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Payments and Fintech – There’s
frenzy and flurry all over
By Rishi Gupta, MD & CEO at Fino Payments Bank
You must have felt the frenzy of activity on improve efficiency of cross-border
the payments front, both internationally payments by using blockchain technology.
and in India, as start-ups launch new
products and services, and established MasterCard paid more than a billion
players acquire some of the newbies or dollars to acquire a majority stake in
partner them in a bid to capture the VocaLink, the dominant player in the
market. British payment’s infrastructure, which
processes more than 90 per cent of
All around, an entire new lexicon is salaries and 70 per cent of household bills.
building around the payments system.
There are lightning-based payments MasterCard, along with Apple and
technology, crypto currencies, Samsung are also beefing up their mobile
blockchains, Bitcoin protocols and many payment system, to enable millions of
consumers to pay using contactless
more. The jargon is becoming confounding technology.
even to savvy financial professionals.
Look at the flurry of activity around the In India, banks are preparing to launch the
globe that happened as recently as this unified payments interface launched by
month: the National Payments Corporation of
India, even as new players are unveiling
SAP, the German enterprise application their digital wallets.
software giant, ventured into blockchain
technology applications, partnering digital Confusion or Convenience: What does it
fintech company Ripple and two banks to finally mean to the consumer?
