Fintech, digital lenders launch schemes for MSME credit

A recent report had noted that the rollout of a ₹3-trillion crore Emergency Credit Line Guarantee Scheme (ECLGS) had kick-started the flow of funds into the MSME/Mudra segment. Banks have disbursed ₹329 billion (of the cumulative sanctions worth ₹754 billion). As anticipated, PSU banks are in the forefront (two-third of disbursements) with SBI taking the lead (one third),

Pandemic brought level playing field among Banks and FinTechs

The roughly 1,300 consumers surveyed by Morgan Stanley in recent survey said that 36.8 percent see banks as institutions that store money securely, roughly 35 percent state that banks are institutions for saving and earning interest on deposits, and another 27 percent state that banks are institutions that provide loans and make investments.

Open Banking in Australia

On 1st July 2020, the first phase of open banking was launched, allowing customers of the big four banks to securely share some of their banking data with other accredited banks and fintech organisations.

Need of harnessing fintech to overcome Covid disruptions

Regulatory sandboxes (sandbox) can play an important role in promoting fintech innovations to meet new consumer needs. Such sandboxes are often viewed as a signal to the market about the regulator’s openness to technological innovation — a message that is critical to encourage businesses to innovate and create solutions fit for the new reality.

Digital Dividend: The New World Order of Contactless Payments & Cashless Transactions

The disruptive impact of Covid-19 and the subsequent global thrust towards a contactless world order could well emerge as the biggest catalysing factor in the digitalization of life, commerce - and payments. Even as the pandemic is further accelerating the process, non-cash payments have been growing in India at the fastest pace ever. A report by Quartz highlighted that last year alone, digital transactions in India shot up by 55%, with the number of locations accepting digital payments growing to 10 million – nearly 7x up from around 1.5 million in 2016. Even as the number of merchants adopting digital payments has grown multi-fold, payment platforms like UPI, mobile wallets, Bharat Interface for Money (BHIM) and BharatQR are further fuelling the digital payments revolution in the country.

The Rise & Rise of Digital Payments

Covid-19 crisis has challenged the adaptability quotient of nations, catalysed innovation, improvisation and experimentation in this fast paced VUCA (volatility, uncertainty, complexity and ambiguity) world. India has displayed extraordinary preparedness and is emerging as a global leader in the dynamic payments space. Under the ‘Digital India’ campaign, the government has pushed to improve digital literacy which in turn had a significant impact in improving the overall digital maturity of the Indian populace.

Contactless biometrics hit fever pitch and fingerprint payment cards

The top biometrics and digital ID stories this week were dominated by fingerprints for contactless payments and facial recognition for touchless versions of a range of processes. The first biometric payment card issuance expected to reach five figures in units and customers marks a milestone for one market segment, while biometrics checks for digital wallets and facial recognition systems for safe reopening may represent the next big breakout areas for the industry.