Understanding India’s Digital Payments Journey
From shopping, traveling, borrowing, or even reserving seats at your favorite restaurants, online payments have made lives easier. The robust fintech system of India has made the world our oyster, and digital payments continue to save us time and money. But where did it all begin for us? The journey so far Following the withdrawal […]
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What is UPI Global?
The Indian economy is fast embracing digitization. According to a recent report, in July 2022, India’s instant real-time payment system, the Unified Payments Interface (UPI), registered 6.28 billion transactions and is expected to reach $440.3 billion at a CAGR of 14.80% by 2032. The modern-age payment system enables users to send and receive payments instantly […]
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A guide to Buy Now, Pay Later
Over the last few years, Buy Now Pay Later (BNPL) is steadily gaining popularity. Indian Buy Now Pay later market grew at a CAGR of ~321 % by Gross merchandise value (total value of the loans disbursed to consumers), during FY’19-FY’21. The popularity of BNPL grew during the pandemic when we saw a significant rise […]
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Open Network for Digital Commerce – ONDC – an introduction
The fast-emerging digital economy has become a supporting pillar of India’s growth in recent times. At 87%, India hits the highest FinTech adoption rate in the world against the global average of 64%. Realizing that India is a prime destination for digital payments and activities, the Government of India launched Open Network for Digital Commerce […]
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All you need to know about DigiSaathi
Time and again, the Indian government comes out with platforms and schemes to help the Indian customer with online payments. DigiSaathi is such an initiative that was introduced on March 8, 2022. The Reserve Bank of India (RBI) alongwith the National Payment Corporation of India (NPCI) launched DigiSaathi – which will help customers with digital […]
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Understanding Neo-Banking
Neo-banks are online-only fintech companies without physical branches. They are digital banks. How are they different from traditional banks? Neo-banks are revolutionizing the traditional banking system by leveraging artificial intelligence (AI) and technology. They offer personalised services to customers. Traditional banks have a physical and maybe a digital presence while neo-banks, led by a design […]
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Role of Fintech in Financial Inclusion
Financial inclusion means facilitating access to financial products and services to the entire population irrespective of economic and geographic conditions. Accessibility has been an issue in the formal financial system since its inception. However, recent advancements in technology have allowed fintech companies to positively impact the financial service through inclusion. While 20% of the Indian […]
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Why is API banking fintech’s next big bet
Today, the fintech industry is continuously disrupting the financial services ecosystem. They are enabling the use of automation to deliver an enhanced customer experience. One such example is API banking. APIs help banks in increasing customer satisfaction, meet the ever-changing needs of customers and provide secure banking solutions. Banking, as a concept, has been around […]
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NEFT vs. IMPS vs. UPI
Technology has revolutionized the banking sector and made the transfer of funds from one account to another incredibly easy. In India, there are different ways of sending money online – RTGS, NEFT, IMPS and UPI. In this article, we will compare and contrast the basics of IMPS, NEFT and UPI. We will also discuss which […]
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Mobile Banking
Mobile Banking is essentially having a bank in your pocket at all times. All you need is a smartphone and a banking app that can help take care of all bank related activities. The global mobile banking market was valued at $715.3 million in 2018 and is expected to reach $1,824.7 million by 2026, registering […]
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