Digipay Guru

  Even before the COVID-19 pandemic inflicted a massive health and econsomic catastrophe, contactless payments were already a widely used payment method. However, once the businesses reopened, they had to keep in mind the germ-conscious customers and adapt to the new normal of social distancing. Contactless payments have emerged as an essential solution for all the businesses as it enables them to drive their business forward along with ensuring safety to  combat the coronavirus pandemic . According to a  survey  that took place in mid March, around 30% of the respondents have started to use contactless payments since the pandemic began. And 70% of those users are likely to continue using contactless payments post-COVID-19. COVID-19 pandemic has actually acted as a catalyst in the adoption of contactless payments. But how? Let’s have a look. READ MORE : How contactless payments are driving digital payment services in times of COVID-19

  An average privileged person enjoys several banking instruments like depositing/withdrawing money in a savings account, using ATM facilities and making digital transactions at grocery stores & mall, and many more. However, not everyone around the world enjoys these perks. According to the World Bank, around  1.7 billion  people in this world don’t have any access to the banking facilities. Yes, it might come as a surprise to many readers but a huge chunk of the global population is still unbanked. But why is it so? Let’s have a look. Why people are unbanked? To understand this situation let’s take the example of the United States of America. According to a survey by FDIC, around 7% of the American households are unbanked. This is significant as it amounts to 9 million households that have no access to a savings account or checking account. They don’t have any credit cards or direct deposits too. In simple words, these people don’t utilize any mainstream financial se...

  About We recently helped one of our clients which is a FinTech start-up company that was established in early 2019 in BGC, Taguig. They wanted to start their business in e-money, electronic payment, financial services, and all other related businesses. As per a report, the mobile payment industry in the Philippines is estimated to record a CAGR of 24.1% by the year 2025 with a total evaluation of US$ 19,816.4 million. Similarly, the mobile wallet payment segment will increase at CAGR of 24.2% during the phase of 2018-2025 in value terms. Our client was aware of this fact and that’s why wanted to establish themselves as a leading FinTech firm in the Philippines. And to achieve that, they needed a mobile wallet solution with cutting-edge features that can fulfill all their requirements. READ MORE  : DigiPay helps its client to become a leading FinTech firm in the Philippines

  In today’s world of cut-throat competition, every interaction with the customer matters as it provides you with an opportunity to leave an everlasting impression on them. Almost all the major companies in the world believe and implement this philosophy. There are many companies that have extensively focused on customer satisfaction by offering innovative products and services. For example, Alibaba and Amazon have changed the way people shop. Similarly, WhatsApp and Facebook have changed the way we connect with people across the world. In the industry of financial services, customers are always at the centre of all key operations. Financial institutions incessantly try to improve and come up with better methods to attract and retain customers. However, it does come with its sets of challenges as customers expect the same convenience at  banks and financial institutes  that they experience with that of Amazon and Facebook. Nowadays, customers put banks and financial insti...

  Mobile wallet payment has certainly become the most preferred mode of payment for tech-savvy millennial and Gen Z. According to a report, as much as   67% of the millennial   are using mobile wallets. It’s also interesting to note that nowadays, the  applications of mobile wallets  are not only limited to making payments. With mobile wallets evolving with time, the customer’s expectations from it have also increased rapidly. This is the reason why customers want more than the speed and convenience at which mobile wallets can make their payments for medicine, coffee, or airlines tickets. Now, they desire that all their retail rewards balances, airline miles, and other loyalty point to be incorporated in their mobile wallet. This latest desire or demand of the customers is already met by some big names like Starbucks, Wyndham, and Walgreens which are offering customers with rewards for each time they make payments from their mobile wallets. More and more custome...

  The COVID-19 pandemic has impacted the world in an unprecedented manner. It has put breaks on most of our economical activities due to which all the businesses in the world are suffering. Other than that it has forced most of the consumers to opt for digital payments. With social distancing becoming the new normal in times of COVID-19, consumers have no option other than going for   contactless and digital modes of payments . But with this rapid increase in the use of digital payments comes the fear of digital payment frauds. It’s important to note many people were already sceptical about the  security of the digital payments  in past. And digital payment frauds are not even a new thing as we see these frauds on news very often. But now, with almost everyone using digital mediums for payment, the question arises is that if the digital payments are safe? Especially, when fraudsters and hackers have become active in times of COVID-19? In this article, we will talk ab...

  eWallets services have been quite popular in developed countries like the US for almost the last 20 years. However, they have slowly started to gain popularity in the developing countries which are 2 decades behind the developed countries in terms of the IT infrastructure. same reasons; however, the context is different in both the cases. In this article, we will discuss how eWallets play a different role in developing economies as compared to the developed ones. We will also discuss the fact that why  contactless eWallets and mobile payments  have had greater success in developing countries. So, without any further ado, let’s start. Mobile phone compatibility Smartphones are important for a person in the US as well as for someone living in an African country. However, it won’t be wrong to say a smartphone has a greater impact on the life of the latter. It’s because nowadays, the advancements in the smartphones are bridging the gap between a laptop and a phone. So, it’s...

Cashless transactions and digital payments have become more prominent than ever. Its top-notch convenience, speed, and various other benefits have attracted many users and merchants across the industry verticals. . Fuel retail is one such industry that has witnessed massive impacts of cashless payments in recent years. In this article, we will discuss about the current scope and future of  cashless payments at the fuel stations . Stats suggest that users are slowly but consistently opting for cashless payment mode at the fuel stations. About 72% of the people in the UK prefer to make payments via mobile app like Apple Pay or by cards instead of cash. Similarly, around 63% of people in the UK said that they would prefer pay-at-the-pump option than to making payment to the cashier. Moreover, 76% of the people would be happy to purchase fuel of a specific brand or from specific stations if they are offered with reward points. These stats ...

When it comes to the matter of money, transactions, and finance, security is always paramount. We have been using various security measures to ensure that no fraudulent activity takes place. For example, bank representatives ask us for biographical data and passcodes. Similarly, a user has to confirm their identity with signatures and PINs. However, the evolving technologies are rapidly digitizing the banking and commerce sector. They are making banking services faster and more convenient than ever. However, many people are still sceptical on the security aspect of it as we have seen many cases of frauds taking place in digital payments . Biometric authentication technology has emerged as a potential solution to this issue. In this article, we will see what biometric payment technology is and how it can transform the landscape of digital payments. But first let’s understand the biometric technology. Original Source :  The ease and security of digital payments?

Economics, money, and the way we make payments have undergone several changes since the time of the Stone Age. In a sense all these are key indicators of our progress as a species. The primitive methods indicated our primitive way of living. Similarly, the current payment methods powered by cutting-edge technology boast our technological achievements of today. Digitization of payments was a huge jump towards the goal to achieve an easy, convenient, fast, and secure payment method. Arguably, we have achieved all of it. Digital payment methods saw massive developments in the span of four to five years and we are about to see even more changes in the coming future. In such times, it’s really exciting to see what 2020 has in store for us. In this article, we will closely look at all those digital payment trends that will make it big in the year 2020. Origimal Source :  Top 8 Digital payment trends for 2020

You might have heard the term microfinance many times. You might also have a rough idea as to what it is and why it is important. Most of us knows that the role of microfinance in economic development is to serve the needs of those who are economically marginalized. But do you know how it actually works? Or how did it all begin? and most importantly how will it shape in future? In this blog we will try to give answers to all these questions one by one. But before that, let’s understand what microfinance is? What is microfinance? Microfinance which is sometimes also referred as microcredit is the banking services that are aimed at low-income or unemployed groups and individuals. The aim is to help those who don’t have the privilege to access  financial services . The banks or financial institutions that participate in this provide microloans that can range from something as small as $100 to something as big as $25,000. Not only this, many banks also provide addition...

For many families that live in the developing countries, the money sent by their migrant relatives is nothing less than a lifeline. One in every nine people globally sustains on these funds sent by the migrant workers. On a larger scale, international remittance has become a prime contributor in the GDP of many Low and Middle Income Countries (LMICs). Only in 2018, more than  200 million migrant workers sent over $689 billion  to their respective countries. Out of the total amount, $529 billion went to developing countries. The amount sent by the migrants constitutes only 15% of their total earnings. However, the interesting point to note is that the small proportion of migrant’s earnings makes up to almost 60% of his family’s household income. Global remittance: An expensive affair There’s no doubt that global remittance has proved to be a lifeline for many families. However, it’s also true that the global remittance services are expensive as they come with a b...

FinTech is no longer a jargon of the banking industry. Instead, it has become a familiar term in technology in general. The Global investments in FinTech ventures has doubled to a whopping $112 billion as compared to $51 billion last year. This is more than an evidence to prove that the digital revolution is at the doorsteps of financial services sector. This revolution is having a huge impact on all the banks and financial institutions globally. But what actually FinTech is? Let’s see. What is FinTech? The term FinTech is derived by joining two words which are financial services and digital technology. In a nutshell, FinTech simply prompts the use of digital technology by startups to come up with innovative products and services such as  mobile payments , alternative finance, online banking, big data, and overall financial management. FinTech was introduced as a technology that was used at the back-end systems of financial institutions and banks. However, since then...