LATEST FINTECH UPDATES FROM PAY10 | MARCH 2023
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The Big Launch: Mission #HarPaymentDigital by RBI
The Reserve Bank of India launched Digital Payments Awareness Week (DPAW 2023) with a mission, “Har Payment Digital,” in March, to reinforce the ease and convenience of digital payments, and to facilitate the onboarding of new consumers into the digital ecosystem. As India gradually shifts towards a cashless economy, it is of utmost importance to ensure every demographic of our vastly diverse country has equal access to digital payments and the benefits of speed, convenience, and security it offers. To know more click on the link.
Discover the Power of AI in the World of FinTech
Revolutionizing the financial industry, AI is changing the game for FinTech! With the ability to process vast amounts of data in real-time and make accurate predictions, Artificial Intelligence is helping financial companies offer faster and more personalized services to their customers. From fraud detection to wealth management, it is playing a crucial role in shaping the future of finance.
Artificial intelligence (AI) significantly impacts the fintech industry by automating routine tasks, improving efficiency, and reducing costs. AI-powered Finance technologies like machine learning, natural language processing, and computer vision have been applied in several areas of fintech. To know more click on the link.
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Best Process for Money Transfer in India: Many industries have become beneficiaries of technological transmission, and FinTech is one of them. With the expected reach to a valuation of $1.3 trillion by 2025, growing at a CAGR of 31%, the sector using technological progress and innovations to provide better customer experience. With innovations reaching the demographics, Tier 2 and Tier 3 and Tier 4 cities can also avail the benefits of these innovations, and they are given the option to choose their preferred mode of money transfer.
Fintech Industry- The Past, Present and Future: FinTech market in India is poised to reach $200 billion in revenue by 2030. The collaborative ecosystem supported by key government initiatives powers the growth of FinTech firms leading to remarkable innovations that help create the new digital economy. This digital revolution in the finance sector has substantially contributed to promoting financial inclusion. To understand the phenomenal progress of FinTech industry, we need to learn where the growth began.
Reasons to Adopt Digital Payments in India: Traditionally the economy is cash dominant, however, the increased adoption of smartphones together with a favourable regulatory environment is pushing the economy to a less cash-dependent state. Digital transactions and payments are non-repudiable, this further provides a way for consumers to instil trust in the system of digital payments. The high-tech innovations have provided options for various types of digital payment systems in India and the rise of transactions through the Digital Medium.
How to Manage Payment Failure Effectively?: Failed payment is a transaction that does not go through due to some error or issue. It can occur when the card issuer or bank does not approve the transaction for various reasons, such as insufficient funds, incorrect card details, expired card, security block, etc. Payments can fail due to several reasons, while some get declined because of customer error, network error also causes a significant number of failures. Payment failure can be prevented, click to learn more.
Payment Gateway: Ensuring Steady Cash Flow for Businesses: Digitizing businesses extends to more than simply accepting payments and delivering your product/service to the customer. It involves processing payment from several different payment modes, returns, refunds, vendor payments, and supporting recurring payments, and more. A reliable Payment Gateway offers more than just accepting and processing payments from customers. How does Payment Gateway aid in processing payments from the customer via several different payment modes and automation of payment systems?
Five Payment Solutions to Lower Operational Costs: Cutting business costs can lead to profitability and it is very important to implement systematic cost control methods. By integrating multiple payment methods, payment service providers help businesses in reducing operational expenses. Check out the top payment solutions that can help you in yielding immediate savings while ensuring profit margins.
Know How to Use FinTech to boost E-Commerce Sales numbers?: The E-Commerce market boom during the pandemic charted a phenomenal growth of 38.5% in 2020. The requirements of each sector, of each size of business, are wide and varied- the FinTech sector has the pressing need to produce quick, innovative, and scalable solutions to accommodate the unanticipated surge in the e-commerce sector. Some of the innovative solutions to support faster and streamlined payment collection are Payment Links & Payment Forms. Here is a quick read about how they can be used by businesses in the e-commerce sector.
How Can We Help?
Pay10 is a payment aggregator offering innovative and highly efficient e-payment services including Reseller Services, e-payment wallets, e-commerce services, and much more. Pay10 makes digital payments easy, accessible and secure with the help of next-generation technology. Feel free to get in touch with us for more information and to resolve digital payment-related concerns and queries.
Sales Associate at American Airlines
1 年Thanks for sharing