In India’s journey towards becoming a cashless economy, two words and their impact played a significant role, ‘demonetization’ and ‘COVID-19’. One laid out the foundation of digital payments and another became the main source to build up the digital payments ecosystem.
Back in 2016, demonetization was a push from the government to convert India from a cash-based economy to a cashless economy. But India had witnessed digitization with steady progress way back in the 90s. With technologies like MICR, ATM, credit, debit cards followed by digital wallets, prepaid cards, recharge vouchers, etc., the payment industry was supported by new technologies and innovations. With the rise of Fintechs, the growth of the payment industry has seen many innovative solutions and methods to transact digitally. With astounding initiatives and innovations like, UPI, FASTags, NFC payments, QR codes, interoperable digital wallets, etc., Indian digital payment space certainly holds a promising future.
In the pandemic and the eventual lockdown, the digital payment sector has witnessed ups and downs. The new normal of COVID-19, social distancing, has influenced not only consumer behavior towards shopping but also how they pay for things. However, with the government’s initiative, local and new businesses like online storefronts utility bills, etc. are embracing digital payments and with that’, many digital platforms have seen recoveries. One such platform that has gained enormous popularity is contactless payments.
“Pandemic has created a big opportunity for contactless payments. As awareness about digital payments is spreading pan India, more number of people are actually interested in using contactless payments. They know what contactless payments are, how they work and they prefer to use contactless payments,” Says Rajesh Desai, CEO & MD, Lyra Network.
“While contactless payment is sitting comfortably with consumers, it is crucial for merchants to adapt to such methods, understand them, and cater to the customer needs,” he further added.
Today, more than 60% of Indians use mobile and online banking for financial transactions, and many of them want to continue with digital payments in the post-covid world. But still, four out of five payments are done by cash, and one of the main reasons is the lack of internet access. Though there are many external factors directly or indirectly affecting the growth of digital payments like government’s initiative, the pandemic, digital awareness campaigns by the payment solution providers, Fintechs, banks, and the government, etc., the mobile penetration and a robust digital payment infrastructure will allow for a continuous expansion in digitalization and digitization.
Many digital payment platforms have seen their all-time high during this pandemic, so as many digital payment solution providers. Lyra as a Fintech is also playing a pivotal role in making India’s journey towards the cashless economy.
“Lyra aims to be a ‘One stop solution for all payment requisites’. The backend infrastructure is Lyra’s key strength and the data centers at Mumbai and Bangalore are backbones. Our technology, ideas, and innovations are our greatest allies,” Rajesh added.
Lyra is working in the digital space providing transaction routing and payment processing solutions for more than a decade. For rural India, where there are connectivity and network issues Lyra is providing a connecting platform called ‘Lyra Connect’. With the active partnership with broadband companies, Telcos, several banking business correspondents, Lyra managed services are able to provide secure and stable connectivity and deliver banking and financial services.
Lyra has also introduced secure connections with intelligent platforms for Point Of Sales (POS) terminals with 2G/3G/4G/PSTN (and now Wi-Fi) technology under the fintech industry banner in India. With innovative solutions like Lyra NAC, a secure and powerful server that provides seamless connectivity and fast transaction gateway for payment processing without any glitch, Lyra payment switch, processing, and routing online payments with a higher success rate and faster processing time, Lyra provides efficient transaction services for all sectors.
Businesses are interested in the payment solutions that require much cheaper and less infrastructure to accept online payments. Payment processing industry and payment service providers are launching and researching the products/ services that will change customer service to more on a personal level. For a long time, banks have dominated the finance industry but with the rise of financial institutes, neo banking, and Fintechs, financial services have become more accessible. Now that there is a mobile app for literally everything, all the services are becoming more personalized and customized.
Soon in the future, the payment space will take more advanced and revolutionary routes. We can witness the development of blockchain payments, payments initiated by voice, biometrics and social media accounts, cryptocurrencies, cloud-based payments, AI, ML, IoT enabled payments, and many more innovative methods.
But payment space includes more than just payment methods, in the coming years, there will be interesting development on the side of digital payment solution providers, as they understand their role in the payment value chain and evolve their innovations, infrastructure, security, interoperability with the trends and the government’s regulatory regime.
Though due to the uncertainty caused by the pandemic have increased the demand for cash, more people are now shifting towards using contactless payments. In a developing country like India, though financial inclusion has provided an opportunity to adapt to digital payments, the unbanked and underbanked sectors in Indian provide the biggest opportunity for the growth of digital payments. It is safe to say, that for now, due to the pandemic, India’s journey to becoming a cashless economy from a cash-based economy is taking a temporary halt at the contactless economy.
PayerMax makes its Southeast Asia debut at Singapore Fintech Festival 2022
“Collaboration is key to establish a secure and reliable digital payment ecosystem”
PayerMax, an omni-method global payments solution supporting more than 350 local payment methods across Southeast Asia, South Asia, MENA and LATAM, made its Asia debut at the Singapore Fintech Festival earlier this month. Sharing the stage with key fintech players like Ant Group, GCash, and Coinbase, PayerMax shared expertise from its strategic playbook on post-covid cross border payments and navigating diverse regulatory landscapes.
Singapore Fintech Festival made its first return as an in-person event since the pandemic, with attendees belonging to key sectors like finance institutions, fintech solutions providers, blockchain, higher education and even policy makers and more. This year, along with SFF’s theme of ‘Building Resilient Business Models amid Volatility and Change’, PayerMax spoke on the evolving digital habits of consumers spurred by the pandemic and how to be future ready. They highlighted that collaboration is the key to shaping the future of digital payments, especially stressing on the need for public and private sectors to work together in the ecosystem.
At a regional level, the digital payments landscape in Southeast Asia is expected to reach US$1.5 trillion by 2030, underscoring the saliency of cashless, contactless, and cross-border payments. Online businesses have mushroomed across Southeast Asia which has made it imperative for the governments to set up a digital payments infrastructure that ensures a safe, secure and reliable ecosystem for all. Leveraging on its partners across Southeast Asia and around the world, PayerMax intends to drive the industry forward by powering businesses to seize opportunities for growth within as well as beyond borders.
“Today, 6 in 10 Southeast Asians remain underbanked or unbanked. Technology is opening doors to newer solutions to enable financial inclusion and we expect to see the digital transformation of banking only grow with time,” says Rinkesh Sharma, Regional Director for PayerMax. “The on-going payments revolution has given way to growth opportunities for microbusinesses and SMEs. But to establish a secure and reliable digital payment ecosystem, collaboration is key. ”
PayerMax empowers global merchants to achieve borderless growth, by providing a full-stack solution where localized payment methods are accepted at scale, within a highly secure, robust and compliant environment.
PayerMax is the world’s leading omni-method global payment solution, with over 350+ payment methods over 5 continents focusing on empowering the #borderless growth of the world’s top grossing digital merchants from developed markets.
Established in 2020, PayerMax is the emerging markets’ leading regulated digital payment provider servicing online merchants that have ambition beyond borders. PayerMax is headquartered in Singapore with head offices and presence in Indonesia, Thailand, Philippines, Malaysia, Vietnam, United Arab Emirates, Kingdom of Saudi Arabia, Brazil and China.
United BioChannels Acquires ORFLO Technologies to Expand Market Share and Enhance Customer Engagement
United BioChannels (UBC), a commercial strategy consultancy, announced its acquisition of ORFLO Technologies, LLC, from Gemini Bioproducts. The acquisition represents an opportunity for both ORFLO and UBC to collaboratively increase the commercial presence of ORFLO and build market share using UBC’s Modular Method of developing commercial strategy and tactical execution. ORFLO, a leading manufacturer of cell counting and characterization technologies, will be led by Varshal Davé, UBC’s Managing Partner, who will assume the role of Chief Executive Officer. The acquisition is funded through a collaboration between UBC and BroadOak Capital Partners.
“We are very excited to bring ORFLO Technologies into the United BioChannels family,” said UBC’s President Jeff Whitmore. “ORFLO has historically lacked a strong commercial focus, so our expertise presents an opportunity for a synergistic relationship. We believe that our processes will lead to increased visibility and revenue for ORFLO.”
“We have been tracking the progress of ORFLO Technologies for quite some time,” added Bill Snider, Partner at BroadOak Capital Partners, “and we see some great potential that the UBC team can unlock. ORFLO has a strong market presence and we think UBC’s leadership can only help the company grow.”
Cell and gene therapy, amongst other bioprocessing applications, require robust instrumentation as integral components of their workflow. Cell counters in particular serve critical quality control functions in multiple stages of these complex processes. Ketchum, Idaho, based ORFLO Technologies has excelled in these processes, having been implemented as standard instruments in regulated workflows for many leading bioprocessing companies. With a strong market presence having over 3,000 instruments installed worldwide, ORFLO has an established customer base that the company can build upon under UBC’s leadership.
United BioChannels is a global network of life sciences sales and executive professionals in strategic locations and science hubs. We are an experienced team with a diverse background in launching new technologies and with decades of commercial experience. We use a validated approach to get solutions to the right people. Through extensive due diligence to understand our clients’ unique situations, we can pinpoint the correct market segments to maximize success. We test market hypotheses and build messaging and sales tools, creating “win-win” relationships.
OverIT provides remote assistance powered by Augmented Reality to Naturgy's field technicians
OverIT, worldwide reference company in the sector of Field Service Management software, has reached an agreement with Naturgy, leading multinational company in the gas and power sectors, through its electrical generation international subsidiary Global Power Generation (GPG) to provide remote assistance to maintenance staff working in the field on wind farms in Chile and gas combined-cycle power plants in Mexico, planning to extend the reach to other countries soon.
By using OverIT’s Next-Gen FSM Platform, GPG is planning to increase workforce’ safety, leveraging hands-free technologies (even in hazardous environments) and receiving real-time support powered by Augmented Reality, boost efficiency, relying on digital work instructions and accessing corporate knowledge base, and reduce travel times and costs dramatically, with the support of remote assistance.
This agreement forms part of Naturgy’s commitment to innovation for turning risks into opportunities and contributing to the creation of a smart company, aiming at maintaining its leadership position in a context characterized by constant transformation. The company has also adopted best practices, new business models, and modern technologies to be more efficient, competitive, and at the forefront of innovation, by placing the client at the center of its attention.
“The trust that a worldwide leading company like Naturgy GPG has placed in OverIT represents a strategic partnership, strengthening, even more, our leadership position in the Energy & Utility industries”, said Javier Fraile, Sales Director at OverIT.
Naturgy is a multinational energy group operating in 20 countries with over 16 million customers and an installed capacity of 15.9 GW.
OverIT, backed by Bain Capital and NB Renaissance, is a multinational company with more than 20 years of international and cross-industry experience in Field Service Management software. The company is recognized by premier global advisory and consulting organizations as a leading FSM and AR industries vendor, according to its product offering and deep industry expertise. OverIT has over 300 customers in 30+ countries.
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