Newsroom

Newsroom

Newsroom

July 11, 2024

5 Ways Digital Payments Are Driving Growth Of The Economy

When was the last time you made a digital payment? Chances are, it might have been earlier today. In today’s digital age, where digital transactions have integrated into our daily routines, India has emerged as a leader in this global digital transformation.

May 29, 2024

The Next Wave of FinTech: Trends and Transformations

India’s fintech market is experiencing rapid growth, positioning itself as one of the world’s largest. The latest projection suggests that by 2030, it will reach a valuation of $2.1 trillion, making it the second-largest in the Asia-Pacific region.

February 27, 2023

FinTech Startup Mobileware Technologies Bags The Prestigious ISO 27001:2013 Certification

Mobileware Technologies, a market leader offering UPI interoperability, scalable payment solutions, and seamless access to the payments ecosystem to businesses, has received the coveted International Organization for Standardization’s ISO 27001:2013 certification, demonstrating its dedication to security management best practices. A prerequisite for the ISO certification is establishing, implementing, and maintaining an Information Security Management System (ISMS) in the organization. Mobileware received the prestigious ISO 27001 certification after completing a series of extensive audits by IRCLASS Systems and Solutions.

February 19, 2023

How digital payments are driving India’s e-commerce

With the festive season settling in full peak, retail in India is witnessing a boom in the e-commerce business. As per India Brand Equity Foundation, India’s e-commerce market is expected to reach US$ 111 billion by 2024 and US$ 200 billion by 2026. The rampant increase in smartphone users and easy accessibility to the internet are some major boosters for this expansion. Keeping in line with the Digital India movement, more and more companies are building a presence online to reach the masses. The country is now going beyond traditional payment methods with the easy adoption of ePOS, UPI, and others. The RBI states that total digital payments have increased by 216% and 10%, in terms of volume and value, respectively, for March 2022 compared to March 2019.

November 30, 2022

Role of AI in fintech

Artificial intelligence and machine learning (AI and ML) have been around since the 1950s. From Claude Shannon to Alan Turing, mathematicians and developers have bet highly on a machine’s ability to be equally intelligent to a human. AI has come a long way since then! Innovation has always been a strong pillar of the fintech ecosystem. It is not surprising that in recent years, they have relied heavily on AI and ML to make strategic business decisions and improve the overall experience for everybody involved.

September 20, 2022

How Fintech is Reshaping the Future of Traditional Banking

Fintech or Financial Technology has changed the financial landscape in the last few years. The Global Fintech Market size is expected to reach USD 332.5 billion by 2028 and may grow at a Compound Annual Growth Rate (CAGR) of 19.8%. Fintech, as we understand, covers a wide range of financial services and the areas where they are most prevalent include lending and credit, wealth and brokerage and payments and transactions. It is also growing in blockchain, neo-banks and mortgages and disrupting traditional banking practices.

August 24, 2022

Indian banks need to start operationalising threat intelligence to improve readiness of security operations

Mobileware Technologies focuses on developing scalable solutions to simplify business payments. With our innovation-centric approach, we offer UPI interoperability and scalable payment solutions for businesses that need to make digital payments. We have also made a digital difference to a plethora of banks that include, Nationalised Banks, Private Banks, Co-operative Banks, Urban & Rural banks, NBFCs, and other financial service providers. Our association with the National Payment Corporation of India facilitates us to build effective tech solutions for our Banking, Financial Services, and Insurance customers. At Mobileware, we also respond with a compliant and secure product to every new digital channel introduced by NPCI. At the same time, we continue leveraging our mobility base to develop consumer services SDKs that talk to banking systems for payments and transfers.

August 9, 2022

Fintech Startup Mobileware Technologies records highest ever GTV of Rs 45000 crore against 15 crore transactions

Fintech startup Mobileware Technologies recorded the highest ever GTV of INR 45,000 Crore, from April-July2022, against 15cr digital transactions through UPI, IMPS, BBPS and Mobile Banking channels. Mobileware Technologies is one of the leaders in UPI interoperability and scalable payment solutions for businesses that need to make digital payments and have more than six partners from across India. In this quarter, the maximum transaction value worth INR 21,000 Crore – was recorded from digital payments made through Unified Payments Interface (UPI) channels. India’s innovative Unified Payments Interface has revolutionised the payments industry in the country. Over 9.36 billion transactions amounting to Rs 10.25 trillion weres recorded from January-March 2022 via various payment modes led by UPI.

July 7, 2022

MOBILEWARE TECHNOLOGIES TO OFFER INTEROPERABLE WALLETS VIA UPI TO OXYMONEY CUSTOMERS

a market leader offering UPI interoperability and scalable payment solutions for businesses that need to make digital payments, has partnered with Appnit Technologies Private Limited - a subsidiary of DMI Finance, to offer interoperable UPI solutions for seamless access to the payments ecosystem. Appnit’s customer-facing brand Oxymoney - a Prepaid Payment Instruments (“PPI”) license holder provides wallet & prepaid card services to its customers, who are primarily retailers. Mobileware will provide Oxymoney with a hosted UPI switch with connectivity to NPCI and facilitate the customers with personal Virtual Payment Address (VPA) to participate in the interoperable UPI ecosystem. Early last year, RBI announced an interoperability mandate whereby they increased the permissible account limit to ₹2 lakh (up from ₹1 lakh) and allowed cash withdrawals from full-KYC non-bank wallets. This technically makes wallets similar to bank accounts in terms of services. The volume of PPI transactions has also jumped from 30.6 million in 2011-12 to 4775 million in 2021-22 (as of December 2021) and there has been a corresponding increase in the value of PPI transactions from Rs. 62 billion in 2011-12 to Rs. 2150 billion in 2021-22 (as of December 2021).

June 15, 2022

Mobileware Technologies partners with OmniCard – an Omni-Channel payment solutions platform

OmniCard is a Bank independent RBI licensed PPI exclusively focusing on its technology innovations to offer omnichannel spending experience to the customers across the section of the society. OmniCard offers a RuPay powered card and a mobile app. OmniCard is a complete payment platform that provides multiple online and offline payment modes, complete card controls, robust security system, money management and many more exciting features. OmniCard can be used by anyone above 14 years of age. The platform’s innovative payment modes offer security and convenience to its users and their latest offering ‘Omnicard Keychain’ is a contactless, on-the-go payment solution.

May 15, 2022

Opinion: 3 Banks that are a Step Ahead with Open Banking APIs

According to an Accenture Research report, 77 percent of European banks, 72 percent of North American banks, and 61 percent of Asian banks plan to invest up to $20 million in the next few years to offer API products to commercial/corporate clients. Thus, it is evident that open banking is a win-win for corporates and customers as business goals are met and customer satisfaction is achieved while staying up to date on the latest technological trends.

April 6, 2022

Digital rupee – Everything you need to know

The Minister of Finance, Nirmala Sitharaman introduced the concept of ‘Digital Rupee’ during the Union Budget presentation on the 2nd of February, 2022. She also emphasized how the CBDC (Central Bank Digital Currency) would be pivotal in boosting our digital economy. This has hence become a trending topic of discussion amongst Indians. This article will act as your guide for Digital Rupee and CBDC and clear a lot of questions!

March 13, 2022

Top digital payment trends of 2022

For effective detection and prevention of threats within seconds, banks and financial institutions are using ML. Eighty percent of fraud specialists using AI-based platforms opine that the technology helps in reducing payments fraud. AI and ML are better suited to interpret trend-based insights and scale up as per requirements. AI is a game-changer in the payments industry and we can expect more innovative uses of this technology, such as voice-activated payments. Bank of America already has a chatbot that provides report updates, balance notifications, customer services and money-saving tips to its users. AI is also designed to play a huge role in RegTech.

January 25, 2022

Emerging Technological Advances in the Fintech Industry

India is amongst the fastest growing fintech markets in the world and is on the way to becoming a global fintech superpower. Of the 2,100+ fintech existing in India today over 67% have been set up in the last 5 years. Technology is booming in the fintech sector and 2022 has some exciting innovations in store for us. In this article, we will discuss the emerging technological advances in the fintech industry. But before that, let’s go through a few terms that are the horsemen of the fintech industry: Open Banking, API Banking, Neo Banking and Banking as a Service (BaaS).

December 14, 2021

How to stay safe from cyber threats during digital payment transactions

India has seen exponential growth in digital payments in recent times. The shift from cash to cashless has been phenomenal, even though not seamless. People from across India, including Tier II and III cities, have made the switch and adopted mobile banking or e-wallets through Unified Payments Interface (UPI), Aadhaar-enabled Payments System (AePS), Internet Banking, and various other options available. That has raised the bar in the fintech industry and provided an extra layer of transparency to the transaction chain. However, it has also added to the tension for consumers because of the rise in security threats, data breaches, and cyberattacks. Whether physical transactions were safer or not, is another topic for discussion, but digital vigilance is necessary.

October 4, 2021

[FUNDING ALERT] MOBILEWARE TECHNOLOGIES RAISES $4.75M FROM DENMARK-BASED KVANTO PAYMENT SERVICES

Mobileware’s flagship product – TransXT – is an API banking platform that extends a bank’s digital infrastructure/services to businesses as simple plugins. It gives single-point API access to banking products/services like Account Opening, Bill Payments, QR-Based Payments, Aadhaar Enabled Payments, Lending, Insurance, and many more. Fintechs have easy access to Mobileware’s platform through integrated SDK access over mobile and other devices. Read more at: https://yourstory.com/2021/10/funding-mobileware-technologies-denmark-kvanto-payment-services

July 15, 2021

Reasons that make Open Banking powered Personal Finance Management Apps Must

The traditional method of banking and finance management is currently witnessing a revolution. A major contributory factor is that now customers want more than just basic features. They prefer customised services and analysis when it comes to their financial data. Moreover, most of us have a complex financial situation that consists of different types of loans, mortgages, investments, retirement savings, etc. in addition to the usual savings and checking accounts.

July 15, 2021

5 Reasons that make Open Banking powered Personal Finance Management Apps a Must-Have

Synopsis: Personal finance is simple for people who have a savings account and a checking account, and that’s all. It is, however, complicated for people who may have several financial obligations such as student loans, a mortgage, car loans, credit cards, retirement savings, and other investment accounts, in addition to checking and savings accounts. In this article, we discuss how Personal Money Management banking tools can assist one in accessing all financial data at once.

July 12, 2021

How to cultivate healthy money management habits

According to a study by YouGov, two in five urban Indians (40 per cent) consider saving money for unexpected hardships as their top financial priority in 2021. Financial stability is one of the most crucial goals when you begin earning money. As we crave predictability, financial freedom buys you physical and mental wellbeing. However, once your debts and expenses start piling up, stability and savings may seem like a distant dream. Take a look at the statistics, India Gross Savings Rate was measured at 31.4 % in Mar 2020, compared with 30.6 % in the previous year. As the pandemic continues, Indians may start to break out their savings account due to inflation and possibility of unemployment.

July 2, 2021

4 ways Open Banking can be a Catalyst for Widespread Financial Inclusion

Before demonetisation caught us off guard in 2016, we were happy with cash transactions, especially the small and medium business units. Other than cash, cheques or credit cards (which also invited service charges) were not popular. Demonetisation also exposed the fact that many did not have a bank account. According to a report by the World Bank based on Findex data, close to one-third adults, about 1.7 billion, are unbanked. As a silver lining to the grim statistics, we are making significant progress that is slow yet effective. On a global scale, 1.2 billion adults now have access to an account since 2011.

June 22, 2021

2 Ways the Pandemic Affected Banking Innovation

Banking innovation is always considered a flourishing business that can potentially change the face of the economy. For instance, the timely introduction of UPI in the Indian digital payment system proved to be a colossal success during the pandemic. The number of UPI transactions grew to 1.23 billion in May 2020, with Rs 2,18,391.6 crore transacted. Unified Payment Interface (UPI) saw an increase of 23.5% in the total transaction volumes between April and May 2020, according to data published by the National Payments Corporation of India (NPCI).

May 6, 2021

How does open banking affect the end consumer?

India’s banking industry is investing heavily in digital technologies to catch up with leading global competitors who offer a wide range of sophisticated services to their customers. Investment in new technology has never been this higher in the country. Open banking, although not an entirely new concept, is, therefore, gaining cognizance. Open banking came from the idea of Open Innovation, coined by Henry Chesbrough, an organizational theorist, who said that any information or knowledge doesn’t belong to a singular entity and needs to be shared. This concept was later taken up by the banking sector as Open Banking, meaning banking for all or banking without boundaries.

April 14, 2021

What are the top challenges for Open Banking Regulators?

Open banking is a revolution that comes with several long-term benefits for an economy, such as financial inclusion and education. Open banking is set to provide more transparency in the sector while driving competition, reducing costs, and paving the way for broader implementation across the globe. However, the herculean task of implementing an open banking platform also comes with establishing global frameworks and regulations. Several challenges need to be considered by government bodies for an efficient framework that is in accordance with global standards.

January 19, 2021

Mobileware Technologies partners with NSDL Payments Bank for TransXT platform

Mobileware is an innovation-centric technology company that has been creating and developing technologies of the future. Its cutting-edge technology platform” TransXT” is changing the way digital payments are made. Also nicknamed “Bank in a Box”, TransXT is a plug and play open Banking API technology platform that enables businesses to go live instantly. The platform sits easily into the currently existing systems ensuring interoperability. The vertical agnostic and borderless platform creates a payment marketplace instantly for customers requiring access to digital payment methods, using banks as a channel of service. The technology enables banks, merchants, and startups to create further monetization streams.

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