BharatPe’s Post

Digital payments in India: What's driving the Big growth https://lnkd.in/d9dmzf83 #digitalacceleration #digitalpayments #realtimepayments #fintech #indianeconomy

𝐈𝐧𝐝𝐢𝐚𝐧 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐄𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦 -𝐉𝐮𝐧𝐞 2024 𝐛𝐲 𝐓𝐡𝐞 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐅𝐢𝐟𝐭𝐡. Digital payments have experienced a substantial increase, exhibiting remarkable growth in volume and value over time. The pandemic played a pivotal role in capturing a significant market segment and cultivating a preference for convenient payment methods, ultimately shining a spotlight on the fintech industry. In this dynamic ecosystem, the Indian Government emerged as the key driving force, working tirelessly to enhance customer experience through robust regulations that prioritize data security and streamline processes among financial institutions. As customer trust in digital payments deepened, it became a lucrative spot for investors, leading to heavy funding in this segment over the past couple of years. Considering the significant level of activity witnessed in this sector, The Digital Fifth unveils its comprehensive representation of The Digital Payment Ecosystem of India. Sameer Singh Jaini | Shashank Shekhar | Sreekant Rudrabhatla | Vikrant Kulkarni | Deepak Sai | The Digital Fifth #ecosystem #landscape #payments #digital #kyc #aadhar #government #rbi #aml #banks #fintech #players #gateway #aggregator #wallets #npci #pos #network #riskmanagement #commercialcard #rewards #cbdc #paymentplatform #smallfinancebanks #paymentsbank #retailcard #reconciliation

The Reserve Bank of India (RBI) has introduced three major initiatives to boost regulatory processes, retail investment, and fintech data access. The PRAVAAH portal offers a secure platform for authorizations, licenses, or approvals from the RBI. The RBI Retail Direct mobile app simplifies government securities transactions for retail investors. Additionally, the FinTech Repository provides comprehensive data on Indian fintech firms, enhancing regulatory understanding and policy formulation. These initiatives mark significant strides towards modernizing and streamlining India's financial ecosystem. #RBI #FinTech #Investment #Regulation #Innovation

Mobile Payments are increasing day by day in India due to its ease of pay.... Soon India will be in a good rank in this digital mode.. Trends:- Rise of digital payment and mobile payments. Expansion in contactless payments. Growth of P2P & Instant payments. Digital currency is also getting adopted fast.

Interoperability is a key policy decision which helped Indian digital payments grow exponentially. On March 4, with netbanking interoperability, the Reserve Bank of India (RBI) has managed to bring every payment mode within the ambit of interoperability. So how has this impacted the sector? What has worked and what didn't? In my latest for ETtech I wrote about this key policy decision which helped the domestic digital payments sector. #rbi #fintech #policy #payments #interoperability #npci #upi https://lnkd.in/gyXwKFzZ

#FinTech #Payments #DigitalTransformation #IndiaFinance #UPI #DigitalPayments #FinanceTrends Here are some key insights on the future of FinTech and the payment industry in India: - By 2026, digital payments in India are projected to soar to $10 trillion, surpassing the current $3 trillion mark. - It is expected that 2 out of every 3 payment transactions will be digital by 2026. - The surge in digital payments will be primarily fueled by embedded finance and merchant payments. - The forthcoming growth wave is anticipated to originate from Tier 3-6 cities, which have contributed to 60-70% of new customers in the last two years. - The Indian digital payments sector is poised to sustain a robust year-over-year growth, with UPI spearheading the advancements.

The convenience of mobile payments in India, as witnessed by a visiting friend from the US, sparked an intriguing question: Why has America, despite its technological prowess, not embraced this digital shift as broadly? Dive into a deeper investigation into the societal, cultural, regulatory, and technological barriers at play. Read on. #fintech #payments #technology #global #paymentmethods #finance

The convenience of mobile payments in India, as witnessed by a visiting friend from the US, sparked an intriguing question: Why has America, despite its technological prowess, not embraced this digital shift as broadly? Dive into a deeper investigation into the societal, cultural, regulatory, and technological barriers at play. Read on. #fintech #payments #technology #global #paymentmethods #finance

India's Banking Revolution: From Cash to Code 🇮🇳 India's banking sector is undergoing a massive transformation, driven by a surge in smartphone use, faster internet, and initiatives like Digital India. Here's a glimpse into this exciting journey: * Rise of Digital Banking: Gone are the days of waiting in long queues. Internet banking and mobile apps have transformed how Indians manage their finances. * UPI: A Game Changer: The introduction of the Unified Payments Interface (UPI) in 2016 revolutionized digital payments. UPI facilitates instant, interbank transactions via mobile devices, making it a game-changer for financial inclusion. * Fintech & Innovation: Fintech startups are disrupting the space by offering innovative solutions like digital lending and wealth management, making banking more accessible and convenient. * Challenges and the Road Ahead: Despite the progress, challenges like bridging the digital divide and ensuring cybersecurity remain. The future of Indian banking lies in continuous innovation and ensuring financial inclusion for all. #DigitalIndia #Fintech #Banking

Our Founder and MD, Shriram Subramanian, wrote an insightful article on moneycontrol.com about the success and growth of India's cashless economy and the challenges it faces. The article highlights the rapid adoption of digital payments by people in India, the impact of UPI payments, and the need for a simpler KYC process to further boost the rise of the cashless economy. By identifying the many challenges associated with digitization and a cashless economy, he also discusses various innovative solutions to enhance the security and efficiency of the digital payments landscape. Read the full article here: https://lnkd.in/geDKpdB2 #DigitalPayments #CashlessEconomy #Fintech #InGovern #UPIPayments #Fintech #DigitalIndia #CashlessFuture #KYC #FinancialInclusion #Innovation #Technology #EconomicGrowth #IndiaGrowth #SecurePayments #DigitalTransformation #FinancialTechnology