Traversing through India’s ambitious transition from a cash-centric economy towards a digital economy
India has always been a cash-based economy. In an ambitious effort, the Government has been actively directing the nation to be less dependent on cash and to be completely digital economy. The journey has had its own challenges. It has been more than 3 years since the demonetization, India still has a long way to go. Here is an overview of the milestones achieved and the roadmap ahead. Also a look at the role the digital payment ecosystem plays in India's plan to be a 5$ trillion economy.
The digital transformation revolution has opened many avenues. The biggest challenge was taking the banking experience to un-banked masses. Digital payments has turned the entire system on its head. No longer are we asking the masses to come to the physical bank. We are taking the banking experience to them! Innovation in the digital payments space has enabled banking for the Unbanked! A collaborative approach among SAARC members to collectively work towards banking the Un-Banked!
Technological advances in the digital payment ecosystem ensure complete security of the cashless society.
Digital payment frauds account for nearly half of al banking frauds in India. As we progress towards becoming a cashless society, the menace of online fraud deters consumer confidence and can be detrimental to brand image of the respective bank. Technology has been the key driver in accelerating digital payments and it its this innovative technology that must be put to use to secure cashless transactions.
Banks are the beating heart of any economy. Ensuring the availability and flow of cash in the economy. With the advent of the digital economy, role of the bank has evolved. Here is a overview of the impact of digital transformation on the banking sector of the SAARC nations
Assessing the impact of creating of self regulatory bodies, New Umbrella Entity would have on Digital Payments. RBI's iniative is aimed to foster growth in the retail payments.
With increased adoption of digital payments, it becomes crucial to ensure the privacy, security & integrity of the data captured is maintained.
Blockchain is here to Stay & its proving to be far more capable than anticipated! Blockchain right from the beginning has proven to be a game changer and disrupter in every field. Blockchain promises to enhance transactional security and maximise transparency in each transaction.
Delivering a seamless experience and enhancing every step of the customer journey from discovery to interaction to the final checkout at the transaction. Keep them coming back for more!
Putting your data to work is the name of the game. AI has enabled banks in improving customer experience, mitigate frauds etc. But AI is not restricted to just this. Here is a comprehensive study as to how AI is driving both convenience and comfort both for banks and their customers. Exploring AI and how to realize its complete potential.
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