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

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.

 

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/