.1 (in 2023). At the same time, the global financial inclusion (FI) index improved to 63.4 in 2023. Despite the recent progress, a significant portion of the world’s population remains excluded from the global financial system. According […]

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How To Win in the Race of Hyper-Personalization in Credit Cards Business?December 20, 2023 - posted by Ajay Wadbudhe

“There is a strong revenue and valuation argument to be made in favor of hyper-personalization,” stresses Deloitte in its Future of Retail Banking report. The consulting giant also dives deep into the personalization maturity curve, highlighting how it’s time for financial institutions to move from rule-based segmentation and leverage behavioral recommendations, omnichannel optimization, and predictive personalization to […]

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Is RegTech a New Disruption in Financial Services Space?December 20, 2023 - posted by Debasis Mohanty

The financial services sector has always attracted strict compliance regulations, and understandably so. For example, in 2017, the Guardian reported how the world’s biggest financial institutions, including Bank of America, JP Morgan, and Morgan Stanley, among others, were required to pay around £264 billion due to poor conduct. Today, with constantly evolving regulatory norms and the increasing […]

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<strong>Payments Trends – What to Expect In 2024?</strong>December 20, 2023 - posted by Ashish Katkar

Did you know that the total transaction value of the digital payment sector is expected to reach over $9 trillion by the end of 2023 and $14.78 trillion by 2027? These impressive figures clearly indicate the tremendous growth of the digital payment sector. From conventional cheque and cash payments to digital wallets and cryptocurrencies, the […]

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Paying Rent Using Credit Card: Know EverythingDecember 12, 2023 - posted by Sankhadeep Chakraborty

India is undoubtedly one of the fastest-growing economies in the world. A major outcome of economic growth is the increased financial capacity of citizens. This paves the way for banks and financial institutions to offer more products and services. In recent years, credit cards have gained increased loyalty from Indians without any demographic restrictions. In […]

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The Future of Credit and Digital Payments in Web3December 12, 2023 - posted by Debasis Mohanty

In recent years, digital or online payments have seen a rapid increase in the frequency and value of transactions. The global digital payments market is expected to increase from $96.19 billion in 2022 to $111.11 billion in 2023. In fact, Statista reports that the value of transactions through digital payments will reach $9.46 trillion by the end of this […]

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<strong>What Should You Know About FedNow?</strong>December 12, 2023 - posted by Ashish Katkar

In 2023, the Federal Reserve launched FedNow, a groundbreaking interbank payment system that offers instantaneous means for financial institutions to transfer funds within the United States. This article will outline the capabilities and advantages of FedNow, as well as everything you should know about it. What is FedNow? FedNow is an instant payment infrastructure developed […]

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The Company Value of Being True to Ourselves and OthersDecember 12, 2023 - posted by Shruti Warke

In the age when trends like the Great Resignation are making headlines, it can be prudent to ask, “What makes people stick around”? More often than not, it is because employees believe that the organization remains true to its values and these values are conducive not only to organizational growth, but individual growth. The focus […]

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How Does Credit Card EMI Work?December 12, 2023 - posted by Ashish Sherlekar

Credit cards have become an inevitable part of today’s lifestyle. Yet, with the increasing complexity of available options, understanding the intricacies of credit card features can seem daunting. One such feature that often leaves cardholders perplexed but holds the potential to refashion their financial transactions is the “Credit Card EMI” — a mode of repaying […]

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Demystifying Cross-Border Payments: Common Challenges and SolutionsDecember 12, 2023 - posted by Debasis Mohanty

According to the Bank of England, the global volume of cross-border payments is projected to surpass nearly 250 trillion in 2027. As the global economy becomes more interconnected, it is crucial to demystify the intricacies of cross-border payments and address the common challenges that arise.  Traditional methods of conducting cross-border transactions often have limitations, such as high […]

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What Is the National Common Mobility Card?October 31, 2023 - posted by Debasis Mohanty

Powered by contactless technology, the National Common Mobility Card (or NCMC) is fast emerging as the default choice for cashless transactions among Indian commuters. Launched in 2019, NCMC enables travelers to access different modes of transport across the country. Currently, it is accepted in transport systems, including Delhi & Mumbai Metro rail, Mumbai’s BEST bus […]

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Use Cases for Generative AI in BankingOctober 03, 2023 - posted by Abhishek Mithal

The banking sector has demonstrated increased adoption of AI-powered technologies in the past few years. In fact, research suggests that AI in the banking market is expected to grow at a whopping CAGR of 32.36% up until 2030. Now, a fresh wave of innovation powered by generative AI (or GenAI) technology is engraving its foot in the […]

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What Is API Monetization?October 03, 2023 - posted by Ashish Katkar

In the present cloud-based ecosystem, APIs have become extremely popular as a way to integrate or connect different applications or systems.  Valued at $4.5 billion in 2022, the API management market is expected to triple in size between 2022 and 2027 – all while growing at a CAGR of 25.1%. In the payments domain, the significance of […]

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How the New Pre-Sanctioned Bank Credit Lines Through UPI Will WorkOctober 03, 2023 - posted by Sankhadeep Chakraborty

In August 2023, we witnessed a landmark achievement in India’s financial prowess. The country’s homegrown UPI payment infrastructure recorded over 10 billion transactions in a single month. As UPI continues to be the flag bearer of innovation in India’s fintech landscape, the Reserve Bank of India has just announced a new addition that broadens the spectrum of […]

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Assessing the No-Interest Credit Card: Niche Product or a Vanguard of Change?September 01, 2023 - posted by Ajay Wadbudhe

The spectrum of interest rates on credit cards available to the average person is broad, ranging from 5.88% to a massive 52.85% annually. Within this range of interest rates, the upper end may represent considerable monetary difficulties, potentially loading borrowers with sizable interest fees that continue to build up over time. As customers confront the consequences […]

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Are Credit Cards Evolving Toward All-Purpose Financial Services AccountsAugust 30, 2023 - posted by Ashish Sherlekar

For decades, credit cards have represented a territory of financial empowerment that has helped people transform their spending into rewarding experiences with the luxury of holding onto their liquid money till the billing dates.  There are flipsides as well because credit cards are also widely considered a debt trap for consumers with poor financial discipline. […]

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The Fascinating Story of Payment CardsAugust 29, 2023 - posted by Debasis Mohanty

As per Statista, there will be around 28.44 billion payment cards in circulation by 2027. The domain of payment cards has evolved significantly over time, and there’s a fascinating story behind how all this has transpired. In the same vein, Hannah Fry, in her recent BBC show, presented the “secret genius” of the modern payment card. In the […]

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Does Generative AI Make Current Biometric Security for Payments Obsolete?August 04, 2023 - posted by Sankhadeep Chakraborty

For the last few years, biometric security has been touted as the future of payments. Traditionally, biometric technologies like face recognition are safer than the user name/password system. However, there have been concerns. For example, in his book “A Hacker’s Mind“, the renowned security technologist Bruce Schneier highlights the risks of biometrics data. He talks […]

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Are Superapps Ready to Make a Comeback?August 03, 2023 - posted by Debasis Mohanty

At the tail end of 2022, there was a lot of talk about how superapps were dying. This discourse found more heat in Tata Group’s ambitious super app Tata Neu’s failure to engage the audience and rake in positive reviews. The Times of India reported in January 2023 that Tata Neu missed the sales target by 50%.  […]

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BNPL &#8211; Strategy to Balance Profit and GrowthJune 20, 2023 - posted by Abhishek Mithal

Buy Now Pay Later (BNPL) is a payment option that enables consumers to make purchases and split the total cost into installments without any interest or fees. With BNPL, shoppers can buy products upfront and defer the payment over time, typically in equal installments. As such, it provides an alternative to traditional credit cards and […]

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Future of ATMs in an Increasingly Cashless Payment EcosystemJune 20, 2023 - posted by Debasis Mohanty

Over the past decade, the popularity of digital banking has reduced the importance of ATMs across the globe. As more banking customers move towards cashless payments, banks are facing serious questions about the future of ATMs.  Similarly, Daryl Cornell of Triton Systems says, “The ATM ecosystem is no different than any other cyclical industry, where participants ride […]

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Role of AI in Revolutionizing the Payment IndustryMay 25, 2023 - posted by Ashish Sherlekar

In today’s rapidly changing business landscape, data has become an invaluable and essential asset. But making sense of this growing volume of data hasn’t been easy for banks and financial institutions. That’s where Artificial Intelligence (AI) plays a huge role in boosting payment accuracy and efficiency. Read on as we unravel the role of AI in […]

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How Does BaaS Solve the Lending Problem?May 03, 2023 - posted by Ashish Katkar

With the advent of digital banking, there is an increasing trend of non-financial companies offering a host of financial services, including online payments and lending. As expressed by leading venture capitalists, facilities like embedded finance are “making every company into a fintech company.” Today, in the lending domain, banks and financial institutions are looking at innovative ways […]

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Is Behavioral Biometrics the Next Big Weapon to Fight Fraud?April 18, 2023 - posted by Abhishek Mithal

Between April and September 2022, banking entities in India reported 2,331 fraud cases involving INR 87 crore. This marked an increase from the previous six-month period, during which 1,532 frauds involving Rs 60 crore were reported by these entities. No doubt, the banking landscape is rife with frauds perpetrated by criminals, who use social engineering and other […]

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Future of Credit Card RewardsMarch 07, 2023 - posted by Debasis Mohanty

Constant innovations and emerging trends in the payment space have brought about several accelerating winds of change in the credit card industry. Stringent regulatory guidelines, progressive industry initiatives, and evolving customer expectations have ushered in a new era of technology-driven, touchless transactions. As alternate payment methods emerge (and evolve), the card industry is struggling to stay afloat. […]

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Trends To Watch Out For In Merchant AcquiringFebruary 23, 2023 - posted by Debasis Mohanty

Research shows that the global merchant-acquiring market volume will reach $41.75 trillion by 2026. There are various factors contributing to its growth. With the merchant-acquiring market growing steadily, let’s look at the trends that will likely dominate the headlines in 2023. Trends To Watch Out For In Merchant Acquiring How To Leverage the Trends to […]

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Is Credit Card on UPI a Game Changer?February 23, 2023 - posted by Ashish Sherlekar

UPI payments have been a major hit in India ever since their launch in 2016. When even the tiniest of transactions are being carried out through UPI, it isn’t surprising that in just January 2023, Indians transacted Rs. 1299058.78 crores through it.  In June 2022, 26 crore unique users were reported to be using UPI. In contrast, in FY21, […]

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Payment Fraud Trends and Fighting Them in 2023February 15, 2023 - posted by Abhishek Mithal

Rapid digitization and fluctuating economic headwinds have created the perfect breeding ground for fraudsters to thrive. According to the recent State of Fraud Benchmark Report, financial institutions have lost over $500k to fraud in 2022 alone. As payments become increasingly digital, businesses across different sectors have become extremely vulnerable and susceptible to payment fraud. Continuous disruption brings with […]

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IndiaStack – What You Need to Know?January 09, 2023 - posted by Ashish Katkar

India has set a benchmark for the world in adopting digitization. From using cash predominantly, India has come a long way to accept and remit digital payments. In fact, India surpassed China in the total volume of real-time payments this year. According to IndiaStack’s website, Indians have completed 67 billion digital verifications and Rs 5.47 […]

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5 Payment Trends to Watch in The Year 2023January 02, 2023 - posted by Abhishek Mithal

The payment industry was bustling with new developments and innovations in 2022. There was so much happening this year. Besides that, our research also predicted increased focus on cybersecurity, BigTech’s interest in investing in payments, the emergence of payment-as-a-service (PaaS), and more. The recent developments in the payment industry clearly indicate that customers and merchants […]

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Top Retail Banking Trends and Predictions for the Year 2023December 28, 2022 - posted by Sankhadeep Chakraborty

2023 may be a very exciting year for the banking and financial sector. They are at thecrossroads of transitioning into bigger digital entities with better presence virtually. Theneed for digital transformation may be several, like lowering costs, improving compliance,etc., but 2023 will also be a year when banks and financial institutions will witness themassive growth […]

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Crypto Credit Cards – What They Are, and How They Work?November 29, 2022 - posted by Debasis Mohanty

Crypto credit cards are among the hottest trends in the crypto world right now. On the surface, they offer all the perks a traditional credit card offers but allow users to spend their cryptocurrencies. In fact, a recent survey outlined that 13 million American adults already have a credit card that allows them to use cryptocurrency for […]

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Instant Payments Around the WorldNovember 29, 2022 - posted by Sankhadeep Chakraborty

Gone are those days when transactions took hours or days to complete. Customers don’t have to wait to transact money during banking hours anymore. All this is possible due to instant payments.  Instant payments are a way of exchanging and processing payments between bank accounts or peer-to-peer in real-time. The most common types of instant […]

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Voice Payments – The Future of Payment Technology?November 29, 2022 - posted by Ashish Katkar

As per Statista, there will be 8.4 billion digital voice assistants catering to the needs of users worldwide by 2024 (up from 4.2 billion in 2020). To put that into perspective, the number of voice assistants across devices worldwide would be more than the world population.  And this doesn’t come as a surprise considering the immense market […]

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Is P2P Lending Here to Stay?November 29, 2022 - posted by Abhishek Mithal

The global P2P lending industry was valued at $64 billion in 2015. It’s estimated to be worth approximately $1 trillion by 2050. So, it can be said that Peer-to-Peer (P2P) lending is here to stay. P2P lending is a critical component of the fintech sector and has quickly become one of the most popular investment options.  It […]

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Open Banking &#038; APIs – Regulatory Compulsion or Catalyst for InnovationNovember 16, 2022 - posted by Debasis Mohanty

Over 86% of global banks are looking to use APIs and facilitate open banking capabilities. The concept of open banking has been around for many years but only for the sake of regulatory compliance.  However, there has been rapid adoption of open banking globally in the wake of the pandemic. Most small businesses and individuals have found […]

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Appreciation &#8211; A Key to Team SuccessJune 29, 2022 - posted by nikhil kadu

Appreciation is a key to the success of all teams under the Sun, be it a family, a housing society, a charity, a school, a corporate team, a project team, or any other team of people working towards a common goal! Appreciation acts as a big motivator to successful performance for most people. But for […]

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How Banks are Embracing Biometrics Technology to Improve SecurityJune 02, 2022 - posted by Abhishek Mithal

Biometrics technologies is an exciting branch of technology that is gaining popularity at a rapid rate. It is estimated that between 2020 and 2025, the global biometric technology market will grow at a compound annual growth rate (CAGR) of 10.5%, reaching a total value of $8.5 billion. Biometrics technology is based on biometrics – a […]

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Will Cryptocurrency Ever Become Mainstream?May 17, 2022 - posted by Sankhadeep Chakraborty

In 2021, Elon Musk added #bitcoin to his Twitter bio and created a stir in the market. Cryptocurrency prices soared by about 20%, further accelerated due to his tweets. When the richest man on Earth supports cryptocurrency for transactions and investments, it surely makes a huge statement. The global cryptocurrency market evaluation summed up to […]

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Is Digitization an Endgame – What&#8217;s Next for Banks?May 17, 2022 - posted by Magesh Ramanathan

The pandemic outbreak in 2020 triggered an unprecedented overhaul in the banking sector. And the changes were, well and truly, reflected in the pattern of digitization. Statista reports that several “new banking functions” emerged in the wake of the crisis. These included digital appointments in branches, fully digital transactional pipelines, contactless payments, etc.  In fact, […]

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How Banks and Financial Institutions are Embracing Fintech Strategies to Stay Relevant and Grow?April 29, 2022 - posted by Abhishek Mithal

A decade ago, the banking and finance sector had unwavering control over the way people approached organized financial discipline in their lives. Even on the B2B front, banks exerted their dominance and refused to break their legacy lending frameworks, and often denied businesses flexible access to capital to spur their growth. But moving into the […]

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Low-Code No-Code Platforms &#8211; The Future of Software DevelopmentApril 18, 2022 - posted by Magesh Ramanathan

A new phase of software development, famously known as low-code and no-code, is here to take over the digital space. As their names suggest, these new generation platforms enable users to design, build and deploy enterprise-ready applications rapidly with little to no code. As per recent research by Gartner, 70% of upcoming applications developed by […]

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Is it the Year of the Virtual Card?March 31, 2022 - posted by Sankhadeep Chakraborty

Among the widely talked-about topics in the financial services industry, the virtual card has grown in acceptance among banks and consumers in recent years. In the digital world, consumers are now transitioning away from “physical” plastic cards by adopting virtual cards. While virtual cards have been in existence for some years now, is 2022 going […]

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What Are The 3 Credit Card Trends to Watch for in 2022?March 28, 2022 - posted by Magesh Ramanathan

We are living amidst a digital revolution, and the latest technology is revamping every enterprise. Be it any industry, the pandemic impacted it all and pushed them towards a digital overhaul. The disruption of the financial sector is also evident. In 20-21, the total digital transaction volume was at 4,371 crores (as against 3,412 crores […]

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&#8220;Work is Changing&#8221; – Are you Ready?March 01, 2022 - posted by nikhil kadu

The world of work was gearing up for disruption when COVID-19 struck and accelerated the move into the Future of Work. Two years later, this world looks like a mere shadow of its past. Digital transformation is now inevitable and the hybrid workplace is a certain reality. The disruption is ongoing as organizations identify how […]

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Top Payment Trends in 2022February 25, 2022 - posted by Ashish Katkar

In the face of the ongoing COVID-19 pandemic, the global demand for faster and contactless forms of digital payments continues to rise with the adoption of innovative technologies. If 2021 was the year when we moved to the next era of digital payments, 2022 will be the year when business growth will be driven by […]

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Is the Rise of the “Super-app” an Opportunity or Threat for Banks?February 25, 2022 - posted by Sankhadeep Chakraborty

In recent years, the number of mobile apps has multiplied exponentially, and now, there’s an app for everything from ordering a taxi to making an online transaction. Effectively, mobile apps have transformed the way we live and conduct our daily business. Among the latest developments in mobile apps, the “super-app” has emerged that combines a […]

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Learning For Project Managers From COVID-19 PandemicFebruary 25, 2022 - posted by Ashish Sherlekar

Every situation teaches us a lesson. The pandemic was one such situation that caught the companies by surprise. Companies went remote overnight. They had to undergo digital transformation at a pace they had not anticipated before. Satya Nadella, the CEO of Microsoft, said that the company saw two years’ worth of digital transformation in two […]

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Is Payment Network Adopting Cryptocurrencies a Clear Indicator of the Increasing Acceptance?January 14, 2022 - posted by Sankhadeep Chakraborty

Recently, MasterCard announced that it is including cryptocurrency in its network. This essentially meant that MasterCard would support select cryptocurrencies on their network. Apart from the traditional payment methods, businesses and customers can transact using cryptocurrency. MasterCard considers it a win-win decision as customers will have payment flexibility, and businesses can        build loyalty by offering […]

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What Do You Need to Know About Card Tokenization?January 14, 2022 - posted by Magesh Ramanathan

In Sep 2021, the Reserve Bank of India announced that Indian merchants will not be able to store any confidential credit and debit card information on their servers post Dec 2021. While the deadline has been extended by six months, the fact remains that organizations need to be prepared for this disruption. The Reserve Bank […]

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Future of Payments – My Top 3 PredictionsDecember 15, 2021 - posted by Ashish Katkar

Is it going to be embedded finance or the rise of Banking-as-a-Service (or BaaS) platforms? As we come to the close of 2021, the year itself has been a “watershed moment” in the sphere of global payments. Driven by the 2020 global pandemic, technology is now emerging as the “game-changer” that could transform the way […]

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The Team That Grows Together Stays TogetherDecember 03, 2021 - posted by Shruti Warke

Organisations thrive only when they grow, and to grow, one has to embrace change and evolve. Learning is one of the best ways to achieve this change confidently. To set off on this path of learning, the employees of the organisation have to be exposed to the concept of growing through learning and by introducing […]

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Is Embedded Finance the Future?December 03, 2021 - posted by Debasis Mohanty

While the process of digital transformation began much before, the COVID pandemic has played its part in encouraging contactless payments all across the world. The future of financial services is now being dominated by emerging trends like the “Buy Now – Pay Later” model and wearable payments. One interesting observation that is worth noting is […]

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Why Integrated DevOps is Critical for Payments InnovationNovember 17, 2021 - posted by Sankhadeep Chakraborty

As more companies opt for the remote working modes, it is challenging for them to manage their operations in an environment that was not designed for a distributed workforce. According to the Microsoft and BCG research study, only 30% of remote-working managers find their companies innovating in areas like product development and customer experience. At […]

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Buy Now Pay Later (BNPL) Frauds – Risks &#038; PreventionNovember 17, 2021 - posted by Debasis Mohanty

As a popular trend, Buy Now Pay Later (BNPL) continues to delight both online (and offline) shoppers across the globe. It comes as no surprise that global BNPL services continue to grow at a healthy rate of 39% and are attracting attention from major players like Amazon, PayPal, and Square. Not to be left behind, […]

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Know All About e-RUPI – The New Digital Payment InstrumentOctober 21, 2021 - posted by Sankhadeep Chakraborty

The future of payments lies in going digital. One day, hard cash is going to be a lingering memory from the past. Thanks to initiatives such as e-RUPI, digital currency is developing at rates faster than the speed of light. But what is e-RUPI? Is it different from other forms of virtual currency? How will […]

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Which Is the Right Approach for Payments – Modernization Vs. Digital Transformation?October 05, 2021 - posted by Ashish Katkar

The terms modernization and digital transformation are often used interchangeably. After all, both involve the transformation of legacy systems. However, there’s a difference between both the terms. And payment providers need to know it because what they choose would define their future business strategies. So, let’s first understand the difference between both of them. Digital […]

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What is the Future of Invisible Payments?October 01, 2021 - posted by Sankhadeep Chakraborty

If we are to evaluate the major challenges for B2C or B2B companies and their customers in most domains, payments would often be at the top of the list. As the world became more mature and connected, trade and business practices too evolved without borders. The underlying monetary frameworks have matured considerably to accommodate new-age […]

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Do “Buy Now, Pay Later” Programs Threaten Banks / Credit Card Issuers?September 29, 2021 - posted by Debasis Mohanty

The 2020 pandemic not only impacted the way shoppers went about buying products but also made retailers think about alternative ways of offering their products or services. As the virus became more rampant, cashless forms of payments (aka digital payments) became the preferred mode. Among the many impacts of the pandemic, the “Buy Now, Pay […]

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Is Teen Banking the New Way to Extending Banking Frontiers?August 22, 2021 - posted by Ashish Sherlekar

Digital banking is a norm today and banks that don’t pay attention are destined to bow down before competitors who took the leap. While getting into the digital banking bandwagon is an essential element, it is no longer the only cool stuff that a bank needs to have. In fact, the COVID-19 pandemic pushed reforms […]

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The Main Drivers Behind Payments Infrastructure ModernizationAugust 22, 2021 - posted by Sankhadeep Chakraborty

Among their multiple digital initiatives, in the recent decade, banks and financial institutions have looked to modernize their payment system or infrastructure. Needless to say, a modern payment system can directly improve their cash flow and win long-term customer loyalty. Hence, it comes as no surprise that the banking sector is relying heavily on digital […]

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Why Adopting API-First Approach in Payment Has Become Critical?August 22, 2021 - posted by Sankhadeep Chakraborty

Gone are those days when traditional financial institutions like banks could monopolize the financial industry. The millennials and Gen Z has now taken center stage in driving the economy. In fact, their spending power has crossed $3 trillion. As a digital-native generation, millennials and Gen Z prefer payment flexibility. They do not hesitate to disengage […]

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Preparing For the Migration to 8-Digit BINsAugust 22, 2021 - posted by Debasis Mohanty

With the growing pace of digital and mobile payments, the financial industry is fast running out of available Bank Identification Numbers (BINs). Why are BINs important? So far, the 6-digit BIN is what helps business merchants identify the credit/debit card type, the network, and the issuing bank. What is the main issue with 6-digit BINs? […]

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How Verinite Managed Remote Teams and Kept them Engaged – The HR’s PerspectiveAugust 22, 2021 - posted by Shruti Warke

The COVID-19 pandemic upended the world of work and pushed enterprises to embrace the Future of Work, in the present. What we initially anticipated to be a temporary arrangement turned out to be the world’s largest ‘work from home’ experiment. Today, it is clear that remote work will be an indelible part of our lives […]

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Wearable Payment – Will it Just Continue to Remain a Trend or See a Serious Adoption?August 22, 2021 - posted by Sankhadeep Chakraborty

Imagine entering a shop, purchasing things, and paying for them through a watch, a ring, or a bracelet? No, that is not a scene from a sci-fi novel or movie. But, it’s the reality, which we will soon see all around us. What I described right now was a wearable payment device. Wearable payment is […]

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A Primer on Non-Fungible Tokens – Everything you Need to Know!August 22, 2021 - posted by Prasanna Chitale

Imagine a plot of land in a prime locality being offered for sale on the real estate market. The estate has everything that a land buyer could wish for – great area, perfect squares of land plots, good road connectivity, and promising future potential. Let us take another example of a fine art collection being […]

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Verinite Hackathon 2021- An Event full of Innovation &#038; LearningAugust 22, 2021 - posted by Ajay Wadbudhe

We recently concluded our Verinite Hackathon 2021. The theme for this one was Cards, Payments, and Lending. The Hackathon saw participation from six teams where they solved some extremely complex challenges and presented amazing innovations. The winners were selected after a detailed round of presentations to the judges. Congratulations to the winners and the participants. […]

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Is Open Banking the Future? Why Is It Significant, What Drives It Forward and Who Is Not Comfortable in Adopting It?August 22, 2021 - posted by Debasis Mohanty

Banks and financial institutions have long been the custodian of people’s money and the torchbearer for any service that would enable the management of money. Not everyone was pleased with the unending list of verifications, validations, manual and automated accounting processes, audits, and regulatory compliance mechanisms that banks followed. But even if it meant a […]

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How the Pandemic Has Forged Collaboration Between Financial Institutions and Fintech SectorAugust 21, 2021 - posted by Ashish Katkar

Ever since the beginning of the global COVID-19 pandemic, banks, and financial institutions have borne the brunt of the ensuing economic disruption. The “traditional” banking model is facing unprecedented challenges and risks, including a few crucial ones like: As we return to a post-pandemic normal, a stronger banking sector will be needed to stage an […]

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How Banks Can Fight Commoditization in a Highly Changed Digital WorldJune 15, 2021 - posted by Sankhadeep Chakraborty

If we reverse the clock to the late ’90s or early 2000s, you had to visit a bank branch physically or an ATM if you needed to transfer money to a friend or a family member who was in need. When online banking became mainstream, the need to visit branches or ATMs declined as one […]

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Are Digital Banks Becoming the New Norm?June 15, 2021 - posted by Sankhadeep Chakraborty

Shopping, entertainment, education, and nearly every major activity we usually do outside, were put to a grinding halt due to the COVID-19 pandemic. The solution put forward by small and large players in all these segments was to bring their respective experiences to our homes via digital channels. 2020 saw the digital economy blowing past […]

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5 books that every Project Management Professional should ReadJune 15, 2021 - posted by Ashish Katkar

What is a Project? A ‘Project’ is a temporary endeavor undertaken to create a unique product, service or result.’ All Businesses don’t need a complex methodology when it comes to managing a project, but they benefit from a designated Project Manager. Based upon my observations and experience for the role, there are many agreed responsibilities […]

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Key Considerations While Selecting A Card Payment ProcessorJune 15, 2021 - posted by Debasis Mohanty

Customers always look for flexible payment options and convenience while shopping or purchasing something. They want to make payments immediately through credit or debit cards or e-wallets to complete the transaction. Considering that everyone from banks to fintech and brands want their card to be the topmost choice of the customer, they must ensure that […]

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Are Contactless Payments Finally Here To Stay?June 15, 2021 - posted by Sankhadeep Chakraborty

COVID-19 has been regarded as the single biggest event that disrupted life more than ever since World War 2. Even though recorded fatalities are decreasing, the spread of the pandemic forced global economies to go into total shutdowns for weeks together and suspended cross border travel for months. The cycle is repeating due to periodic […]

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Will CBDC be the Future of Finance Globally?June 15, 2021 - posted by Debasis Mohanty

Cryptocurrencies and Indian regulators were not on good terms for quite a period now. The Reserve Bank of India (RBI), the country’s premier financial regulator and central banking authority, had put up several restrictions on cryptocurrency trading back in 2018. But the Supreme Court of India quashed the restrictive order in March 2020 allowing trading […]

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Banking CIO Priorities For 2021June 15, 2021 - posted by Prasanna Chitale

Last year was a trying period for the banking sector. As the pandemic spread rapidly, banks had to restrict their operations to essential services. All other non-essential functions continued online. For a long time, banks were cautious and slow in adopting digital transformation. It resulted in the emergence of fintech, which promised to be faster […]

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What Is Banking-as-a-Service? (And What it is Not)June 15, 2021 - posted by Sankhadeep Chakraborty

The banking sector has undergone a major transformation in the last few years. It has become more digitized and customer friendly. It has been developing new products and building new partnerships with fintech and other non-financial companies to create an extraordinary experience for the customers. This has given rise to a new model called Banking-as-a-Service […]

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What 2020 Taught Me as an Entrepreneur?June 15, 2021 - posted by Ashish Katkar

While entrepreneurship is not something for the faint-hearted, I am sure all will agree that 2020 has been a year that humbled everyone, across the board. The year full of hard lessons compelled us to re-evaluate our priorities, re-calibrate how we define business priorities, and restructure how work is done. It forced us to look […]

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Top Trends to Watch for in Retail Banking in 2021June 15, 2021 - posted by Prasanna Chitale

As 2020 draws to a close, the world is finally learning to put aside the massive disruption caused by COVID-19 on the lives of people in nearly every country on the planet. As vaccines start to roll out and the world slowly limps back to the good old days of free mobility, there have been […]

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Why Banks Must Consider Independent Reviews of their Licensing and Processing ContractsJune 15, 2021 - posted by Ashish Katkar

The wave of digital technologies has completely changed the banking and financial services sector. Be i