The Payments landscape worldwide is undergoing a major upheaval with unprecedented players including Social Media Giants such as Facebook and newly emerging FinTech companies expanding into the digital payment-scape. Start-ups, which were once considered complementary, are also gearing up in the digital payments field, catering to the rapidly evolving customer demands triggered post the demonetization wave. This modernization of payment industry, named as the Digital Revolution, is currently undergoing an infrastructural rebuild.
Real time Payment initiatives such as Unified Payment Interface (UPI) and the new government tax incentives are just some of the efforts made by the government of India to increase digital transactions in the country. As per the Credit Suisse report, “the digital payments industry in India is going to scale to 1 trillion USD by FY2023 from the existing 200 Billion USD ”. This revolution is set to grow well beyond cards and online payments. Smartphones and the Internet have already permeated the nooks and corners of India, thereby giving the urban and rural population a near-equal opportunity to access all modes of digital payments. Added to this are factors such as convenience to pay, progressive regulatory policies and increasing consumer willingness to embrace the digital payment modes.
Data is another crucial factor which plays an important role in empowering the digital revolution. Hence, data aggregators such as Facebook, Whatsapp, Justdial, etc are also utilizing this opportunity to enter the digital money market with their own digital payment platforms. It is now a fact that Indians comprise a significant user base of Facebook users in the world., It is no surprise then that, Facebook is reportedly rolling out a payment feature through its Messenger app WhatsApp. Efforts on utilizing this privacy-focused platform for digital payments are bound to be welcomed.
Mindgate Solutions - one of the pioneers of digital payments in India, anticipated this trend and has been at the forefront of the payment’s revolution. From building new generation payment gateways to mobile-based collections and payment platforms like RTP & UPI, Mindgate today is a key global player in payments technology and transaction processing.
Mindgate and ACI combine to Create Broader Avenues
The recent collaboration of Mindgate & ACI - a leading global provider of real-time electronic payment and banking solutions paves the path for faster adoption of real-time payment globally. These advanced, end-to-end real-time payments solutions can be offered to banks, financial intermediaries and merchants in India and other international markets via an on-premise, public cloud or hosted model. Mindgate’s software processes 30 million digital transactions globally every day, and 70 percent of UPI transactions are currently routed through partner banks of Mindgate. On the other hand, ACI Worldwide supports electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities.
Taking Real-time Payments to the Next Level
This strategic investment from ACI into Mindgate will bring about a meteoric rise of UPI/Real Time Payments not only in India but across the globe. The combined strengths of ACIs worldwide presence and Digital Payments expertise of Mindgate makes this a unique proposition.
To know more about how this wave of digital payments can benefit your business, you can get in touch with us at Mindgate.