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TRANSCRIPT
Mobile Their Evolution
The impact of
Demonetisation
Wallets
Systemix – The Systems Consulting, E-Commerce and SMAC Club
Indian Institute of Foreign Trade
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Mobile Wallets: Future of Money
Abhishek Deshpande, Avneet Handa, Shadan Mahtab
Ashutosh Routray, Neha Varshney, Soumya Saini
Rise of Mobile as a Payments Platform
For a long time money for people has just
been the cash in hand. Like other things
money wasn’t going to be static. A fantastic
heist took place some years back. It was
when a stolen helicopter landed on the roof
of a cash depot in Stockholm and three
masked men smashed a skylight to climb
inside. The year was 2009. The depot didn’t
expect an invasion that day. Armed with a
Kalashnikov, the invaders held employees at
bay while their accomplices outside
positioned road spikes to keep cop cars from
barging in the building. Subsequently, seven
men were later caught and sentenced, but
nearly all of the stolen cash—reportedly
some $6.5 million—still has not been found.
The robbery is known as the Västberga heist.
This earned astringent notice from some
economic theorists, who saw in it a parable
about the risks of paper money.
What is cash? Cash is the flimsy spider of
societal wealth; sinuous reach into the core
of people and once liberated in the wild,
almost impossible to get back. The money,
as technology, had to and it did change a lot
in half a century. Once upon a time when a
day’s errands called for bulging pockets. Now
it’s possible to shop for groceries, buy lunch,
buy movie tickets, donate or repay your friend
without handling a checkbook. With the shift
into a better or worse future the currency has
changed. It didn’t happen overnight. It
required some masterfully scheduled series
of events to take place at the right time.
It all starts with the mobile devices. Mobile
has turned ubiquitous across the world and
its reach has far exceeds that of any other
device and this trend is not stopping anytime
soon. Mobile phones have transformed how
consumers purchase goods and services,
interact or search. Since the inception of
mobile phones, many critical innovations
have been concentrated on mobile as a
channel, resulting in disruptive business
models. As commerce moves to mobile,
payments will follow.
While every device has its own features, they
are still capable of handling certain
communication protocols like USSD, NFC,
SMS and data, making it easier for
interoperability to penetrate into the
payments system. It is an open platform it
has decoupled two critical functions of banks
in the payment processing chain. First one is
to act as a store of value and the second one
is to process payments. To build payments
as a service for merchants, these things are
being taken advantage of. This is eliminating
the need for traditional hardware and
merchant onboarding processes. As
predominant as email is used today for
unique identification, the phone itself has
become a unique identifier. This is
standardized across merchants and
consumers. This makes sure that there is a
need for bank account numbers or anything
that is proprietary in a local ecosystem.
This has a global impact. Mobile payments
are thriving acrross the globe in the form of
feature phone based services. Some
examples are M-Pesa in Kenya and
smartphone-based NFC payments. Initially it
was seen as a trend that the majority of
mobile payment solutions have focused on
enabling P2P payments but with the
development there is a change seen in
consumer behavior. There is an increased
focus on enabling mobile payments at the
POS. Mobile has allowed new telecom and
technology companies to expand into the
offline payments space, especially at small
merchants where payments are more of a
P2P nature. The card payments have seen a
downward slope turn from large to small
merchants, and this trend is more likely to
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work in the reverse direction for mobile
payments because of the largescale
adoption of mobile among the masses.
Evolution of digital payment
Undoubtedly the innovation has witnessed a
climb at a pace faster than anyone’s
comprehension. The legacy infrastructure is
being taken care of along with these
progressive and pervasive new technologies
that are emerging and making mobile
payments seamless and compatible. While
technologies such as thin SIM that have
existed for a long time, with falling cost of
memory and processing, they are now
capable of providing connectivity and
becoming more mainstream, especially in
areas with poor connectivity and no payment
infrastructure.
If we examine the long and arduous history of
payments with a focus on how we pay for the
things we buy, we will find two noticeable
aspects. First, when it comes to paying for
things we buy, we clearly
prefer convenience over everything else.
The motivation behind this evolution of new
payment methods has been the desire not to
be bound by the need to carry cash with us.
Second, though this social animal which is
driven by convenience in this evolutionary
cycle carried mankind from the bartering
system of our ancestors through early coin
currencies to paper money to checking
accounts, and from there, to credit and debit
cards, and on through to today’s e-wallets,
the nature of payments has always
been transactional.
Since 1946, a revolutionary service was
manifested called ‘Charg-It’ credit card. This
payment transaction has always featured
some sort of authentication process that
allowed merchants to verify the identity and
financial viability of consumers. Since in
those days there was little to none
technological advancement, this was a
manual, administrative process that
sometimes took weeks. With progress, today
the authentication process happens
electronically in real-time and, despite
whatever other future changes manifest in
the payment process, that authentication
requirement is not likely to go away.
Evolution continues in the payment sector,
particularly in the development of alternative
channels through which transactions can be
conducted. Today, every trend points to
mobile as the next evolutionary step in
payments. The march toward mobile
payment systems is stalled only by the
requirement for adequate infrastructure on
the part of both merchants and issuers, but
these obstacles are only temporary
impediments.
Eventually now that every payment system
that existed before mobile had one arbiter
that determined both its success and
longevity: The Consumer’s Experience. Even
the adoption of the mobile payment channel
rides on this key concept. Every step of the
evolutionary path from barter to e-payments
has been driven by the consumer’s need to
find an easier, better, and more secure way
to pay for the things he or she buys. The
payment methods through card have freed
consumers from the requirement to carry
cash with them every time. While introducing
‘swipe and sign’ payment processing. The
move from card to mobile is driven by this
same idea. We are witnessing now the
education of a society on mobile payments.
Everyone is learning how to make mobile
payments, including consumers and sellers,
less of a deliberate act and more second
nature. Like the transition from cash to credit
and debit cards, this is a process that takes
time.
Consumers have not stopped carrying their
cards in wallets while shopping even today,
the true measure of mobile success will be
when cards are not carried at all. This is
difficult but achievable because the
alternative is nothing. In situations where find
a merchant that doesn’t take cash, you can
always go to an ATM, in the mobile world, if
you don’t carry a card and you get to a
merchant who doesn’t take mobile, you don’t
get your purchase, consumers aren’t ready to
hold that against the merchant yet, but they
are ready to frequent those who have mobile.
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Unlike the move from cash to electronic
payments, mobile already has the
infrastructure just changing the POS system
to accept mobile inputs and trigger the
transaction network in place makes this
change iteratively faster.
Although history shows us that making this
type of behavioral change is never easy, it
can be done. All there is left to do is
perseverance, technological advancement,
and the willingness of pioneers to hold true to
their vision of future.
What hinders mobile payments
No doubt mobile wallets have an
advantage over traditional payment
systems, but currently they are not that
close to becoming a reality in India. This
fact is reinforced by a survey from NTT
data which cites Security as the biggest
factor to decide on using mobile wallets
atleast for 36% consumers, followed by
convenience at 31% with rewards being at
paltry 8%.
Unless timely action is undertaken in India to
overcome these challenges, it is unlikely that
they will take off at scale and their benefits
will not accrue to the goal of a cashless
society in India.
Closed-loop payments
Currently, mobile payments are largely being
driven by single owners that are creating
closed- loop payment systems. Closed-loop
payments systems with remittances as the
core proposition might work well for countries
with small population and a few large players
but for a country as diverse as India, it is
critical to have standards and interoperability
among various mobile payment systems.
Speed of transaction
The speed of mobile payment transactions is
still very slow in the country, especially at the
POS, where consumers and merchant look
for a quick turnaround time. Moreover,
transactions often fail or time out in areas of
poor connectivity. The result is a poor
consumer experience due to which they lose
interest in making mobile payments.
Digital literacy of consumers
A large segment of the target population is
not comfortable with the use of technology.
Service providers will need to invest in
simplifying the technology and interface, and
in educating customers.
Due to lack of standard platform around
which mobile payments are evolving, there is
little understanding among consumers and
merchants on how they can use mobile
payments services. When transactions fail,
they are unsure of the alternative available to
them and its timeliness. They feel that in case
of a failed payment, they will lose their
money. Moreover, in a country like India,
mobile as a platform has to be multi- lingual
and should be capable of eventually enabling
voice- based transactions.
Trusting non-banks as financial service
providers
Rural sector in India has largely remained
excluded from mainstream banking, to the
extent that some of the people believe that
banking is not for them. Because of this, they
resort to informal methods of credit such as
money lenders. There is a long history of
unscrupulous money lenders in India taking
advantage of the rural poor in India.
Consumers take time in changing their habit
and trusting new service providers. Public
and private institutions need to come
together to educate consumers on how to
use mobile as a banking and payments
platform to help build trust in the system.
Easy availability of cash
For Indian customers to use mobile payment
services on a regular basis, it is critical that
they are ensured that the stored value can
easily be converted into cash if required,
even in the remotest parts of the country. For
instance, even the most financially literate
and digitally initiated people in India prefer to
carry cash while traveling. Having the comfort
of being able to convert stored value to cash
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is very critical to the Indian context for
widespread adoption of mobile payments.
UPI can potentially solve this problem by
simplifying P2P transfers so much that a
person can transfer money to anybody in
exchange of cash.
Security concerns
Security remains an important issue that
needs to be addressed for the success of
mobile money services. Often people
complaint that their money has been debited
but the transaction got declined while
transacting via mobile, and to avoid such
problems users keep away from using mobile
wallet related services.
While mobile networks already have
encrypted messages transmitted across the
network, mobile transfers require additional
tracking and logging for regulatory demand.
As services become NFC- based, additional
security issues may crop up with stored value
applications on the NFC chip.
Regulatory barriers
For financial transactions via mobile phones
the regulatory framework is currently not well
developed in most countries. As policies and
regulations evolve, mobile banking service
providers may have to comply with strict
controls such as KYC requirements to
prevent money laundering, terrorism funding
and so on, which may add additional costs
and slow down the pace of adoption
Competition from Debit/Credit Cards
Mobile wallets still face tough competition
from debit or credit cards in India, as these
cards have several advantages over m-
wallets. M-wallets allow limited amount of
money transfers from wallet to wallet or wallet
to bank, which is not the case while
transacting from debit or credit cards.
Therefore, these wallets are not suitable for
higher purchases, for example buying a
laptop or a mobile. Also, only a limited
amount can be transacted in a single
transaction while using m-wallets. For
example: Oxigen allows maximum amount
that can be transacted in a month is INR
10,000 or INR 10,000 in single transaction,
whereas Paytm daily upper limit for wallet to
bank account transactions is INR 5,000 and
the monthly limit is INR 25,000.
M-wallets tend to handle low-value, high-
frequency transactions, with the average
value per transaction being INR 320.94 in FY
2015. In contrast, credit and debit card
transactions tend to be larger, with value per
transaction during FY 2015 equating to INR
3,087.44 and INR 1,501.68, respectively.
Compatibility Issues
M-wallet apps are not compatible for all types
of mobile phones; some m-wallets are
compatible only with 1 or 2 operating
systems. For example: HDFC zappy m-wallet
does not work with Windows or IOS operating
systems, it is meant only for Android users.
Therefore, if a windows operating system
user wishes to download HDFC zappy on his
phone, then he will not be able to use it. He
would have to switch either to android
smartphone or to any other m-wallet app.
Global payments going digital
Global Payments, Digital and Transaction
Services (GPD&TS) is an extremely volatile,
competitive, dynamic and increasingly
sophisticated and evolving business
segment. It encompasses a range of industry
categories and business domain that
encourage and facilitate the safe, secure and
on time transmission of extremely complex
information, communication and rationale
driven transactions.
This unique process group was designed
initially and built by EMA Partners to support
consumers within traditional payments and
transaction business services including, but
not in any way limited to, retail and
commercial lending, debit and credit card
issuance, payment schemes and campaigns,
merchant acquisition, payment processing,
card & POS solution providers.
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The ever so increasing focus on mobile and
digital payments has acted as a catalyst in
the expansion of our unique GPD&TS
process group. The telecommunication
industry, like the payments industry, has
undergone a massive change, with the
increasing adoption of mobility devices and
the proliferation of applications that enables
users to do innumerable other things with
their devices other than making calls. In
response to the moves made by the MNOs
(mobile network operators) to battle it out in
the payments business, the traditional
payments ecosystem and its participants are
forced to evolve to survive, and hence the
ecosystem continues to get further disrupted
by the increasing want of retailers and tech
companies (including an array of start-ups)
that are all fighting hard to make a mark in the
payments market.
The race to launch the perfect payment portal
product is underway, and the “successful”
solution must not only excite and bring in
early adopters but, must also be a secure,
profitable and sustainable solution that gains
broad acceptance with both consumers and
merchants. However, a safe and robust
payment transaction cannot exist without the
necessary ecosystem to support it, and this
ecosystem requires regulated oversight and
a technology infrastructure that considers all
the consumer, the producer/retailer and the
payment provider. The ability to monetize the
payment service or vehicle is also posing a
point of consideration for the newer start-ups
modelled around payment that initially “hook”
a consumer with freebie, but that almost
always requires a stepping back to a more
traditional payment system or infrastructure
that allows the payment to be securely and
efficiently make use of legacy architecture
and get transaction successfully processed
and reconciled.
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Because of the evidently structured
advancements in technology and the
consenting dynamics of both legacy and
latest payments business models, the
transaction and payment services industry is
an evolving and exciting field, and the need
for talent is at its summit. Over the past half-
decade, we have already seen a significant
inter mingling of talent across the core
traditional payment firms, the retailers, MNOs
and the technology sectors, particularly in the
areas of Digital, Innovation, and Technology.
The retail payments ecosystem has
unarguably spread across boundaries and as
new and innovative companies begin to
invade and disrupt the payment world, the
landscape starts shifting, and our practice
groups evolve.
In line with the evolution occurring and the
growing significance of digital and mobile
channels, the GPD&TS practice is focused
on finding skilled natural leaders who have an
in-depth understanding of emerging and
disruptive payment technologies.
Increasingly consumers are seeking
expertise in the areas of mobile and digital
payments, geo-location, m-commerce,
beacon technology, NFC, M2M or the
Internet of Things (IoT), tokenization, digital
identity & security, HCE and biometrics.
Hence this sudden growth in the trend of
using crypto-currencies.
As the leading players of the traditional
payment industry start to adapt to a shifting
landscape, they must examine the potential
risk or threat of diminishing consumer or dis-
intermediation or client engagement. Rather
than being fearful of alteration, traditional
payments organizations must embrace the
new world and understand their place within
it. Newer entrants must also battle for
position, recognizing that a robust payment
transaction will cease to exist without the
collaboration of well-established parties.
Agents of change
There are precisely two primary factors that
are going to influence the pace and path of
transformation over the next few years:
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Technological Advances
Improvements in cloud computing, sensors,
and wireless communication are enabling the
Internet of Things to become a reality. Cloud
computing is powering SaaS (Software as a
Service), which is driving new consumer and
merchant value propositions easier financial
management system and affordable POSs.
Application programming interfaces (APIs)
are revolutionizing the symphony among
providers and their customers. In addition,
biometrics are enabling quantum leaps in
user-friendly authentication, and blockchain
technology is increasingly being used to
enable transactions. Further down the road,
chatbots and virtual personal assistants will
yet again alter the shopping value chain and
payment experience. For example, a bot can
enhance the purchase experience by
providing information a concert for which
tickets have just been bought.
Shifting Customer Expectations and
Behavior
As fintech and digital giants such as Apple
and Google harness technological
advances, consumer expectations are
shifting and becoming ever more
challenging.
People now expect seamless and
transparent end-to-end experiences that
permit unprecedented levels of ease and
convenience. Given the short product-
development cycles of fintech, it can be
difficult for incumbents to keep up. At least
one major survey in 2015 indicated a decline
in US consumer satisfaction with mobile
banking, with inadequate clarity of
information and difficult navigation cited as
specific pain points.
Demonetisation effect on Digital
transactions
While it may have helped certain channels of
digital transactions, these are still just a
droplet in the ocean when compared to
ground realities and the larger ocean of retail
transaction. RBI’s latest data on reserve
money indicates that as on June 16, 2017,
currency in circulation (CIC) valued at
Rs.15,287 lakh crores. But this is still less
(approx. by 15%) of the CIC of Rs.17,977
lakh crores available on circulation as on
November 4, 2016, prior to the week of
declaration of demonetization.
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Although Prime Minister Narendra
Modi asked for 50 days to restore the
situation, even after seven long months of
demonetization, currency dearth still remains
unsolved. On social media, people still crib
about useless ATMs and cash deficit in
several parts of the country, though most
mainstream media houses are not bothered
by this.
Within 2 weeks after the demonetization, the
narrative of the focus of demonetization
dramatically shifted from the black and fake
currency to the efficacy of digital economy.
As a result, to this, India witnessed a publicity
blitzkrieg that enhanced digital transactions.
Digi-dhan melas and lucky dips were
arranged to inspire people to embrace the
digital economy. We noted exaggerated
claims from the top bureaucrats and
ministers that the digital transactions made a
humongous leap and that the present
currency in use is more than enough to meet
the growing needs of transactions demanded
by the nation.
UPI and BHIM
The latest NPCI info shows that the Unified
Payment Interface (UPI) transactions leaped
immensely from just 1,03,060 transactions in
October, 2016 to an eye-catching 91,67,277
transactions in May 2017, recording an
impressive 89X improvement. Value-wise,
UPI recorded an increase of Rs 0.49 billion to
Rs 27.65 billion, more than 56X improvement
during the same time frame.
Modi, at a digi dhan mela at Talkatora
Stadium in New Delhi on December 30,
2016, introduced the much sought after
BHIM (Bharat Interface for Money), which is
a mobility application created by NPCI,
based on the UPI interface. BHIM too
registered a rise in transactions from
17,17,696 transactions in January, 2017 to
39,75,750 transactions in May, 2017, which
is almost 2.3 times growth. Speaking of
Amount, BHIM registered a growth from Rs
3.56 billion to Rs 13.07 billion during the
same period.
The spread of UPI along with BHIM (which is
of course a secondary to UPI) may force an
impression that we made a giant leap with
respect to digital transactions. But it is
umpteen necessary to place this data in mind
while analyzing ground realities.
As per data from RBI, during April 2017, total
revenue of Rs 2,171 billion was put into
business via ATMs alone (only transaction
frequency from ATM is considered here),
while the UPI transaction number was just Rs
22.41 billion during that time frame. That is,
UPI-backed transactions took over cash by
around 1%.
NPCI claims that as on May 31, 2017 BHIM
figured 14.54 million downloads. We have
more than 300 million smartphones in India,
which means that BHIM is still falling short by
5% of average smartphone penetration.
Also, the quoted number of 39,75,750
transactions via BHIM in May 2017, means
on an average daily transactions using BHIM
figured close to 1,28,250 while in total there
are 14.54 million downloads. This means that
only 0.88% of the all the people who
downloaded BHIM used it, that too for a
single transaction on a daily basis.
If you analyze this transactions with the entire
population of India, the number goes further
miniscule, only 0.01% of the population uses
BHIM on a daily basis, that too just for a
single transaction.
Meanwhile, USSD transactions recorded in
the month of May, 2017 was Rs 0.32 billion
from 0.19 million transactions. Since this is
minuscule, when compared even with UPI,
no detailed comparisons are not made.
The transactions under UPI can be analyzed
for further inference, after making a detailed
analysis of the digital transactions happening
under various verticals. These categories are
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being considered by RBI while taking stock of
digital adoptions in the economy.
Yardsticks used by RBI to analyze digital
transactions
Cashless transactions have been
mentioned in the RBI Annual Report 2015-
16 in Part II, under the chapter IX namely
“Payment and Settlement Systems and
Information Technology”. These transactions
are segregated into two primary heads,
namely ‘Systemically Important Financial
Market infrastructures (SIFMIs)’ and ‘Retail
Payments’. SIFMIs consists of big token
transactions like RTGS, CBLO, government
securities and forex clearing.
SIFMIs comprise almost 90% of total amount
of cashless transactions while retail
payments comprise only 10% of all cashless
as per annual report of 2015-16. The number
of transactions under SIFMIs are only 101.4
million, which is just 1.5% of all cashless
transactions volume of 7046.6 million.
Paper clearing
Paper clearing comprises the cheque
truncation system, MICR clearing and non-
MICR clearing. These don’t fall under digital
transactions though they qualify to be
cashless transactions. If we look at data from
the last six years (2011-12 to 2016-17), we
can see that slowly digital transactions are
replacing the paper clearing transactions. It
has been observed that paper clearing
transactions, which consisted of 82% value of
the total retail payments in 2011-12, have
reduced to 37% in 2016-17.
Retail electronic clearing
Retail electronic clearing comprise ECS Dr,
ECS Cr, NEFT, IMPS and NACH. ECS Dr
and ECS Cr are now fully migrated to NACH
(National Automated Clearing House) under
NPCI, which uses a web-based solution to
enhance interbank, heavy volume, electronic
transactions which are repetitive and periodic
in nature for banks, financial institutions,
corporates and governments.
Card payments
Card payments comprise credit cards, debit
cards and PPIs. This is the one sector which
has seen a remarkable year-to-year growth
of 65% during the last financial year. This
growth is basically driven by a substantial
jump in the debit card POS usage which
showed a growth of 107%. Of course,
demonetization forced people to use their
debit cards extensively for personal
consumption expenses. But, we should
remember that the total amount of Rs 7421
billion under the card payments is just over
5% of total retail payments of Rs.1,39,611
billion.
Total Digital Electronic Payments in
Retail
It is also interesting to analyze the total
volume of transactions in retail payment
sector too at this context, especially in the
backdrop of the finance minister’s statement
in his budget speech this year that, “A
mission will be set up with a target of 2500
crore digital transactions for 2017-18 through
UPI, USSD, Aadhaar Pay, IMPS and Debit
Cards.”
The minister is setting an ambitious target on
personal finance expenditure here, which is a
subset of retail payment sector transactions.
Last financial year, IMPS and card payments
totally recorded 470.38 crore transactions
while total retail sector digital transactions
touched a figure of 964.69 crores. Now, let us
see how the transaction volume changed
over the years. Here, it is interesting to note
that the transaction volume recorded its best
year-to-year growth between 2014-15 to
2015-16 and not during the demonetization
period.
So even after the phenomenal growth, UPI at
Rs 22.41 billion in April 2017 is a tiny fraction
of IMPS transactions amounting to Rs 562
10
billion (just 4%). This is while IMPS itself is
just 3% of total retail digital transaction.
Similarly the growth of Paytm and other
wallets, which are having total share of the
miniscule PPI component, comes at just 1%
of total retail electronic transactions. Both
debit card and credit card usage are still
around 4% of the retail pie.
Hence any tall claims the government is
making about digital transactions are nothing
but growth in small components of the larger
sea of digital transactions. Without seeing the
larger picture, and just looking at one or two
minuscule components of retail payments,
will give you a misleading and distorted
picture.
Regulatory Landscape
M-Wallet Regulatory Approval in
India
Only Banks are permitted to issue all
categories of pre-paid payment instruments,
whereas Non-Banking Financial Companies
(NBFCs) and other companies are permitted
to issue only closed and semi-closed system
payment instruments, including mobile
phone-based pre-paid payment instruments,
i.e. M-wallet. Reserve Bank of India
prescribes capital adequacy requirements
time to time to issue pre-paid payment
instruments by Banks and Non-Banking
Financial Companies.
All other persons, seeking authorization
henceforth, shall have a minimum paid-up
capital of INR 5 Crore and minimum positive
net worth of INR 1 Crore at all the times.
Applicant companies which have FDI/FII
should meet the minimum capital
requirement as applicable under the
Consolidated FDI policy guidelines of
Government of India. Only companies
incorporated in India will be eligible to apply
for authorization.
The Way Forward
The consumer payments industry will play a
crucial role in the future growth of digital
payments in the country. It will be driven by:
• Tapping into the untapped market: According to data from the RBI, India is home to the largest number of unbanked families, the largest bases to capitalise on.
• Merchants providing multichannel payment services
• Wallet payments using near field communication (NFC)
• Tokenisation, biometrics
• Crypto currencies such as Bitcoin, Litecoin. Developing solutions that are not payment solutions, but are touch payments — solutions for merchant, gift, loyalty, data analytics, and so on
• Financial inclusion: a wallet which can cater to this will definitely rule the Indian market
• Analytics solutions – payments transaction data analytics will be a major source of payments-related revenue.
Mobile payments allow users to manage
money from anywhere, at any time. Such
financial convenience is the hallmark on
which the mobile payments industry was
founded, and will influence how mobile
payment processing evolves in years to
come. Though nearly 60 percent of mobile
users currently manage some aspect of their
financial lives on a mobile device, most of
that activity is limited to basic functions such
as checking account balances. As mobile
technology becomes more secure, user-
friendly and value-oriented, mobile payments
and their relevance to users’ lives will play a
significant role in the future of finance.
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References
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services/
2. https://thewire.in/152625/digital-transactions-demonetisation-detailed-analysis/
3. http://www.financialexpress.com/money/payment-goes-digital-how-smes-now-have-a-global-
advantage/536500/
4. https://medium.com/wharton-fintech/the-rise-of-digital-payments-in-the-wake-of-indias-demonetization-
d2987e85051d
5. http://www.assocham.org/upload/docs/M-Wallet_Report_press.pdf
6. http://www.ey.com/Publication/vwLUAssets/EY-the-case-for-mobile-payments-in-india/%24FILE/EY-the-case-
for-mobile-payments-in-india.PDF
7. https://www.business.com/articles/kristen-gramigna-future-of-mobile-payments/
SENIOR CLUB COORDINATORS, SYSTEMIX
NAME
Abhishek Deshpande
CONTACT NUMBER EMAIL ID
+91 9901666453 [email protected]
Avneet Handa +91 9871928023 [email protected]
Shadan Mahtab +91 9830848370 [email protected]
JUNIOR CLUB COORDINATORS, SYSTEMIX
NAME
Ashutosh Routray
CONTACT NUMBER EMAIL ID
+91 7042013969 [email protected]
Neha Varshney +91 9911428816 [email protected]
Soumya Saini +91 9818574100 [email protected]
About Systemix - The Systems Consulting, E-Commerce and SMAC Club, IIFT
The Systemix club at IIFT aims to provide a platform where prospective young managers will gain experience with real-life issues and problems in the field of technology. The club is dedicated in providing the know-how of e-commerce industry and cater information of every aspect involved in bringing up of any e-commerce company – from setting up the platform to getting sellers listed and then reaching out to customers. It provides a stage where young managers can gain insight to the latest technology in systems consulting field and is particularly involved in imparting the knowledge about gamut of the most sustainable technologies to come up in recent times in IT – SMAC (Social, Mobile, Analytics and Cloud).
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https://www.linkedin.com/showcase/13269065
All Rights Reserved. Systemix, The Systems Consulting, E-Commerce and SMAC Club, IIFT
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