India’s digital payments landscape has significantly transformed over the last few years. Let’s have a look at the future of digital payments in India.
A sharp uptick is being witnessed in the digitalisation of payments in India, over the years. Constant tracking and a comprehensive update of the payments bulletin would help in drawing the digital payments landscape. Recently, the RBI announced that it would publish daily payment data on the RBI official website. This can be considered as a landmark in tracking India’s digital payments landscape.
Let’s examine the significance of digitalisation of payments infrastructure:
Why should we not use cash in transactions?
Cash in the physical form of notes and coins requires a considerable amount of physical infrastructure to print, store, transport, disseminate, authenticate, and circulate.
Cash transactions are complicated to track and trace. Electronic transactions do not have these shortcomings. Hence, it is a precise fact that the less the percentage of cash to the GDP of an economy, the more transparent and progressive a country will be.
Going towards a Digismart Economy
Today, you can make payments with fewer clicks on your smartphones. Bill payments processes are painstakingly simple; online money transfers are meticulously designed for ease, and accounting spends are effortless. The use of mobile applications and banks have overcome the shortcomings of many limitations concerning banking.
With these features coming to the fore, there has been ease of tracking money movements in the economy. When customers adopt digital payments, they reap the benefits of digismart banking. Neo banks can be the facilitators of digismart banking.
Neo banking and digital payments
Neo banks depend on the state of the art technological infrastructure, application programming interfaces, mobile applications, artificial intelligence, and data mining techniques. This allows neo banks to achieve digital transactions that are convenient and quick, which banking in the digital age promises.
Neo banks don’t need to have a physical branch. They often team up with traditional banks to take care of the regulatory compliance and transactional requirements. This works to the advantage of all the stakeholders, the conventional bank, the neo bank, and the end-users.
From opening accounts to deposits, taking withdrawals, transferring money, and making investments- everything is a digital transaction in a neo bank. Moreover, users can do all these activities almost instantly using mobile-based apps. Thus, electronic payments with neo banks are at the core of the composition of a neo bank.
Neo banking solutions come with cutting-edge payment technology. Payment processes through InstantPay are designed to be painstakingly simple, smart and quick. With its inclusive banking services, you can send and receive payments from remote to the accessible, with simplicity and speed. This is done with the help of Digi Kendras. Thus, neo banks like InstantPay are the pillars of digismart payments in India and pave the way for further developing the digital payments landscape.