PFs Key to Supporting QR Code Expansion

Payment facilitators have a significant role to play as Visa expands digital transactions into new markets using QR codes.

The bar codes have turned the point-of-sale world on its head in response to conditions in emerging markets, according to Uttam Nayak, SVP, emerging market digital payments, for Visa.

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Super Sloppy Security Gushes Aadhaar PII

In many respects, India’s 9-year-old Aadhaar national ID system is a global model for simplifying payments, banking and payroll operations. It was designed to be a comprehensive database allowing easy access to bank accounts and other payments mechanisms. As a concept, it worked brilliantly.

But according to data from a report from the Centre For Internet and Society, it also serves as a world-class example of security recklessness, with methods so sloppy that they could have exposed sensitive data about almost a quarter of a billion Indian citizens.

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Innovation In ID Technology Speeds KYC In India

Indian payment facilitator Paytm will be onboarding customers for its payments bank with eKYC enabled by India’s voluntary national identification program, Aadhaar.

As of Sep. 5, 2016, 87 percent of India’s 1.2 billion people had registered for the unique 12-digit number. To register, residents have to bring three forms of identification (proof of identity, proof of address, proof of birthdate) to an enrollment center, where their fingerprints and irises will be scanned.

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Meet The New RBI Boss; Same As The Old Boss?

The change in governors of the Reserve Bank of India is no small news, as India is well known for its governmental help with the furtherance of technology in general and fintech in particular.

Under the outgoing governor, Raghuram Rajan, RBI decided to give 11 companies licenses to set up payment banks for the underserved population of the country and this is expected to give rise to an increase in the use of digital banks and wallets. RBI also recently put together a working group of RBI, banking and payments executives to study regulatory issues related to digital banking and fintech.

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India Is Digital Payments Dynamite

India is set to explode in digital payments based on several key metrics: population, number of mobile phone users, Internet users, and smartphone users.

The Boston Consulting Group and Google recently collaborated on a study named Digital Payments 2020: The Making of A $500 Billion Ecosystem In India, painting a bright future in digital payments for several reasons: technology; 10-fold growth in merchant acceptance; rise of data-driven consumer benefits; consolidation leading to simplification; a unified payments interface (UPI) stokes widespread adoption of digital payments; national ID system eases KYC; and non-cash transaction volume will continue to accelerate, surpassing cash transactions by 2023.

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India’s Razorpay Onboards A Month Faster Than Rivals

Onboarding merchants in less than a week, nearly a month quicker than what the CEO says is the industry standard, Indian payment facilitator Razorpay has used that impressive stat to sign up more than 8,000 Indian merchants, including mom-and-pops and global chains such as Papa John’s. Not bad for a company that wasn’t even a Mastercard payment facilitator until last year.

A member of Mastercard’s Start Path program since 2015, Razorpay is precisely how the card brand envisions signing 40 million merchants by 2020. The challenges are as plentiful as the opportunities.

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