|
||
4 Fintech Trends that will Impact You and Your Business in 2019 | ||
Bangalore, Karnataka, India The fact that Indians are comfortable making C2G (citizen-to-government) payments online - which were traditionally made in cash - shows how far we have come in our quest for a truly Digital India. Not just transaction volumes - behaviors, and hard-set notions about digital payments have turned on their heads post demonetization.
As 2018 draws to close, let’s quickly look at how the year was:
The Supreme Court’s verdict of striking down Section 57 of the Aadhaar Act ensured that private companies cannot mandate customers to provide Aadhaar for onboarding. While this proved to be a positive verdict for the masses, it was not as pleasant for the industry. It has increased the cost of doing business and also affected the subscriptions industry and recurring payments.
On the flip, UPI is gaining significant momentum and the launch of UPI 2.0 was much anticipated. It has already transformed itself from a P2P payment mode to a merchant-first platform.
What To Expect In 2019
“This year saw a fairly pronounced shift in the acceptance of digital money from both, businesses and consumers. 2019 will also witness AI driven API platforms move beyond just handling transactions to providing real-time financial insights for SMEs and fundamentally transform how businesses move money. Next, I believe the SME lending space will evolve with lenders enabling instant and easy access to funds, thereby solving liquidity and cash-flow challenges of SMEs. I am as thrilled as everyone else to see how FinTech will shape 2019,” Harshil Mathur, CEO and Co-founder, Razorpay said.
However, there is something we should all watch out for - The elections! One, RBI regulation will impact the roll-out of policies. Two, chances are investors may go slow and cautious on funding startups. Three, businesses will have to look for alternatives to Aadhaar-based digital KYC to ensure that the pace of work and the consumer experience are not compromised.
While we can expect important changes and a watershed moment or two, all these improvements will be channeled towards digital inclusion and financial stability, making for a great 2019! |
||
|
||||||||||||||
| ||||||||||||||