Banks today are virtually driving electronics payments using a variety of hitherto unknown channels like mobile banking, wallets, cardless payment system and social media banking. Non-bank payments companies are now active in the domain adding a thrust to the digitization efforts. These entities are gaining credence and popularity in the payments ecosystem at an unrivalled speed. The scenario becomes challenging with more number of banks will be there to take on the existing ones and each one of them promising better products, innovative delivery mechanisms and cost-effective solutions. While cash cannot be wished away anytime in the near future, there has been a marked preference among bank customers, especially among the young generation, for the digital – banking through smart phones, through the internet, through e-tailing and through instruments like cards.
That all these developments were not even at a conceptual stage a couple of years ago signifies that the payments system is poised for an eventful onward journey. While what could be in store in the years ahead is anybody’s guess, there are some indicators:
PayNext is an event for payments system stakeholders to assess the level innovation in the payments system across the world, the new systems that are becoming norms and the changing customer expectations from banking and payments. While banks are investing hugely in technology and creation of digital channels, they are also confronting the specter of non-banking companies emerging in the payments scenario. Payments is now a critical factor for the banks in their strategy formulation. PayNext is a platform to discuss this emerging landscape.
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