Digipay Guru

  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...

Today’s consumer demands a top-notch convenience, speed, and a wider-range of choices on how they can manage all their transactions and payments.  Such high demand from the customers coupled with cut-throat competition makes it extremely difficult for businesses to even survive. Mobile money has emerged as a perfect solution for not only banks but also for various FinTech businesses to deal with the above-mentioned issues. It has reduced the dependency on cash and has powered customers to access banking services at utmost ease. But what mobile money actually is? And how it has driven both revenue and customer experience. In this article, we are going to discuss the same. So, without any further ado, let’s start. READ MORE :   mobile money and how can it increase revenue and customer satisfaction

  The coronavirus pandemic has impacted several facets of our lives like never before. The pandemic has literally halted most of the human activities for weeks. The current situation is unprecedented for a globalised world whose economy depends so much on the global collaborations. With no international travel and lockdowns imposed in most parts of the world, the economy is suffering. According to some experts, we might be facing a recession worse than that of 2008. The exponential downfall in major industry vertical complies with the expert’s predictions. Coronavirus pandemic is like a nightmare for most of the industry verticals and payments industry is no exception. Many of you might think that with digital and  contactless payments , things won’t be that bad. However, it’s not that easy. In this article, we will discuss the impact of coronavirus on payment industry and will also focus on how it can recover from this pandemic. READ MORE :  How payments can combat coron...

  Africa is a global leader when it comes to mobile money. Over the years, it has become an inevitable part of Africa’s financial services landscape. Since the past decades, the mobile network operators (MNOs) have dominated the   mobile money services   in the entire continent. In addition to that, FinTechs have also laid their strong foundation in the market which has caused many banks to compete aggressively for the  mobile banking  customer. So, is it safe to say that Africa is the new market for mobile money and FinTech solutions?. We’ll try to answer the same question by discussing the mobile money and FinTech success stories of Africa. So, without further ado, let’s begin. Africa: The global leader in mobile money When we talk about the Mobile financial services (MFS) then it covers the entire spectrum of financial services right from current accounts and payments to investments, loans, insurance, and savings. Whereas, mobile money is just a subset of MFS...

According to a report by the World Bank, around  1.7 billion  adults in the world remain unbanked as they don’t have a bank account. Back in 2014, this number was 2 billion. To fight this grim reality the governments of many countries have started to aggressively focus on financial inclusion. At the same time, it’s also important to understand that availing banking services is not easy for all. Almost 59% of unbanked adults have stated the lack of affordable banking service as the major reason for them to not have an account. In addition to that, the exhausting documentation process makes the matter worse for the unbanked people. But with the latest FinTech developments, banking is all set to change forever. The combination of internet and smartphone penetration has served well for the financial industry, especially the banking sector. It has empowered banks to offer their services to a person irrespective of his location. This new phenomenon is called branchless ba...

Over the years we have seen some tremendous technological advancements in the field of finance and payments. The intervention of technology has totally changed the way we make payments today. With internet banking, mobile banking, and  mobile wallet payments , we no longer are dependent on cash. With time, we are witnessing new technologies being used to make the payment experience better than ever. And one of these technologies is NFC. NFC payments which are also known as contactless payments have gained immense popularity throughout the world. In 2015, the global NFC market size was valued at $ 4.80 billion and it’s about to increase 10 times by the year 2024 with an estimated valuation of $50 billion. Original Source :  All you need to know about NFC payments

Cash is king! This quote is facing a serious threat as the world is marching towards becoming a cashless society. The recent trends suggest that  digital money  will soon replace physical cash. Many countries are making active efforts to remove cash in circulation – Sweden is its prime example. In Sweden, Cash is no longer a king! That’s why it’s also known as the pioneer of the cashless society. In Sweden, buses haven’t taken cash for years. 900 out of Sweden’s 1600 bank branches don’t accept cash deposits. The impact of cashless payments is not only limited to Sweden. The graph below shows an increase in cashless transactions over the years in different regions. Original Source :  Moving towards a Cashless society: Types and major benefits