#ONPASSIVE #BLOG #VIDEO #future #digital #payments
#ONPASSIVE BLOG VIDEO: The future of digital payments
#ONPASSIVE #GoFounders #AshMufareh
Currently, one of the most active areas of innovation in the banking industry is the payment industry. Digitization of payments made it easier to achieve fast, secure, and convenient ways of making payments and transactions.
The digital payment channels are growing robustly as the dynamic payment ecosystem is evolving and expanding. The payment industry has seen many exciting trends in the last few years.
According to the data collected from Bank for international settlements (BIS), it was evident that there was a 55% increase in digital payments in India in the last year. Cashless payments or digital payments are gradually becoming a way of transaction, which are increased by Unified Payment Interface (UPI).
UPI undoubtedly emerged as a primary payment option in recent times for Indians. The invention of UPI enabled bank services to be more accessible to a broader audience group by diminishing the difficulties of traditional payment methods like RTGS and NEFT. UPI enables people to send and receive money solely by relying on a virtual address or a UPI Id.
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