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Innovate. Collaborate. Elevate.
Deloitte India was the Knowledge Partner at the Banking Frontiers’ Paynext event held on 14 June 2018 in Mumbai. The theme of the event was “Innovate. Collaborate. Elevate”; and focused on the digital payments landscape in India, and the key innovations shaping the industry.
The Payments industry in India has experienced a paradigm shift in the last few years. Its rapid rise has been fueled by innovation in service models, and customer experience as well as by macro-events such as demonetization.
Significant growth in popularity and technology has positioned India as ‘mobile-first’ when it comes to payments, and we believe mobile as a form factor will play a significant role in payments going forward – both on issuance and acceptance.
Through the report released at the event, we have attempted to critically analyze various innovative channels of payments and their potential to see drive mass adoption. Further, this report examines the problems plaguing widespread merchant acceptance, and suggests solutions for the same, enabling the next wave of digital payment adopters in this country. The effect of entry of technology giants has been examined, and finally the potential of capturing value from payments data has been explored. We have also looked at the continued search for more effective micro-payment solutions, and the promise of voice-driven payments apps. We believe these are the critical elements, which will shape the evolution of this dynamic industry.
research from Deloitte & the World Economic Forum
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