The following year in payments: patterns to expect in 2019

2018 was another huge year for the payments business, with mechanical advancement, moves in shopper desire, and new control all adding to its development.

The pace of progress throughout the following a year looks set to be the same; here is rundown of improvements to give careful consideration to in 2018.

Blockchain driving digital identity

Discussions encompassing the utilization cases for blockchain will keep on being predominant as the innovation keeps on developing, however one territory we may see a noteworthy increment in reception in 2019 is digital identity, a critical area for payments. Data breaches and privacy and fraud concerns, as well as online verification that provides an outdated user experience, are opening the door for a blockchain based alternative.

Security is presently everything

The expanded prioritization of security for organizations while choosing an online payment service provider (PSP) is a pattern that we have watched develop for various years, yet we have achieved the tipping point by which the capacity to keep up a safe payments framework is currently the most critical factor while joining forces with a PSP.

Increment in computerization

The drive to computerization is obvious all over the place, yet straightforward unlimited mechanization will result in clients losing power over any procedure. Hence, a trade off should be found by which the advantages of mechanization are acknowledged, yet without the administrator giving up the majority of its capacity to regulate the procedure through balanced governance.

One solution that will turn out to be progressively common in 2019 is a blockchain ‘keen contract’; bringing about the fast information preparing advantages of mechanization however with in-constructed balanced governance to spot abnormalities and keep up power over the procedure.

Normalizing cryptographic forms of money: the job of stablecoins

Despite the fact that the estimations of digital forms of money, for example, Bitcoin have fallen in the course of recent months, publicity encompassing cryptographic forms of money and their job as a factor in the payments biological system past being a store of riches will keep on being a key point of discussion in 2019. In any case, one of the key obstacles to defeat with the goal for digital forms of money to advance is dealing with their present dimensions of instability.

In the course of recent months, stablecoins have developed as a potential arrangement. Upheld by resources, for example, gold, conventional money, or even a mix of a few unique resources for enhancement, they seemingly offer the better of the two universes. They have the advantages of the blockchain biological system at the same time, since they’re upheld by customary resources, they’re less inclined to wild vacillations.

Mobile ordering

As shoppers turn out to be progressively acquainted with in-application payments, we ought to hope to see this type of payment grow past single administration applications such Uber. The making of restricted curated commercial centers, conformed to an area, for example, a college grounds, air terminal, or lodging, will empower clients to buy an assortment of items from nearby merchants and have them conveyed straightforwardly to them; an inconceivably increasingly helpful update on the present neighborhood shopping background.

Mass personalization

Artificial intelligence (AI) assume a critical job in retail procedure in 2019. This is on the grounds that though global retailers have scaled to a place of market strength, clients have needed to forfeit the personalization with neighborhood retailers that could give them an individual affair. Artificial intelligence can possibly address this; retailers can offer an individual client experience including redid offers, however on a mass scale through AI innovation.

The development of elective credit

We’re as of now observing the appropriation of elective credit offices to charge cards, for example, payments by portion and conceded payment by receipt, at the online checkout. Customer inclination is progressively towards ‘purchase currently, pay later’, as opposed to spare before making a buy, and online traders are glad to encourage that pattern.

Trader selection of elective credit will keep on expanding in 2019, in-store just as on the web. As Open Banking finds an a dependable balance in the UK, this may create open doors for banks and elective loan specialists to contend at the purpose of offer for offer of the purchaser’s money related information and wallet.

The proceeded with reevaluation of money

While the appropriation of new innovation, for example, contactless cards and mobile wallets will keep on lessening the volume of money shoppers convey (and its use in-store), the inverse is the situation with regards to eCommerce.

The development of money payment alternatives at online checkouts has kept on creating as a pattern in the course of recent years; in 2019 we will see considerably assist appropriation, especially in less created markets of these items.

Monetary administrations for the unbanked

An unmistakable concentration for governments, banks, organizations, and innovation organizations is handling the issue of monetary consideration by means of equivalent money related incorporation to the unbanked and underbanked. Let’s see the development of further innovation activities to help these instruments in 2019.

wallet script - rpay

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

Mobile wallet transaction volumes 12% rise in March

After five months of an interval, mobile wallet-based transactions have witnessed a slight rise in March this year.

About 384.89 million transactions worth Rs 15,999 crore were recorded in March, which is an increase of 19% in transactions volume from last September and 11.55% from the preceding month, as per RBI data.

Around 324.16 million transactions amounting to Rs 15,102 crore took place in September. In February, close to 345 million transactions worth Rs 14,279 crore took place.

The rise is attributed to the year-end occurrence when the volume of transactions rises. India has seen a spurt in digital transactions since November 2016, when the government announced demonetisation of all Rs 500 and Rs 1000 banknotes.

In 2018-19, as per RBI, there has been 30% Year-on-Year jump in value and 37% growth in the volume of transactions in compared to 2017-18.

In September last year, mobile wallets witnessed most of the decline after the SC ruling on Aadhaar. The apex court barred private entities to use Aadhaar for electronic know your customer (e-KYC) to sign up a new customer.

This led to about 6-time rise in customer verification cost for mobile wallets.  This raised big concern over their completion of customer verification.

In October, despite the SC ruling, mobile wallets recorded around 368.45 Mn transactions amounting to Rs 18,786 Cr.

Transactions through mobile wallets fell in November as mobile wallet companies had to stop using Aadhaar for electronic know your customer (e-KYC) to enrol new customers.

Meanwhile, RBI had asked mobile wallets to complete the process by end of February 2019.

However, during the same period, UPI, which was launched in August 2016, witnessed sustain increase in transactions.

It hit a record high of 799.54 million transactions, 93K more transactions than when it was launched, worth Rs 1.33 trillion in March.

wallet script - rpay

As E Wallet plays a mighty role in today’s business world, Roamsoftdeveloped 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/2019/05/mobile-wallet-transactions-rise-in-march/

Digital Wallet Payment in Security

As we move into a cashless economy, there is continually going to be addresses brought over the security up in digital payments. Nations over the world have seen various advances towards cyber security measures, yet not without a couple of hiccups along the street. As India is genuinely new to the idea of computerized payments, there is dependably that approaching risk of a digital assault that could delete an individual’s ledger. Luckily, the administration is moving firmly towards a super-secure method for making payments through cell phones and different cashless assets.

To the extent security is concerned, the best thing shoppers can do today is to guarantee that they make careful strides in counteracting the burglary or loss of vital information on their mobile phones. Here are a few different ways to guarantee full security when you get ready to make payments the digital way.

Mobile applications are a standout amongst the most helpful cell phone includes ever existing. Applications are so easy to use that numerous organizations that had recently worked exclusively by means of sites have moved spotlight on building up a versatile application adaptation of their administrations. While the Play Store (Android) and App Store (iOS) do give standard security checks their confirmed application programs, there can be instances of broken or meddlesome application includes that could misuse payment conventions. With the instance of e-wallet applications, you should be sure beyond a shadow of a doubt of utilizing and offering essential data to the application’s database preceding introducing it. There are numerous choices to browse, however it is most secure to introduce the e-wallet application with the most hits and client suggested downloads. Additionally, check the security rules and application necessities before you input individual data.

Update to the latest Ideas

Truly, it might bother be always shelled with meddlesome programming reports on your mobile phone or whatever other equipment that bolsters digital payments. Yet, in all actuality these updates are finished by their individual parent associations for valid justifications. A lion’s share of minor and regular updates you spot will include bug fixes and UI upgrades, just for the sole purpose of making significant components like the exchange of cash smoother and less mistake inclined. Set your gadget to acknowledge programming refreshes naturally and dependably experience what the update is going to see how to utilize it.

Enact essential safety efforts

Protection is a fundamental piece of everyday living, particularly in the event that you are facing a daily reality such that all that you do can be followed by a basic couple of catch presses. With regards to verifying basic information, mobile phones are the go-to gadget in the advanced age. Fundamental safety efforts like passwords, pins and biometric confirmation are utilized widely, and this is additionally helped with spending benevolent keen gadgets likewise including comparative safety efforts. The act of verifying individual digitized information must be spread across the nation if the nation is really going to change into an carefully sovereign money.

Make the most of two-factor authentication

You may have gone over a safety effort that requires the contribution of an e-secret word that lapses after use. Such safety efforts are called as two-factor confirmation that enormously diminishes the danger of false movement amid digital payments. Your e-wallet service provider will incite you with a One-Time-Password that must be entered to affirm payments, after you experience the underlying safety effort of entering your own secret phrase. This safety effort is polished over all significant payment specialist organizations, so ensure you have all the obligatory necessities dealt with before you proceed for a buy by means of digital implies.

Swipe just at confided in POS frameworks

Card payments in India are at a high danger of extortion because of the straightforwardness wherein your PIN number and card subtleties can be copied. Luckily, progression in payment strategies like portable e-cards is evacuating the danger of conveying such a large number of cards in your satchel. You should likewise be tired of where you swipe your card; it is ideal to swipe at confided in strip malls that utilization on the best and most recent POS machines.

wallet script - rpay

As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “RPay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then RPay is the right choice.

 

Facebook Stablecoin launch may bypass RBI regulations ban on crypto transactions

With Facebook’s reportedly planning to test its virtual currency codenamed Libra, it is likely that the move will lend legitimacy to use of digital currency in the country. But the fluid regulatory situation with regards to cryptocurrency has cast doubt about the efficacy of such a plan.

Last week Bloomberg reported that Facebook is building Stablecoin, a cryptocurrency pegged to the US dollar or a basket of currencies, making it less prone to swings in price. The product could eventually allow users to transfer money for remittances via WhatsApp through Stablecoin. India, given its expanse, has been chosen as the testing ground for the product.

The social media giant has, so far, chosen not to comment on the reports.

Anyway, given the size of the company, this was enough to cause a flutter in the relevant circles.

Facebook is expected to allow peer-to-peer transaction of its cryptocurrency and the proposed currency system would not require to use banks to transfer money to buy or sell digital currency, a report in ET said quoting leaders in cryptocurrency startups.

The foray shall not be aided by the regulatory policies in the country which continue to be ambiguous. In April 2018, the Reserve Bank of India had banned entities from providing services in virtual currencies to any individual or business.

Companies represented by the Internet and Mobile Association of India are fighting a case in the Supreme Court against the regulator’s ban. The next hearing on this case is scheduled in the second week of July. The court had also directed the government to come out with its own set of policies.

However, there is no law in the country which prevents users within a platform from exchanging digital tokens. Facebook is likely to initially operate within the ambit of this rule.

Nitin Sharma, founder of Incrypt Blockchain, has been quoted as saying that for the Facebook project to be deployed on a large scale in India, regulatory approval may eventually be a major impediment. Facebook will be faced with challenges of making the link between the crypto Stablecoin and rupee to be real to derive any value for its users.

Not everyone at the forefront of fighting for pro-cryptocurrency regulation in the country is, however, enthusiastic about Facebook’s plans. The fact that the company shall deploy a centralised approach by allowing transactions only within its various platforms, defeats the purpose altogether, said a bitcoin trader.

These are still the early days for Facebook. Moving beyond traditional payments to add blockchain-based Stablecoin transfers would represent a huge shift for the company. There is still no clarity about the wider rollout of the cryptocurrency by the company and hence it needs to be treated with caution.

wallet script - rpay

Looking forward to develop a digital payment app? Then Our RPay is the right choice. We have talented designers and developers to turn your ideas into an excellent solution

Source : https://entrackr.com/2019/05/facebooks-stablecoin-may-not-have-a-smooth-run/

Government to make QR code-based payment option compulsory for shops

Digital Payment

To promote digital payment at a wide scale, the Indian government is planning to mandate a quick response (QR) code based payment method option using Unified Payments Interface (UPI) at all shops.

The GST council has already given a go-ahead to the proposal. The govt has for the project roped in NPCI to work on a necessary mechanism to launch it nationally.

The move will also provide GST benefit to both shops and consumers, according to govt official quoted by TOI report.

The prime idea behind the proposal of mandatory QR code-based payment is to make digital payment more popular and bring a behavioral change in the ecosystem. The advantages of QR code payment are, it allows a consumer to buy goods and services without the need to swipe plastic cards.

The process also records necessary information related to the transactions. Data loss and security breach are minimized. The QR code may also be introduced on invoices, added the sources.

In terms of mobile payment in the world, China has emerged as a leader. Chinese payment firms such as Wechat and Alipay widely use this mode payment. In China, it has beenreportedly used while tipping at restaurants, receive cash gifts at weddings and collecting alms by beggars.

This is largely driven by the large adoption of mobile payments. It has changed the social habits of the country. Many countries like Singapore and Myanmar in the world are fastly adopting this mode of digital payment.

The QR code payment is reported to have witnessed exponential growth in consumer adoption in ASEAN countries.

Developed by Denso Wave in Japan, QR code is said to store over 4000 alphanumeric characters. Initially, it was used for tracking components in the automotive industry.

It is cost effective in comparison to POS machine and mPOS machine costs. As per an estimate, it costs about $1 to put up a laminated QR code sign at a shop.

wallet script - rpay

Looking forward to develop a digital payment app? Then Our RPay is the right choice. We have talented designers and developers to turn your ideas into an excellent solution

Source : https://entrackr.com/2019/05/govt-qr-code-based-payment-must/

Google Pay most downloaded fintech app in 2018 globally, recorded 6X more install than PhonePe

Google Pay is the most popular digital payment app in the country. The Google-owned app was most overall downloaded fintech app last year as per Sensor Tower data. It was downloaded over 327 million times, with over 6X lead from second most downloaded fintech app.

PhonePe, at the second spot, got about 49 million installs. It’s worth noting that Paytm has been the most popular payments app. However, owing to Paytm Mall, Sensor Tower and Similarweb consider it in the shopping category, not in payments.

Both the apps (Google Pay and PhonePe) were also top most downloaded fintech apps on Google Play Store worldwide. They were followed by Alipay, Paypal, and Cash Back. The National Payment Corporation of India (NPCI) developed BHIM was at the eighth position on overall download and fifth on Google Play.

Google Pay sensor Tower

Google Pay has in last one year witnessed a phenomenal growth in terms of a number of active users. From 25 million monthly active users (MAU) in September last year to 45 million MAU by March 2019, it has added the most number of users in the period.

In terms of UPI transactions, Google Pay has left behind its close competitors such as Phone Pe and Paytm.

In March, out of total UPI recorded transactions 800 million worth Rs 1,33,460,72 crore, Google Pay recorded UPI transactions worth Rs 43,000-Rs 45,000 crore. Whereas its rivals did transactions worth below Rs 32,000 crore.

Google Pay’s average transaction value (ATV) is higher by 50 % compared to PhonePe and Paytm.

Google-owned firm has become a preferred app for merchants. As per a report by Razorpay, Google Pay accounted for 54% of merchant transactions, which is 8 percent lesser than last year figure, on its platform.

Meanwhile, Similar Web Data also had almost similar ranking for fintech apps downloaded on Google Play Store. Google Pay and Phone Pe were top fintech apps. BHIM was at ninth place.

The rapid growth of private players has made a huge dent on government-regulated BHIM. In the last two years, the BHIM app has lost its market share. It processed about 1.9% of all UPI transactions and accounted for 4.6% of the amount transacted in April. The number of transactions on the BHIM UPI app was 15.2 million for the month of April.

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.

wallet script - rpay

 

As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “RPay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then RPay is the right choice.

Source : https://entrackr.com/2019/05/google-pay-most-downloaded-fintech-app/

Major ways that Block chain will change the world we live in

Everything has a digital identity

Character the executives lies at the center of blockchain’s capability to change the products and services we offer our clients, and how our clients interface with us. Ensured by blockchain’s impervious security, physical resources become advanced resources; documentation is digitized; individuals have secure computerized IDs; and information ends up accessible to all blockchain members. By joining these dabs and utilizing strategies like AI and computerization, governments and firms alike can quickly and responsively designate their administrations where they will be utilized generally productively.

An inclusive ecosystem

An amazing 19% of India’s populace is unbanked or monetarily rejected, as per an ASSOCHAM and EY contemplate – and this isn’t an issue one of a kind to India. At the core of the issue lies this current section’s absence of documentation – yet government-drove blockchain activities can settle this by furnishing residents with secures advanced IDs. From this, they’ll have the capacity to get to banking administrations, dispatch cash home, and attempt online exchanges. That is possibly another 1 billion individuals progressing web based, having been beforehand monetarily prohibited, and this must definitely be a standout amongst the most valuable parts of blockchain.

Urban communities smarten up

By connecting computerized IDs to taxpayer driven organizations, brilliant city activities bring blockchain into sharp core interest. This can possibly upgrade the manner in which those urban occupants get to open administrations and utilities, the manner in which that they travel through the city, and the plan itself of their living surroundings. By making a circulated record of IDs, resources and contracts, there’s very little in urban life that can’t be decidedly affected – everything from traffic to land to items on racks can possibly be effectively overseen by, for example, joining utilization information with variable evaluating to enhance the distribution of open and private assets. Envision, for example, having the capacity to call up a self-governing vehicle, and teach it to take the course that best weds your requirement for speed with your eagerness to pay for a quicker course. It can evade development; course itself around blockage, charge tolls straightforwardly back to you… And it’s most likely far and away superior at stopping than you are.

Fast, secure settlement

In spite of the fact that it’s an open record, blockchain’s encryption levels and conventions make it very secure. Working couple with this upgraded security, payment passages will almost certainly use AI to hail fake conduct over the system, protecting the two dealers and their clients. Also, blockchain will almost certainly significantly diminish the time it takes to send payments abroad – from days to seconds. This blend of speed and security stands to settle on blockchain the channel of decision for the exchange of significant worth, where promptness matters.

Buyers demand more

Blockchain is something of a riddle to the man in the city – and most other individuals other than. In any case, by being forced to bear the mechanical progressions that blockchain stands to bring, purchasers will probably search out and embrace innovative advancements themselves – they’re being habituated to great tech. What’s more, this has clear advantages for divisions, for example, online business: it helps trust in, and appropriation of, online trade and digital payments. City-or across the nation activities, for example, brilliant urban areas, utilizing advances, for example, blockchain, help change purchaser desires – and encourage a situation of development. On the vendor’s side, this implies they will progressively need to search out innovation partners that can join the dabs over the innovation biological system for them, and to furnish them with access to the advancements that their very own clients progressively request.

World is going faster day by day with the power of digital information & technology. The world is varying – more and more services are being made available online, from booking train tickets, making a doctor’s appointment and doing the weekly shop to further education, promoting your business and online banking.

wallet script - rpay

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.

Driving The B2B Payments Growth In India In 2019

Payment organisations need to offer customisable solutions as per business needs

Commercial cards have been gradually gaining traction in B2B payments

Blockchain technology will be leveraged to facilitate fast, secure, low-cost international payment processing services

Ola and Flipkart may launch co-branded credit cards soon

Betting big on the next frontier of digital payment, ride-hailing app Ola and e-commerce marketplace Flipkart are set to launch credit cards in association with large banks.

The move will not only give these companies insight into the spending pattern of their card users but at the same time help them enter an under-penetrated credit market, says a reportappearing in ET.

It is likely that Ola shall partner with State Bank of India (SBI) to come up with the credit card. The pilot for the same is expected to begin next week and the company reportedly plans to issue 1 million cards in the first year, leveraging its 150 million customer base.

Entrackr in May last year had exclusively reported that Ola had put in place an internal team to look into the launch of the credit card. The enthusiasm with which the Millennials had taken to Ola Credit had pushed the company to think of having full-fledged credit cards for its customers.

Typically in a partnership such as this, a bank handles risk analysis, card issuance, payment processing, credit line management and statement processing, while the merchant partner controls marketing, promotions and discounts. This will help the merchant company to structure the rewards in such way that it gets a peep into spending pattern of the customers.

It may safely be presumed that the rewards offered would then be alluring enough for customers to go for the credit cards.

Credit card collaboration shall help the internet companies map the transaction history of the customer, scan their offline spends, push increase spending on their stores by bundling it with rewards and over time have a better assessment of their paying capacity.

Similarly, Flipkart too is evaluating data points to gauge a customer’s ability and intent to repay loans. A top executive of Flipkart is reported to have said the company is likely to launch this card in collaboration with Axis Bank or HDFC Bank later this quarter.

The development, however, has not been confirmed by either of these companies.

However, both Ola and Flipkart would be following the trend set by Amazon which had tied up with ICICI Bank to launch a co-branded credit card, which offers customers added rewards and benefits on the Amazon India ecosystem.

Credit card partnerships are equally beneficial for banks as they get access to a large number of new customers at a relatively low cost. The merchants get know the offline spend of the customers. A combined database will unleash immense possibilities for both. Hence the ecosystem in the present environment is only expected to grow and flourish.

wallet script - rpay

Source : https://entrackr.com/2019/04/ola-flipkart-credit-cards/

What makes merchants adopt digital payments?

Digital Payments structure the bedrock of more profound monetary incorporation for smaller scale ventures, which establishes 99% of India’s roughly 60 million-in number miniaturized scale, little and medium undertakings (MSMEs). More extensive money related administrations, for example, credit, protection and riches the executives, can be logically and cost-successfully gave in digitized and customized arranges over computerized exchange impressions. Such access to moderate account can mean monetary strength and development for entrepreneurs that are generally defenseless against income instability and experience the ill effects of obliged access to funding to develop. Also, this can profoundly affect work creation, monetary development and personal satisfaction for many millions.

Electronic Payments

There are eminent supply-side activities to promote electronic payments, for example, the setting up of open foundation stages like the India Stack. We currently have interoperable and effective payment frameworks, for example, Bhim-UPI (brought together payment interface), which are winding up progressively dependable as they develop. It is trusted that such exchanges will just end up more secure with the eagerly awaited client agree based components to administer business utilization of information.

In spite of these ambitious activities, be that as it may, last-mile hindrances are as yet writ extensive. Conduct factors, feeble financial matters and low item importance limit utilization on the ground. For business people and retailers who have imaginatively adapted to money for quite a long time, advanced cash represents a financial danger to their casual organizations and, eventually maybe, to their very survival. What’s more, advanced suggestions that give prompt, substantial esteem and satisfactory dimensions of trust to private ventures are basically tricky.

The fundamental divide lies between merchants with investments in fixed establishments versus the longer tail of home-based businesses, street and roving vendors, and individual service providers. The former tend to be formally registered, higher educated and operate at a larger scale. They are early adopters of digital payment solutions, with 42% having tried and 35% using popular solutions like wallets and internet banking. In contrast, the latter categories of merchants are largely informal, illiterate, and operate on a smaller scale, showing 2-7% adoption rates. They also have much lower access to banking, smart phones and the internet, and have little awareness and understanding of digital payment solutions, as well as lower overall business confidence. Interestingly though, these businesses have significant cash footprint and demonstrate pain points around customer collections, need for working capital and the inability to save in large amounts, all of which can be addressed through appropriate digital financial solutions.

Indeed, even inside these general classifications, there is variety in business and social setting. Organizations with higher exchange size and turnover show more noteworthy propensity to receive. A few organizations—for instance, discount, comfort or claim to fame retail shops—additionally will in general have diverse exchange settings and client profiles. Illustratively, in our example, just 13% of the dairy corner traders had received digital payments versus 53% of the attire and footwear vendors.

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