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 […]
Use Cases for Generative AI in Banking • October 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 […]
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 […]
How the New Pre-Sanctioned Bank Credit Lines Through UPI Will Work • October 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 […]
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 […]
Are Credit Cards Evolving Toward All-Purpose Financial Services Accounts • August 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. […]
The Fascinating Story of Payment Cards • August 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 […]
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 […]
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%. […]
BNPL – Strategy to Balance Profit and Growth • June 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 […]
Future of ATMs in an Increasingly Cashless Payment Ecosystem • June 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 […]
Role of AI in Revolutionizing the Payment Industry • May 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 […]
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 […]
Future of Credit Card Rewards • March 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. […]
Trends To Watch Out For In Merchant Acquiring • February 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 […]
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, […]
Payment Fraud Trends and Fighting Them in 2023 • February 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 […]
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 […]
5 Payment Trends to Watch in The Year 2023 • January 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 […]
Top Retail Banking Trends and Predictions for the Year 2023 • December 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 […]
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 […]
Instant Payments Around the World • November 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 […]
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 […]
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 […]
Open Banking & APIs – Regulatory Compulsion or Catalyst for Innovation • November 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 […]
Appreciation – A Key to Team Success • June 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 […]
How Banks are Embracing Biometrics Technology to Improve Security • June 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 […]
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 […]
Is Digitization an Endgame – What’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, […]
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 […]
Low-Code No-Code Platforms – The Future of Software Development • April 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 […]
Low-Code No-Code Platforms – The Future of Software Development • April 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 […]
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 […]
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 […]
“Work is Changing” – 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 […]
Top Payment Trends in 2022 • February 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 […]
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 […]
Learning For Project Managers From COVID-19 Pandemic • February 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 […]
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 […]
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 […]
Future of Payments – My Top 3 Predictions • December 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 […]
The Team That Grows Together Stays Together • December 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 […]
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 […]
Why Integrated DevOps is Critical for Payments Innovation • November 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 […]
Buy Now Pay Later (BNPL) Frauds – Risks & Prevention • November 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, […]
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 […]