Building a better, secure payments future

Mobile, cashless payments and e-commerce market competencies are the decisive factors driving the move toward a cashless society model

- GOPAKUMAR SUBRAMONIAN

While digital payments have evolved significantly over the last few years, the financial services industry has witnessed an extraordinarily accelerated transition in 2020. Payment methods that were previously considered emerging or niche alternatives have become consumers’ preferred means of transacting during the COVID-19 pandemic, including a whole new suite of contactless and touchless alternatives for commercial transactions.

This effectively means that the way people interact with their financial institutions or favourite shopping brand is transforming with everything available at their fingertips and on their mobile device.

With its broadly available mobile and internet services, and effective mobile payment solutions, along with forward looking regulatory developments, India is taking steps to increase usage of contactless or touchless payment solutions. The ongoing pandemic has further accelerated the need to digitize amongst businesses too. With a surge in the number of consumers and merchants utilizing digital platforms, it is a priority to invest in the creation of a robust digital ecosystem. This will increase loyalty and engagement in the long run as digital becomes the new normal.