Payments & Commerce

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Industry Overview
Technology is reshaping the way we spend money and also how we store it, transfer it and send it across the country or across the world. It is transforming the way we buy things online at Ecommerce stores or at Physical Stores.

The new canvas of Commerce is obviously about Money. It’s also about Mobile, which is the new Online. It’s about Payments, Wallets and Transactions, but in the broader context of innovation in commerce. It’s about retail propositions such as Offers, Deals, Coupons, Shopping, etc. – everything that touches the consumer experience in this mobile generation.

Backend infrastructure and transactions for banks, inter bank and networks are unimaginably huge and in-efficient. Technology is reshaping that as well.

Startups are coming up with innovation solutions, ranging from Bitcoin wallets, Remittance Solutions, magstripe innovation, prepaid, and many more areas. The biggest innovation will come from the way we can transact efficiently at the lowest denomination level. The prospect of sending very small amounts, perhaps a penny is so exciting. It took us hundreds of years to go from cash to plastic and its still not complete. Its definitely going to take much lesser time going to cashless and cardless regime. Consumer acceptance is increasing slowly. And so is Fraud and Risk. Equally important is to move toward s Universal Financial Inclusion

Payments innovation is happening in Banking, FinTech, Retail, Telecom, Advertising, Marketing and other industries as well. Even a watch and a car is becoming a connected device and can transact. This interdependency between adjacent industries is a central theme of the innovations that are shaping the new money-related experiences.