Digital Payments: Act II

The Indian economy has traditionally been dominated by cash, but with increasing internet penetration and rising availability of smartphones, many Indian consumers have shifted to digital payment modes.

There are now various ways to make online payments and transfers credit card, debit card, Net banking, bank transfer modes, e wallets, and Unified Payments Interface (UPI) BHIM.

According to Deepak Chandnani, Managing Director, Worldline South Asia and Middle East and Managing Director MRL Posnet, "There are two parts to this innovation the frontend and the backend. The frontend is the form factor and the backend is the technology that enables the payments. On the frontend, the avenues for a person to make payments are expanding from cards to mobile phones. On the backend, technology is enabling real time inter operable payments, especially on the mobile."

Introduction of these digital modes has made transactions convenient for customers, merchants and