Digipay Guru

  Near-field communication (NFC) technology has become a great solution for seamless and contactless transactions as businesses migrate toward more modern and efficient payment systems. NFC payments provide speed, simplicity, and ease for businesses like yours and your customers. Like any new technology, though, security issues surface.  This article will give you a thorough view of the security value of NFC payments and why you ought to provide them with thought in your payment systems. What Is NFC and How Does It Work? Usually a few centimeters, NFC is a type of wireless communication whereby two devices exchange data over limited distances. Contactless payment systems, in which a customer's smartphone, NFC-enabled device, or even NFC prepaid cards can send payment data to a point-of-sale (POS) terminal, extensively rely on this technology. NFC technology is unquestionably convenient, but knowing the security mechanisms underlying it is essential to ensuring that you and y...

  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 its def...

The popularity of digital payments and the convergence of innovative technologies play a significant role in digital wallet development. Mobile phone is a major driver of this fundamental shift in customer experience. Your customer has switched their behavior from swapping payment cards to tapping on their smartphones. All the businesses are embracing the change in customer behavior.  Contactless payments solutions  and convenient payment mechanisms provide you an opportunity to address the needs of your consumers. Here is a chance you can eradicate the need to carry cash, queue in shops for paying bills, remember the number of PINs and passwords. Your digital wallet payment solution can be integrated with some unique features which we are going to discuss in this blog to make the checkout process quick and seamless. In the era of mobile payment services, your consumers are expecting the smarter and quicker way to pay and hence giving you an opportunity to capitalize on creati...

Reserve bank of India (RBI), India’s central bank and regulatory body, has made a remarkable move for the Fintech industry in India. RBI has issued a new framework UPI123Pay that enables users for offline digital payments for featured phones. This move will significantly boost the digital payment methods and people will be more aware of various modes of digital payments. So what are you waiting for! Let’s quickly peek into the details of guidelines and see how this move can help you in your business to prospect more. Reserve bank of India issued a ‘Statement on Developmental and Regulatory Policies’ with three pilots in three different regions of India to test with small value-based transactions.  With the proven results, the RBI has concluded it fit to issue and introduce the solution and framework for the public interest. READ MORE :  Make Payment without Internet & Smartphone

A secure financial system is one that does what it is supposed to. And it is supposed to empower all stakeholders and ensure a secure and seamless environment for digital payments. Tokenization is a modern and trusted technology in the digital payment industry that brings together both convenience and security for every customer. Today we are going to learn about tokenization, the revolution it is bringing into the financial system, and why it is a need for  digital wallet solution  providers. The increased use of mobile has increased the use of the internet & online shopping across the globe. This led to an increase in fraudulent activities which has resulted in a challenge for the credit/debit card industry. Identity theft, affiliate and clean, phishing, pagejacking, counter-attacks, merchant and triangulations are some shouting threats and frauds for businesses and customers both. Tokenization helps ensure the continuity of customer experience, protects businesses from ...

  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. READ MORE  : How did FinTech transformed international remittance?

  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 its def...

  According to the   Financial Times , 2018 was the year of the ‘silent revolution’ in the field of Open Banking Services. This pushed large banks to allow their clients to share their transaction data with other parties under new guidelines. Such measures will drive a wave of open data, putting   $416 billion   of revenue at stake. Open Banking is not simply another business phrase, and if you don’t want to fall behind, you need to start learning about it today. Here is an introductory piece to help you hop on the journey of creating Open Banking solutions by explaining the new paradigm and its effect on the banking sector. If you look at the  digital payment trends  the worldwide open banking industry will grow at a compound annual growth rate (CAGR) of 28.4%. The open banking sector rose from $11.79 billion in 2020 to  $15.13 billion in 2021 . The reversal in growth trajectory is mostly due to enterprises stabilizing their output following the epide...

  Digitization is starting to pick up and gather pace among all sectors, promoting no-contact transactions, which raises the demand for digital banking services. As all small and large businesses and e-commerce businesses are keen to accept digital payments, digital banking has gained popularity among consumers. Digital wallets solutions  are the most widely used solutions in this pandemic era. In this “cashless” era age, individuals prefer to shop online for all their day-to-day needs and look for options that are not only convenient but also provide security and robustness. Digital wallets are one of the proven pillars that come into this role. Digital wallets are apps that are directly linked with customers’ accounts and provide all the ease to transact like receiving or making payments from their smartphones or laptops. In this blog, we’re here to understand digitalization in the banking sector, how digital wallets play a vital role in e-payment methods and explore its sig...

AfterPay, Klarna, Affirm, and more are garnering a lot of press value in recent times as consumers show aversion towards debt accumulation. Let the number talk about the in-focus buzz of the Buy Now Pay Later app in and around the   FinTech solutions . The above-mentioned data has been sourced from  Cornerstone Advisors . As per the data, the number of Gen Z populace in the U.S. leveraging Buy Now Pay Later has increased by as much as six times to nearly 36% in 2021 from 6% in 2019. Besides this, millennials are the target audience of the Buy Now Pay Later model at least twice from 2019. It has reached nearly 41% in 2021 in the U.S. Not only does the Buy Now Pay Later model become popular as an integrated solution but also as an  e-wallet solution . It has joined the league of the mainstream  mobile banking solutions  and is now about to reign the digital payment vicinity. READ MORE :  Buy Now Pay Later: The Model Changing the Way Credit Works

  DigiPay.Guru has contributed significantly to reshape the future of fintech and digital payment solutions in many parts of the world. We look forward to participating in global events to gain a perspective of different experiences and challenges that we can solve with our solutions. DigiPay.Guru is back from Seamless Middle East 2021, with vast knowledge from industry experts and entrepreneurs from different parts of the world. About Seamless 2021 For 21 years, Seamless has been a global event, a meeting place for some of the brightest minds in the world of Payments, Fintech, Banking, Retail, E-Commerce, Cards, and Identity industries. This year, the event took place at the World Trade Center, Dubai, UAE from 29th-30th September 2021. Seamless was a power-packed event filled with over 300 speakers, a global conference, and a chance to network with some of the biggest names in the fintech world like Morgan Stanley, Citibank, Gulf International Bank, Arab National Bank, Standard Ch...

  The COVID-19 pandemic has created unforeseen challenges for the global economy. The sharp decline in global business, liquidity issues, difficulties in accessing credit, disrupted income streams, bad debts, and lack of access to finance. Consumers without access to basic banking services have been the most affected. In the purview of future contingencies such as the COVID-19, banks and payment companies have  adopted an omnichannel strategy , which is agnostic and can serve the clients. This is where branchless banking offers innovative distribution while seamlessly speeding up reach. But to go branchless, traditional banks have to adopt a  branchless banking solution  to provide best in class services to their customers. And if you are a bank, then adoption of a branchless banking business model is the best choice for you. In this blog, we will provide you with a brief introduction of branchless banking. Also, we will show the challenges of the traditional banking...

Even though the world is transforming digitally, there are still areas that are untapped and untouched. Some of the developing countries are still at the   growth stage   of modern reforms such as Fintech, mobile money, etc. According to UBS , almost 1 billion people in these emerging economies don’t have a formal bank account, neither access to financial services. Here, we have a huge market for financial inclusion, services, and businesses. In the Sub-Saharan African region, there is a high volume of unbanked population. Over 90% of the financial transactions are done cash-based. Currently, super apps like OPay and Jumia Pay rule these markets in financial as well as  mobile money solutions  but these and many other services such as Airtel Money, MTN, etc took years of effort to get over the challenges and issues that have led them where they are today. As of 2020, mobile money transactions have reached 490 billion dollars in the SSA region itself. READ MORE :...

Today, we live in a world where our lives have become extremely fast-paced. We don’t like to wait even for few minutes. This is the reason why we are witnessing rise of online shopping where customers can buy items in a jiffy without waiting in the long queues. On contrary, this is also the reason why we are seeing a major decline in the growth of brick and mortar retail stores. To compete with ever-efficient and convenient online shopping sites, brick-and-mortar retail stores must reinvent their offerings. In the recent past, scan & go solutions have emerged as a savior for brick and mortar retail stores. Scan & Go is a cutting-edge self-checkout system  that makes shopping easy, fast, and secure. These system eliminates and eradicates all the cons of a retail stores that were previously causing a hurdle to offer rich shopping experience to their customers. Scan & Go technology is transforming the shopping experience across the world with its advanced features and cutt...

We are living in a digital age where convenience, rich shopping experience, and faster transactions have become a norm. eCommerce sites and applications powered by fast and   secure payment solutions   are majorly responsible for bringing this digital revolution in this space. This is the reason why many customers now prefer to shop online than going to a brick-and-mortar store. This digital revolution has also pushed brick-and-mortar stores to reinvent their offerings in such a way that they can offer an online shopping experience at their retail stores itself. And that’s the reason why retail stores across the globe are now adopting mPOS solutions to offer a rich shopping experience to their customers. But what is the mPOS solution and how does it work? In this blog, we will discuss the same along with discussing the reasons why retailers must go for an mPOS solution if they want to survive in this digital era. READ MORE :   online shopping experience with mPOS sol...

Customer acquisition and retention are two of the most difficult things to achieve for any business. Especially, in the current times when the competition is so cut-throat. Like every other business, fuel retailers also face this very problem. The advent of digitization is also impacting fuel businesses and making it difficult for traditional fuel retailers to stay in the competition. This is mainly because customers face a lot of trouble and hurdles while fuelling their vehicles in traditional fuel pumps. These hurdles and challenges associated with traditional fuel retailers are the very reasons that make customer acquisition and retention difficult. If these challenges are resolved then even traditional fuel retailers can stay in the competition. But what are these challenges? Let’s have a look. READ MORE :  How DigiPay.guru helps Fuel Retailers to acquire new clients & retain the existing ones?

Cutting-edge technology and evolution in FinTech sector have completely transformed the way banks operate today. It has made banking simple, convenient, and fast for users by digitizing most of the banking operations. The impact of technology on traditional banking has been something of a mixed bag. On the one hand,  Neobanks  are posing existential threats to the traditional banks. Whereas, on the other hand, mobile banking is helping banks to streamline their workflow, increase efficiency, reduce costs, and get access to wider audiences. Mobile banking is surely a win-win for both banks and users. Below are a few  stats  that show the prominence and potential of mobile banking: READ MORE :  Transforming banks across the globe

  A massive number of 100 million poor people across the world receive government-to-person (G2P) payment. This huge number in itself shows how important G2P payments are especially for the poor segment of the world population. G2P payments which are also referred to as government social protection payments are the payments made by the government authorities to the people for their welfare. These payments include government transfer payments like social benefits, pensions, and unemployment benefits. It also includes government wages and tax refunds. G2P payments are done across the world; however, the way it’s done differs in various countries. For example, in 90% of the developed nations, G2P payments are done digitally. Whereas, in more than half of the  developing countries , G2P payments are made via cash and checks. But in recent times, governments are moving from a cash-based system to a fully digitized G2P payments system. READ MORE :  Digitizing Government-to-Pers...

  FinTech or Financial Technology has been a game-changer for the payment industry. Over the years, it has successfully transformed the payment industry’s offerings and customer-experience for good. FinTech has satisfied the growing populations of developed countries which use cutting-edge technologies and electronic devices to manage their daily affairs. And now FinTech is doing the same thing in many developing nations. The  African continent  is a prime example of that. However, over the years, Latin America has also emerged as the land of new FinTech opportunities with several FinTech start-ups and enterprises trying to bring a digital payment revolution there. The entire region is experiencing a push toward innovative and upgraded technologies and payment options. Even the stats indicate the same. FinTech start-ups in Latin America have received over  US$ 600M  in VC funding for the year 2017 alone. It’s interesting to note that  56%  of the compa...

  Digital payment technologies have evolved tremendously over the past few years and will continue to do so as the pandemic transforms how people do business. A recent   Rapyd survey   reveals that 60% of consumers will be using digital and   cashless payments   due to growing health concerns. Although its growth potential is promising, shifting to digital payments have created new issues for retailers and businesses, with most customers raising concerns on security, accessibility, and control spending. Are digital payments secure? According to  PR News Wire , over two-thirds of digital payment users are worried about the security of performing online transactions. This is because digital payment services gather their personal information, increasing the risk of suffering data breaches. These systems are also not immune to technical problems and outages that could impact the customers’ access to funds. While electronic payment risks are inevitable, business...