Digital payments have evolved hugely in recent years, with contactless payment cards technology and the emergence of new services from financial and technology players are changing the way individuals and businesses conduct the transactions.
The contactless debit cards have become popular in many parts of the world, and even though India got this technology two years ago, consumers haven’t really warmed up to it. However, the likes of Visa and Mastercard are at the forefront of changing this scenario. This payment technology is growing in developed countries. In India, the trend has been catching up and many supermarkets have started using PoS machines with the tap to pay symbol. The using of contactless payment were the main driver of the increase in debit card payments, with the number of transactions almost doubling over the year.
Currently players such as Google, Paytm, Reliance Jio are stepping to expand their digital payment acceptance network. This will help reduce the gap between card issuance and acceptance with asset-light devices and innovations like ‘pin on glass’ that enable the smartphone to accept payments, providing convenience at scale.
Mobile payments are already very common, with solutions like Apple Pay and Google Pay making it easy to turn your smartphone into a payment device. In the near future, evolving payment solution with the new technologies will change the way of purchasing. To know about the latest payment technology, experts from the industry will be providing their unique perspective on the Panel Discussion – From war of Cards to war of Wallets and now cryptocurrency at Internet Commerce Summit held at ITC Gardenia, Bengaluru.
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Senior Researcher, STSM and Manager, Retail and Distribution, Industries Research | IBM Research