Representative image (iStock)
Piyali Chatterjee
Innovation in financial technology is on a roll. Traditional banking faces competition from online start-ups and other digital platforms that offer payment and credit services. The shift to digitisation with greater access to devices and internet, demonetisation, the government’s push and support for digitisation of services, financial inclusion, and the Covid-19 pandemic, all have seen online commerce rise exponentially.
With commerce going digital, both sellers and consumers started looking for seamless online payment options that did not require one to jump through hoops to make online payments. Ergo the entry of digital payment gateways that bridge the gap between consumers, sellers and bankers.
Moreover, the pandemic and health and safety concerns worked as catalysts for the adoption of digital transactions across businesses. According to the RBI, the digital payment ecosystem increased by 216 per cent for March 2022 compared to March 2019. The increasing use of digital technology in everyday transactions indicates to all the players that the future lies in this direction. The digital payments market in India is expected to grow to USD one trillion by 2023, according to NITI Ayog. This growth, driven by greater access to mobile technology and the adoption of mobile payments, is slated to rise from USD 10 billion in 2017-18 to USD 190 billion by 2023.
The increasing use of digital technology in everyday transactions indicates to all the players that the future lies in this direction. Marketers need to ensure a strong customer strategy to build a
powerful digital presence. Customer experience is a big driver in this sector, with organisations required to focus on creating seamless payment processes for their consumers.
According to Hansa Research, over one-third of all consumers worldwide use at least two or more services based on digital payment technology. Fintech has the potential to simplify processes. Here is a…
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