Digipay Guru

  The COVID-19 pandemic is now perhaps regarded as an economic catastrophe more than a health catastrophe. It’s due to the fact it has adversely impacted almost all the business sectors around the world. Giant corporates announcing layoffs and stopping their operations in many countries shows how big of an impact of this pandemic has had on the world economy in general. COVID-19 pandemic has also impacted the  payment industry , especially the global remittances which are considered as one of the key forms of financial inflows in the developing nations. According to the  World Bank , there has been a sharp decline of around  20 per cent  in the global remittances due to COVID-19 pandemic. This fall is considered as the sharpest decline in recent history and the main reason behind it is the drop in the wages and salaries of migrant workers. Here, it’s important to understand that the migrant workers are most vulnerable to lose their employment during such an econ...

  We are living in the time of a great transition. The transition from cash to cashless. The   digital payment solutions   have challenged the century-old supremacy of cash with the help of cutting-edge technology which makes payments simple, fast, and secure. This is the reason why we are seeing many industry verticals going cashless. Following the footsteps eCommerce, food delivery, and taxi industry, the amusement park industry is also adopting  cashless payment solutions  at a large scale. Over the past few years, many amusement parks around the world have started to leverage cashless RFID ticketing solutions. The trend began with Disney when they started issuing MagicBand in the year 2013. Soon a lot of amusement parks did the same. Many of you might think that using regular paper tickets might be a cheaper option for the theme parks. However, RFID cards and wristbands offer a way more benefits. In this article, we are going to see how RFID based cashless s...

  If you’re an adult living in an urban region of any corner of the world, then you’ll be well aware of the banks. Most probably you’ll have one or multiple bank accounts. Also, you might think that who doesn’t have a bank account in today’s day and age. However, that’s not the reality in many remote and rural areas of the world. According to the  World Bank , there are around  1.7 billion  unbanked adults in the world. The major reason for this astounding number is lack of awareness, access, convenience, steady income, and trust. Trust is a huge factor as it keeps people unbanked even if they have access to banking facilities. All the major factors mentioned above along with the lack of trust in mainstream banking have given birth to some innovative and novel alternatives to banking. SACCOs is one such alternative which is doing wonders when it comes to the  boosting financial inclusion  in urban and rural areas of developing nations. As per the  2014...

  Over the years, digital technology has disrupted several industries. However, its foray and disruption in the banking sector has caused a massive transformation in the way consumers do banking. Nowadays, basic transactions in banks are speedily migrating from the physical to the digital channels. Even the big names like  Apple ,  Google ,  Amazon , and  Facebook  are showing greater interest in the banking sector. A majority of banks have adopted the omnichannel approach at the core of their strategies. It’s because banks have understood that ease, innovation, simplicity, and accessibility of platforms provided by  FinTech  companies can influence the customer behaviours quite strongly. Apart from that, it’s also the fact that most of the customers are now exclusively using digital channels like mobile banking and internet banking. Customer’s expectations for banking services have drastically changed due to the experiences offered by the online ...

  Even before the pandemic struck, the payment industry was quite dynamic over the past few years. Double-digit growth rates, dizzy valuations, and technological advancements at an unprecedented rate are some of the indicators that prove it. However, one must not underestimate the small volume decline due to COVID-19. The impact of COVID-19 pandemic on the payment industry has been less severe as compared to the other sectors of  FinTech . However, it doesn’t mean that the payment sector is completely immune to the COVID-19 effects. With social distancing and lockdown in place, the travel and transport industry has seen a tremendous decline. This decline has also affected all the payment service providers who were associated with the travel industry. Also, the economic uncertainty due to the pandemic has forced people to spend money very cautiously which has resulted in the  overall reduction of consumer spending . This reduction in consumer spending affects both the paym...

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

  COVID-19 pandemic has caused havoc to our professional and social life. This contagious disease has forced us to take unprecedented actions which have caused massive losses to almost every business sector. The banking sector is also not spared from its wrath. The  reports  show that the overall losses in the banking sector can exceed that of the 2008 global financial crisis by about 60%. It’s quite obvious that with such massive impact would easily trickle down to agency banking as well.  Agency banking  which is viewed as a bullet-proof method of financial inclusion in many developing nations is also facing the adverse effect of the pandemic. READ MORE : 6 ways to transform Agency banking into a low-touch channel in the times of COVID-19