India has the largest SMB base in the world after China. As per official estimates, India has about 63.05 million micro industries, 330,000 small, and about 5,000 medium enterprises. The sector ranges over various industries and is engaged in developing and manufacturing over 6,000 products and services, ranging from old, cultural and traditional to new and hi-tech items. With GOI’s latest ‘Make in India’ initiative, schemes like start-up India, E-Governance, Digital India, and a significant jump in Foreign Direct Investment, Indian SMBs have the potential to grow profits by 51%, while also improving their operational efficiency and customer reach.
Every industry is "Going cashless" post-demonetization, and the education sector is no different.With over 1.3 million schools, 750 universities (as ascertained by the Ministry of Human Resource Development Department of Higher Education) and an average per annum fee of INR1,25,00 for private schools (estimated by ASSOCHAM), the education sector is a huge driver forthe cashless economy of India.
The Indian Government’s initiative towards making India a cashless economy has opened up possibilities for people, businesses, and institutions across the country.
And the HRD ministry and University Grants Commission encouraging educational institutes to adopt digital payments in all financial matter is a welcome move.
On November 8th 2016, the Govt. of India announced the demonetisation of the INR 500 and INR 1000 notes. With the government taking its first step towards making India a cashless economy, digital payment solutions offer an effective alternative for everyday payments.
M-PoS and mobile wallets are two such options available today. But which one will work best for you? See how they stack up against each other.
The recent demonetisation announcement has left many people facing cash crunch in the country with many of them queuing up in bank branches and ATMs.
This problem could have been avoided had India strengthened its payment infrastructure enabling merchants and consumers to accept payments digitally. Digital payments change the way merchants accept payments through new technology adoption of mobile wallets, virtual PoS, online banking which will result in an increase of online and cashless transactions the country.
There have been quite a few issues raised regarding recent security breaches resulting in customers' personal financial data to be exposed. While your card data is safe enough when you swipe it in a physical store, who’s to say the same about online payments?
Here we highlight some of the top 4 issues faced and solutions for the same:
A recent KPMG report has stated that by 2030, technology will make banks and banking invisible to customers with Siri-like personal assistants to fulfill daily, personal and financial obligations.
To illustrate its vision for banking in 2030, KPMG has imagined a Siri descendant called EVA (Enlightened Virtual Assistant) that uses advanced data analytics, voice authentication, AI, connected devices, APIs, and cloud technology to serve customers.
Part of our vision of evolving open platforms that define the future of payment services, is to provide flexible tools that let customers pay any kind of bill, anytime and anywhere, in a seamless and hassle-free way.
Our office has been buzzing with excitement after the official announcement of the launch of Bharat Bill Payment System (BBPS). This is a landmark moment for us, as we’ve received in-principle approvals to be one of the initial Bharat Bill Payment Operating Units (BBPOU).
After over a decade and a half of launching BillJunction, this announcement moves us another step closer to achieving our goal of providing a single point of contact for bill payments to consumers.