Tokenization and its impact on online payments

Tokenization is a procedure through which touchy data or information is supplanted with a one of a kind arrangement of characters that hold all the basic data without trading off the security of the delicate data.

What is the effect of tokenization on online organizations? 

Mastercard tokenization enables online organizations to improve their information security, from the purpose of information catch to capacity as it kills the genuine stockpiling of Visa numbers in the POS machines and inward frameworks. Yet, the best advantage of tokenization is that it limits the effect of security breaks for shippers.

Since shippers are putting away tokens rather than Visa numbers in their frameworks, programmers will obtain tokens which are of no utilization to them. Breaks are costly, and numerous retailers and banks have encountered gigantic misfortunes because of information burglary. Tokenization limits this.

What is the effect of tokenization on clients? 

Aside from the solace that accompanies realizing that your Mastercard is more averse to get hacked, there’s likewise the way that tokenization is advantageous for clients on account of misrepresentation or robbery. This works in light of the way that various tokens are issued for a similar card payment on various stages that utilize tokenization.

So regardless of whether a site you use gets broke and the tokens are procured by the programmer/bastard, it’s hard to figure out the real card number from it as access to the tokenization rationale will likewise be required.

Does utilizing tokenization make you PCI DSS agreeable? 

Putting away tokens rather than credit card numbers is one elective that can decrease the measure of cardholder information in the earth, conceivably diminishing the trader’s push to actualize PCI DSS (Payment Card Industry Data Security Standard) prerequisites.

The following key principles relate to the use of tokenization and its relationship to PCI DSS:

Tokenization solutions don’t dispense with the need to keep up and approve PCI DSS consistence, yet they may improve a dealer’s approval endeavors by decreasing the quantity of framework segments for which PCI DSS necessities apply.

Checking the adequacy of a tokenization execution is important and incorporates affirming that a budgetary card number isn’t retrievable from any framework segment expelled from the extent of PCI DSS.

Tokenization frameworks and procedures must be ensured with solid security controls and observing to guarantee the proceeded with adequacy of those controls.

Tokenization solutions can change extraordinarily crosswise over various usages, incorporating contrasts in sending models, tokenization and de-tokenization strategies, advancements, and procedures.

Both tokenization and encryption are broadly utilized today to ensure delicate information put away in cloud administrations or inner applications. An association can choose to utilize encryption, tokenization or a blend of both relying upon their utilization case. This likewise relies upon the various kinds of information that the association needs to verify.

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How B2B has the ability to quicken the appropriation of digital payments in India?

Over the most recent one year, India has seen notable financial changes, for example, the demonetization drive and going of the GST bill. These activities have activated uplifting assumptions regarding the development of digital payments in the coming future. 

Promotion and consideration around B2C payments going computerized 

A large portion of the happiness around digital payments is centered on B2C. The equivalent BCG report says that, by 2020, non-money commitment in the customer payments fragment will twofold at 40%. It further accentuates that Indian buyers are 90% bound to utilize digital payments for both on the web and disconnected exchanges. This madness further develops with new associations being inked between advanced payments organizations and customary players like banks and NBFCs to tap the rising tide of computerized shoppers in India. 

Money pulled back from ATMs in March 2017 remained at 2,259 billion — 0.6% more than what individuals pulled back around the same time in 2016. Walk patterns demonstrated that individuals were gradually returning to their propensity for storing and utilizing money. For most of us, money is as yet a favored method of payment for little ticket things. Little retail vendors in semi-urban and provincial India are as yet hesitant to shoulder the expense of POS terminals and are, in this way, as yet managing money. Another BCG study reports that India has just 2 POS3 terminals for each 1000 cards contrasted with 20 in the UK and 13 in the US. The pervasiveness of money and the absence of foundation makes one wonder – will B2C advanced installments have the option to stay aware of the desires that have been set by us?

Making B2B the lead in the digital growth story

Perhaps it’s a great opportunity to ask ourselves an alternate inquiry – for what good reason would we say we are just concentrating on B2C payments? For what reason would we say we are forgetting about the organizations? There are 51 million SMEs in the nation adding to over 40% of the GDP – this is a portion that is as yet making money related exchanges in real money and hence can possibly be an arrangement creator or breaker of Digital India mission. The hypothesis is straightforward, in the event that we need the shoppers to grasp advanced payments allows first prepare the organizations that they work for and the organizations they manage each and every day with computerized framework.

How B2B payments can create a network impact?

A solitary business has the ability to impact a huge number of people to receive advanced methods. Here’s the secret. Take for instance of a business with 500 representatives.

Each business works with sellers. More activity overwhelming the business is, more the quantity of sellers that it manages. A business with a representative size of 500 would manage say around 50 – 200 merchants. So this business turns into the wellspring of cash for these 50 merchants. In the event that the source is cashless, at that point 50 additional organizations can embrace/acknowledge cashless installments. A similar business is likewise the wellspring of salary for 500 workers. In the event that the business pays pay rates just by means of computerized modes [NEFT], every one of the 500 representatives are empowered to make cashless installments. These representatives would further feel free to buy their day by day need things from different business, in this way finishing the cashless cycle.

Encouraging B2B payments

Given that organizations have this gigantic potential, how would we engage them with the correct framework? First we have to comprehend the unpredictability of their tasks.

Organizations have 7-8 distinct sorts of payments including travel and stimulation costs, acquisition, on the online/offline promoting, worker remittances, and repayments. Well beyond this, these payments are made by means of various components – NEFT, money, check, corporate cards, and the cycle of making these payments likewise differ. Now and again, representatives should be given a development while in others they should be repaid.

Overseeing payments is a major cerebral pain. Lion’s shares of the transactions are made in real money. There is an absence of straightforwardness, broad accounting included and long compromise time. Likewise, there is space for blunders because of manual procedures. Business procedures set aside more effort to finish as the physical development of money requires some serious energy.

Innovation and advancement to help B2B digitization

To oversee payments all the more adequately and productively, organizations need something beyond current records and corporate cards that conventional financial offers. They need a cutting edge innovation platform that disposes of manual procedures and gets mechanization and portability; a solitary stage through which they can subsidize, track, report and accommodate payments, a stage that offers every one of the highlights that they have to oversee costs productively, for example, arrangements, work processes and other organization explicit designs; a stage that incorporates flawlessly with their current bookkeeping and ERP programming.

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There are rising Fintech organizations in India offering such cutting edge solutions. One among is Roamsoft that provides a platform called ‘RPay wallet’ which provides ready to use customizable digital payment solution.

How long can Google Pay and PhonePe sustain slowing growth of UPI?

UPI’s popularity, adoption, and influence on digital transaction in India is the result of the government’s aggressive move to bring a unified payment railroad for mobile-based payments. Since its inception in early 2016, UPI has recorded remarkable growth, outpacing other modes of peer-to-peer-payments and engrossing a shift in peer-to-merchant payments.

Seven months before the demonetisation, NPCI conducted a pilot with 21 member banks to launch one of the most influential products in the payments industry and as a result, 142 banks have joined the UPI ecosystem since its formal launch.

The credit for initial growth in adoption by several banks already has been attributed to demonitisation. However, the next set of growth was fueled when venture capital-backed payments companies like Paytm, PhonePe and later on Google Pay joined the UPI stack.

These companies observed that UPI is the best medium to popularise digital fund transfer. They used the proven formula of cashbacks to make a shift towards using UPI over other fund transfer methods such as IMPS and NEFT.

PhonePe and BHIM were the early evangelist of UPI stack followed by Paytm, MobiKwik, Freecharge, and others. It’s worth noting that currently – Paytm, PhonePe and Google Pay collectively drive more than 90% of UPI transaction.

On the other hand, because of its sheer simplicity and easy UX for transfers, UPI faced no friction in attracting already internet-friendly users as well as new users ripe for adopting electronic fund transfer post demonitisation.

Comprehensive comparison of UPI growth since 2018

NPCI’s foolproof planning before opening up UPI to masses can be testified with the product’s quick acceptance across cities irrespective of size and economic conditions.

To understand the growth of UPI, let’s compare the figures for H1-2018 (Jan to June) with H2-2018 (July to Dec) and H1-2019 (Jan to June).

In January 2018, UPI transaction volume stood at 151.8 million with a total value of Rs 15,571.20 crore. It recorded a 63% spike in volume and 162% rise in the value of the transaction as of June 2018.

Similarly, we can see collective growth between July 2018 to December 2018, the increase in volume and value recorded at 163% and 123% respectively.

 

Further in January 2019, the volume figure was recorded at 672.75 million transactions while the value of these transactions peaked to Rs 1,09,932.43 crore. This saw a mere 12% hike in volume and 33% rise in value as June 2019 was recorded at about 754.54 million transactions worth Rs 1,46,566.35 crore.

So, H1 2018 saw 63% and 162% increase in volume and value respectively whereas H2 2018 registered 163% and 123% increase in volume and value. The figure gradually becomes stagnant in H1 2019 as UPI recorded 12% and 33% rise in volume and value respectively.

Not only UPI, other electronic payments systems such as NEFT, RTGS, IMPS also saw a spike in transaction volume. Meanwhile, UPI had achieved a milestone of executing close to 800 million transactions in March and clocked Rs 1.5 trillion worth transaction for the first time in May 2019.

After Paytm, Google Pay leads the pack in UPI ecosystem

Paytm was claiming pole position in the UPI ecosystem till February this year. However, Google Pay and Flipkart-owned PhonePe have been scoring lead over the Alibaba-backed company ever since.

In May, Google Pay had recorded 240 million transactions amounting to Rs 55,000 crore whereas PhonePe and Paytm registered 230 million and 200 million transactions worth Rs 44,000 crore and Rs 38,200 crore respectively.

The next set of plans for UPI is doubling down on merchant payments as these have continually increased in the past few months – 15% in April to 31% in June. About 240 million merchant payments were processed via UPI in June 2019. For perspective, this volume is almost equal to Google Pay’s overall UPI transactions.

Entrackr has sent queries to NPCI requesting UPI-based merchant payments data. However, we’re yet to hear from the corporation.

BHIM losing plot

While overall UPI and private players market share increased tremendously, government-regulated BHIM has been losing its luster and barely processes 2% transactions in UPI ecosystem. Below graph shows that BHIM has been stuck at 15 million transaction for the past 6 months.

 

Lack of focus, promotion and anti-cashback thesis seems to have choked BHIM’s growth.

Has UPI reached its saturation point?

The fate of BHIM lies in the hands of the government and a further push isn’t likely given the presence of deep-pocketed private players. Likewise, UPI has also seen ups and downs in 2019. In a nutshell, UPI’s average growth in the last six months has been flat (except March and April).

This is because these numbers are closely dependent on Paytm, Google Pay, and PhonePe. It’s anticipated that this growth will slow down even further and is even slated to take a dip as Paytm is shifting its focus on merchant-based incentives.

“We will not drive promotions on UPI payments anymore as we can see that the user base has plateaued at 50 million,” Vijay Shekhar Sharma, the Founder, and CEO of Paytm said in an interview two weeks.ago

This will trigger downfall in transaction volume as well as value from Paytm’s side.

On the other hand, it will be worthwhile to watch for how long Google Pay and PhonePe drive the growth of UPI by throwing money on cashback. It’s likely that the trend of cashback is not going to subside as Google Pay would want to maintain its momentum and PhonePe is in conversation to raise a mega-round.

If PhonePe gets the round at a valuation it wants, cashback war would even be more fierce.

Further, saturation of UPI market is more a myth than reality considering there is still a vast market potential given how a large part of the Indian population is still devoid of this facility. It might be so that most of the current urban population using these applications has been onboarded on UPI, but a large factor still remains an unpenetrated market.

It may be too early to ascertain UPI’s future trajectory but looking at the recent info on BHIM as well as UPI itself, there is a need for improvement and incoming of more private players. The debut of deep-pocketed players such as Amazon Pay, Mi Pay, and a mass rollout of WhatsApp Pay would definitely bring new momentum to the UPI ecosystem.

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5 Ways That Innovative Companies Use Digital Wallets

Digital wallets are sweeping different industries from retail to technology and banking, and are seeing a rapid rise in consumer adoption. But what are wallet based payment systems?

A digital wallet or an e-payment service is either an online or mobile solution that lets individuals and companies conduct transactions electronically. 

It, first and foremost, offers convenience in transactions because there is no need for physical money to change hands. That is why eMarketer forecasts in a report that the number of mobile payment users will increase to 74.9 million in 2022. By that time, the transaction value of proximity mobile payments will also go up to $160.79 with a difference of $98.5 billion from the 2018 figure. 

But e-wallets are more than just convenient payment methods. There are other digital wallets advantages and disadvantages, too. In this post, we will discuss some of the pros of using this technology below, especially how innovative companies are using it in their operations. 

  1. To hasten on-site payment processing

Processing cash payments can be cumbersome. You have to wait for customers to fish money out of their wallets or purses and to count their change before they leave the counter. It can also be a bit of a problem when a purchaser hands you a large bill to pay for a small amount, leaving you with fewer bills in your cash drawer so you have to hunt for change when you face the next person in the queue. Either way, it takes up a lot of time, both yours and your consumers’. 

Fortunately, there is a resolution to your cash processing woes: digital wallets. According to The Pew Consumer Project, usage of mobile payments is growing steadily despite the fact that cash and plastic cards still rule. You can take advantage of this trend by making sure your business is ready to accept emerging technologies for payments. 

To that end, you can look at popular digital wallets examples and integrate them with your POS or ePOS. And since all people need to do is present their mobile wallet at the check-out register, you can receive their payments instantly and in less than a minute.  

  2. To provide customers with tough security

A digital payment does not require customers to provide their card details to merchants, which gives them the peace of mind that their financial information is secure. This is possible because, for every transaction, the digital wallet produces a unique and random string of numbers to provide to the business in lieu of the actual debit or credit card number. 

Moreover, a mobile payment gateway also would not store the actual account number on the user’s smartphone. This is on top of strong encryption and stringent security measures such as two-factor authentication and fingerprint lock. Not all products offer the same level of security, hence, browsing through various solutions in a B2B directory can help you pick which one fits your features and security requirements.

  3. To pay bills automatically

Settling utility bills and the like is time-consuming because you need to go to the biller’s office or payment center. And if you are busy with your operations, it is possible that you are unable to pay them on time. Or worse, forget to settle your dues and have a penalty charge heaped over your previous bill. 

You can avoid those dilemmas by configuring automatic payments to merchants, which you can do using your digital wallet. Since your credit cards are linked with the app, you can charge the transactions to your selected card easily. Not only is this convenient, but this also gives you a good amount of time before you have to pay for everything. 

As such, you do not have to bustle to find the cash that you need to pay your balances. 

  4. To avoid bad debt

When clients are incapable of paying for your products or services on time, it is possible that you run into some bad debt. You can avert this situation by configuring an e wallet payment system for your business. This means that your customers can pay on the spot and no longer make forgotten checks a reason to make you wait. What’s more, by letting your partners pay you using their smartphones, you can reduce the occurrences of chargebacks. 

Other than that, you can resolve your cash flow problems and pay your vendors on time. 

  5. To bundle with loyalty programs

Digital wallets are not just for accepting and making payments, however. You can also leverage them for your loyalty programs. Take a cue from Starbucks. Despite being limited for use in their stores, their digital payment solution trumps those of Google, Apple, and Samsung by linking it with their loyalty program. Other businesses are also experiencing a high rate of success in doing so, as eMarketer points out in an article about mobile and proximity payments. 

By using mobile wallets for this reason, you can make it easy for your customers to receive points even when they have lost, misplaced, or forgotten their actual loyalty cards. You can also leverage this technology by offering perks and discounts to patrons who use a certain payment method to facilitate adoption.

Making the move towards digital payments

Mobile payment adoption is increasing in the US alone and it is likely that it will rise globally in the coming years. Before then, you can set up your business for success by configuring your POS and ePOS to accept payments from different virtual wallets to provide customers with a faster and secure option. There are different ways to measure success in this regard but you can reach your objectives (or even go beyond them) with the help of the right tools. 

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UPI merchant payments witness 15% rise in June

As more digital payment firms are working to provide a more easy way to accept merchant payment, it seems to have been contributing to rise in the share of merchant payments on Unified Payments Interface (UPI).

As per the latest report, merchant payments on UPI has grown 15% from April to 31% in June. Close to 240 million merchant payments were reported last month, said an ET report.

For payment firms, the rise of merchant transactions is a significant development as a number of instances for merchant payments is higher than p2p transactions.

As per Industry observers, this is at the initial stage and merchant payment has huge potential to get it developed into a large scale.

Of late, a couple of players in the space moved to merchant payments through offline acceptance point.

Last month, Paytm announced to invest money in offline merchant expansion, for which it claims to have high-frequency usage. It said to partner over 20 million kirana stores enabling them to accept the digital mode of payments including UPI, wallets and cards.

Whereas Flipkart-owned PhonePe, has also claimed to made headways towards offline merchant payments. It claims to have 5 million offline merchants.

Google Pay also partnered with Paypal to help a merchant accept payments online.

According to the last month report, Google-owned payments app had recorded 240 million UPI transactions amounting to Rs 55,000 crore in May whereas PhonePe and Paytm registered 230 million and 200 million transactions worth Rs 44,000 crore and Rs 38,200 crore respectively. Whereas in merchants payments, it contributes between 10- 20% of the overall numbers.

In May, Paytm claimed to clocked over 70 million of the estimated 120 million UPI-based merchant transactions. With about a 10% MoM growth in this segment, it has claimed to have 60% of UPI-based merchant payments market share.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Digital Payment systems Market in India

Indian payments industry is to a great extent commanded with money based exchanges. The financial business in the nation was significantly branch-based till 2014. Afterward, there was an impressive development in the branch-less channels of banking, which has additionally investigated into digital payments in both rustic and urban areas. Indian digital payments industry is required to reach $700 billion by 2022 as far as estimation of exchanges.

It is normal that over 80% of the urban populace in India will receive digital payments as a piece of their everyday practice by 2022 and 70% of the retail chains will embrace the equivalent. The diminished transaction charges and the level of simplicity of money moves related with the electronic store moves and portable financial will further drive the development of digital payments frameworks in India. Additionally, the Indian Government is bringing positive strategy structure, for example, Goods and Services Tax (GST), budgetary incorporation, improving digital foundation, propelling payment frameworks, for example, aadhar empowered payments, UPI, and others which are supporting the digital payments industry. In 2016, Indian Government made a huge move, for example demonetization, to check dark cash course inside the nation and to increment digital payment infiltration. It is a sensational advance made by India towards improving cashless economy, bringing about sharp increment of a few digital payments diverts in the nation.

Analysis:

The “Digital Payment Systems Market in India” market will observe a CAGR of 58.90% during the estimate time frame FY2017–FY2023. The market is fragmented by digital payment framework types and areas. The digital payment framework types incorporate portable wallets, web banking, versatile banking, PoS, and others. The areas shrouded in the report are urban and provincial locales; right now, urban district fragment holds the significant piece of the overall industry pursued by country section.

Digital Payment System

Mobile Wallets; India’s portable wallet biological system is yet to be competitive, anyway real web based business and telecom organizations are fuelling this industry through business development. Likewise, a solid administrative help is yet to come into power for the exponential development of digital payments biological system in India.

The changing client conduct, expanding web entrance rate, and government strategies are energizing the business which is by implication bolstered by the developing interest for P2P payments, E- commerce platforms, service charge payments, and others. The improvement of advanced foundation in India emerges by giving a solid mechanical biological system to the digital payments industry.

Key players:

Some of the leading companies covered in the ‘Digital Payment Systems Market in India’ report are Paytm, MobiKwik, PayUmoney, Airtel Money, Vodafone Mpesa, Idea Money, Stank Bank Buddy, HDFC Bank PayZapp, ICICI Bank Pockets, Axis Bank LIME, Freecharge, PhonePe, Samsung Pay, and others

The report gives bits of knowledge about different methods of electronic reserve move – Mobile Banking, Digital Payment Methods, Mobile Wallets, Payment Banks, and others.

What India can expect further?

With 2019 effectively proceeding, we can predict advanced transactions in India quickening at 70% CAGR through to 2020, adding to the GDP by 15%. Usage of Artificial Intelligence (AI) in the Indian computerized exchange scene will result in more comfort and security, guaranteeing continuous misrepresentation anticipation.

With increasingly more fintech firms breaking new ground through their ground-breaking, front line innovation, India has problematic potential in the fund area, bringing about a record-breaking number of digital transactions as vendors and purchasers both grasp the simplicity of digital payments.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

UPI records 754.54 Mn transactions in June; BHIM continues to struggle

Unified Payments Interface (UPI) has recorded 754.54 million transactions worth Rs 1,46,566.35 crore in June. As compared to May, this is close to 3% increase in transaction volume and a 4% decrease in transaction value.

Till date, UPI has also recorded the second highest figure for transaction volume. In May, it crossed Rs 1.5 trillion worth transaction mark by clocking 733.54 million transactions.

While NPCI-owned entity has been able to maintain its mojo, government regulated BHIM has once again failed to fire. In May, BHIM has recorded 15.77 million transactions worth Rs 6,627.42 crore that slumped down to 15.49 million transactions amounting to Rs 6,202.49.

The reason behind BHIM’s flat show is the rapid growth of private players in this space such as Google Pay, Paytm and PhonePe.

In May, Google Pay had registered 240 million transactions amounting to Rs 55,000 crore and dethroned its arch-rivals to become the largest contributor of NPCI-owned unified payment railroad.

On the contrary, PhonePe and Paytm registered 230 million and 200 million transactions worth Rs 44,000 crore and Rs 38,200 crore respectively.

The aforementioned private entities have not revealed their transaction figure for June.

NPCI-regulated inter-bank electronic funds transfer system (IMPS) has also recorded a slight downfall from 183.33 million transactions worth Rs 1,80,456.44 crore in May to 171.33 million transactions worth Rs 1,73,019.27 crore in June.

Meanwhile, RBI has proposed for waiving off charges that are applied on bank transfers carried out by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement System (RTGS). To push digital transactions, the new payment fee structure will be applicable from today (01/07/2019).

There is no such announcement for IMPS

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Source: https://entrackr.com/2019/07/upi-transaction-june/

The epoch of growing Fintech – How Makes & Accepts Payments?

Have you as of late halted and paused for a minute to acknowledge how you’re ready to pay for the chai you drink by basically examining a QR code? Have you pondered that it is so easy to make a payment at your local market utilizing Google Pay? No? Perhaps you should.

For quite a while, Indian residents have stayed doubtful about advancing alongside the pace that innovation has set. Is it true that it was the dread of investigating what’s going on? The dread of escaping the safe place;

Perhaps; Be that as it may, as of late, the nation has grasped change, and it has brought such a great amount of progression as far as how payments are disentangled. Gone are those days where you generally need to convey money in your wallet. Gone are those days where you have to squabble with sellers for not rendering change to you.

India has seen a gigantic ascent in fintech reception over the most recent couple of years with a developing interest for non-money exchanges. Remembering the interest, NASSCOM predicts the Indian fintech programming market alone to twofold itself and reach USD 2.4 billion by 2020.

Requirement is the mother of discovery

India being a developing country, encourages innovation. The country sees growing customer demand for digital payments, but regulatory and operational complexities persist. Digital transactions are expected to surpass cash transactions by 2023. This demand has created the need for a new ecosystem for digital payments, banks, and fintech firms to join forces and innovate.

India being a creating nation empowers advancement. The nation sees developing client interest for digital payments, yet administrative and operational complexities endure. Digital transactions are required to outperform money exchanges by 2023. This interest has made the requirement for another environment for advanced payments, banks, and fintech firms to unite and improve.

UPI transactions

We as a whole use Google Pay, PhonePe, BHIM, and different applications consistently. Be that as it may, do we truly know what an effect these applications have made on the Indian payments scene?

In every one of these years, if we somehow happened to pick one fintech advancement that has totally changed how payments work, it must be UPI – a moment, ongoing paylment framework created by the National Payments Corporation of India (NPCI) that encourages between bank exchanges.

Everyone heartily invited UPI on the grounds that it gave a look at how simple and momentary payments can be. It saw a 7x development in 2018, while Google Pay turned into the ruler of UPI applications and ruled, deposing all other UPI applications.

From being a wallet executioner, UPI has likewise advanced toward take the piece of the pie from net banking. It has changed into a shipper first payment (P2M) stage, from being a P2Ppayment mode in 2017.

What India can expect further?

With 2019 effectively proceeding, we can predict advanced transactions in India quickening at 70% CAGR through to 2020, adding to the GDP by 15%. Usage of Artificial Intelligence (AI) in the Indian computerized exchange scene will result in more comfort and security, guaranteeing continuous misrepresentation anticipation.

With increasingly more fintech firms breaking new ground through their ground-breaking, front line innovation, India has problematic potential in the fund area, bringing about a record-breaking number of digital transactions as vendors and purchasers both grasp the simplicity of digital payments.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Targeting offline business, Paytm shifts cashback from P2P payments to merchant payments

Alibaba-backed digital payment firm Paytm has announced to shift its focus to offline merchant payments from incentive-led peer-to-peer (P2P ) UPI payments.

The payment firm will now invest money in offline merchant expansion, for which it claims to have high-frequency usage. It plans to partner over 20 million kirana stores enabling them to accept the digital mode of payments including UPI, wallets and cards.

The move is part of the next growth strategy, where Paytm eyes to reach out to smaller cities and villages.

By investing in real merchant payments even in the remotest part of our country, we will help expand the vision of Digital India to the grassroots.” said Deepak Abbot, senior vice president of Paytm in a press statement.

The Noida-based firm, by cutting cashback on P2P payments, believes that Paytm users, who have been using the app for long now do not need cashback push to keep transacting on the platform.  Instead, cashback will be given to those who are not yet part of digital payments, the company said.

The move will further also help weed out artificial transactions on the platform. Besides, it also plans to invest in lending and insurance to help merchants get better access to capital and provide more financial security.

In May, it claimed to clocked over 70 million of the estimated 120 million UPI-based merchant transactions. With about a 10% MoM growth in this segment, it has claimed to have 60% of UPI-based merchant payments market share.

In FY 19 Paytm clocked about 5.5 billion transactions. The payment major aims to cross over 12 billion transactions in the next 18 months.

In offline merchants base segment, PhonePe, which has about 1 million offline merchants, competes against Paytm. Google Pay has also piloted the offline payment service with kirana stores.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Source : https://entrackr.com/2019/06/paytm-cashback-from-p2p-payments-merchant-payments/

Rpay- TOP MOST PLATFORM FOR CUSTOMIZED DIGITAL WALLET SOLUTIONS -CIO REVIEW INDIA

As modern-day technological tools transform next to every action today, financial transactions have also undergone a sea change, from the way they are initiated to intermediate processes and eventual execution. Based out of Chennai, Roamsoft provides state of art business and technology platform for various startups across the world and also focused on fintech digital wallet solution. Roamsoft has best hand-picked tech talent having experience in working with great companies around the world and across time-zones.

In India, Phonepe, Paytm, Mobikwik, Google pay have the best technologies in this payment platform. If a startup needs to flourish in this industry they need to work on this technology development platform. As it needs more investment & time, Roamsoft filled the gap by developing ready to use product- R Pay. Roamsoft used that gap in contributing the product R Pay with mobile friendly features, well documented API s, and plug-ins that suits all major Ecommerce platforms. As Digital payment solution plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, R Pay – Wallet platform for business. It provides solutions like peer to peer (P2P), business to business (B2B) and business to customer (B2C).

digital payment platform

RPay, a wallet platform helps businesses grow and provide features like a hassle- free sign up, load & send money, withdraw cash, pay merchants, buy tickets, instant notification, and limited liability etc.

It helps merchants to create reward points, feeds, and loyalty programs etc. Through finger print, back end security, Roamsoft ensures high end security, thereby avoiding any fraud. Though the product offered by Roamsoft is ready to use, upon special request Roamsoft does customization of the platform. The company provides free update to the software whenever necessary. Roamsoft fixes errors and works on further development when the client faces any issue in the product. “We also share our ideas and analytical support to our clients. We provide unlimited lifetime free support to our clients and hence we had real customers”, adds Mohan K, Founder, Roamsoft.

“Through finger print, back end security, Roamsoft ensures high end security, thereby avoiding any fraud”

Mohan k, Founder of Roamsoft says

Roamsoft built a digital payment solution for a UAE startup which is the first platform to introduce QR code technology, Payment link, Payment Gateway in UAE. Within two months of its launch, the solution had three hundred thousand payment transactions. “We feel this is one of our successes in the payment solution Industry”,

As of now Roamsoft has 7 clients in their clientele from France, Ethiopia and Peru, with expansion plans underway to include clients from Nigeria, Ghana, Congo, Sweden, and Bangladesh. Roamsoft’s future innovation goal is to become leading digital payment solution provider in the next three years through developing new technologies, and features etc. This digital payment project is growing day by day and the company is working forward to become leading digital payment solution provider in the world

For wallet script demo : https://www.roamsofttech.com/digitalwallet-solution