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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?
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