Digital Payment: A Catalyst to fuel Financial Transparency & Accountability

Abstract

Non-cash payments are expected to show YoY growth of 12.8 % in value with developing countries taking the big leap forward and particularly India is growing at 61% CAGR accordingly to recent RBI report. Such large scale growth can be managed effectively by consolidating and aggregating the billing and payment services on a very robust technologically centralized delivery platform by allowing the digital fulfilment systems to deliver the clearance of payments much faster and easier.

Businesses all over the world face ever increasing challenges in consolidating their Revenues and Expenditures across their departments which are offering the services to their citizens and most importantly in discharging their role as providers and enablers of Online Payments. One of the serious challenges faced by them is bring on board the payment services providers and financial Institutions like acquiring and issuing banks. Creating Value for its citizens is the single most important objective of any service organization either public or private. In recent times organizations are scaling up their citizen service offerings due to increased ubiquitous information technologies and services offered by creating a one-stop-shop for public payments.

The rise of new and alternate payment options bagged with intense technological advancement and indulgence in the digital space has been instrumental in catalysing growth of digital payments globally. This eventually had led to a large number and diverse organizations participating in the cashless digital payment models. New players such as Google, Amazon, Facebook and Apple are penetrating aggressively in the arena. The scale at which they are making inroads from being just a fulfilment provider to a platform provider coupled with their ability to subsidize consumables could prove to be a killer for other incumbents. Digital payment service providers like Amazon or Paytm can always offer a payback discount to a consumer who opts to buy other goods and services on their retail platform