Public lenders to pool resources for setting up company for digital banking infra
Public sector banks (PSBs) are looking on pooling resources to set up a corporation to build and share digital infrastructure that will be cost-effective for banks to address the change in consumer behaviour and needs because of the pandemic
Barring payment aggregators & merchants from storing card data to impact card payments
The collaboration model is proliferating across national borders, with more financial institutions (FIs) turning to external third-party FinTechs to strengthen their small- to medium-sized business (SMB) and corporate offerings
Google introduces pay for parking within Google Maps
Tap and Pay extended to “Pay for Parking” by Google, now users in USA can pay for parking directly from within Google Maps by linking their Google Pay account to the app. Feature is live in more than 400 cities now across the USA.
How COVID-19 is evolving Fintechs in 2021
There's no doubt that fintech is still on the rise. As people seek new ways of convenience, alternatives to current systems and safer alternatives for their precious data, the world of fintech will continue to evolve. In spite of the challenges, or perhaps even because of them, world is driven to progress and strive for a better future.
Why Fintech Battles Ahead Are About More Than Banks
There's no doubt that fintech is still on the rise. As people seek new ways of convenience, alternatives to current systems and safer alternatives for their precious data, the world of fintech will continue to evolve. In spite of the challenges, or perhaps even because of them, world is driven to progress and strive for a better future.
The recent report from Payper’s on Cross-border and Ecommerce offers unique insights and analyses from thought leaders in the field on key industry topics such as regional particularities of cross-border online and mobile commerce, cross-border payments, global trade, the importance of payments orchestration and transaction routing, key challenges for marketplaces in different regions, multi acquirer setups, the best strategies to deal with local payments as a cross-border retailer, and many more.
The report talks about Indian perspective as Cards are a popular payment method for online shopping, representing 29% of transactions, or USD 10.6 billion in sales in India. Although cash-based payments used to dominate the market, the pandemic impacted the country’s shopping habits, just like it did all over the world, and now, card payments are expected to rise dramatically in 2021. Considering the commerce potential of emerging markets, India continues to be an attractive spot for international merchants, perhaps now more than ever, considering the governmental efforts to modernise and standardise cross-border commerce operations.
The Government and RBI’s push to improve digital literacy across the country through a bouquet of initiatives spanning infrastructure, literacy, and ease of access to digital services had a significant impact on improving the overall digital maturity of the Indian populace. With the increased adoption of mobile phones and greater penetration of the internet, the awareness of digital payments started percolating into the grassroots levels of society. Additionally, we are constantly trying to inculcate the new technologies (AI, blockchain, ML, IoT, cloud computing, data analytics, tokenization) to create user-friendly experiences for today’s tech-savvy consumer.
