For Infosys, blockchain and AI are opening new doors in India’s digital payments market
Digital payments quickly disrupt the spending habits of friendly countries. In a global survey of April 2017, Internet safety and security, 86% of Indians said they would likely use mobile payments over the next year, well above the world average of 57%. By 2020, Asia’s third largest economy is poised to have a digital payments market of $ 500 billion, which accounts for 15% of GDP.
TI giants Infosys and is at the forefront of this change. Since 1999, Finacle, a digital banking platform managed by its wholly owned subsidiary, EdgeVerve Systems, offers banking database management systems at various financial institutions.
Today, nearly 70% of India’s top 40 banks and more than 100 cooperative banks use the Finacle banking platform to manage their infrastructure and IT applications.
Last June, Paytm, India’s largest electronic wallet with over 225 million customers, used for its Finacle bank payment. And even non-bank entities, such as telecommunications company Airtel, are partnering with Finacle to help customers travel without cash.
In total, more than 94 Finacle serves markets around the world, manages 850 million customer accounts and records a daily turnover of between 50 million and 75 million.
Quartz spoke Rajashekara Maiya, associate vice president and director of corporate product strategy, on the way to follow for digital payments in India.
With digital payments that slow, since money has gradually taken over the economy after demonetization, it has reached its peak sector?
There are a lot of possibilities. Yes, there is a marginal reduction, but … Rs 2,500 rupees (value of transactions) will be digitally realized from 2017-18. In India today, transactions, cash payments per capita per inhabitant and year is 11 against 26 in China and 728 in Singapore.
Look at the number of points of sale – point of sale units, ATMs, tolls accept digital payments. Pay points per million people represent only 1 100 in India: over 16 000 in China and over 31 000 in Singapore. There is a wide range of digital transactions that increase significantly (in India).