An analysis on developments in the digital payments landscape in the recent past and the emerging issue of cyber security.
In the last few years, there has been a momentous shift in the way Indians view payments with Unified Payment Interface (UPI), Quick Response (QR) code, mobile wallets making inroads into their lives. Cash no longer remains the only option or the clear choice. Many prefer the simplicity digital payments have to offer. There has been no dearth of innovation as well from the payments ecosystem, with fintechs coming up with solutions for every user need. This report talks about how the amalgamation finance and technology has fared and where India stacks up in the global payments scenario. It also discusses the topic of cyber security which is a major concern globally. A case of Telangana wallet and Aadhaar’s role in expediting digitisation in payments has also been discussed. The report also features a survey among the participants of the first Cards and Payments Summit 2017, which had representation from leaders across diverse functional areas of the payments industry, industry veterans who shared their experiences from the payments industry and also voiced their expectations from the drivers of change.
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