AI, innovation in data management and customer-friendly products will drive digital payment adoption

Pallavi Chakravorty

Today, making payments is possibly one of the easiest tasks at hand. Unlike earlier, when even clearance of cheques took almost two weeks and withdrawing cash meant going to the bank and spending half a day there. From UPI to net banking, to credit cards, the customer is spoilt for choice when it comes to digital mode of payments.

With technological advancements in AI, digital payments, and fraud prevention techniques, the financial services industry is experiencing a dramatic shift. Even businesses are reimagining their payment systems to improve efficiency and security to meet the growing demands for personalization, speed, and innovation.

So, what does the future hold? Will UPI continue to drive the volumes for digital payments or will a new form factor take its place? How can companies and banks better leverage digital technologies to enhance customer experience? In a bid to discuss these critical questions and understand the way forward for the payments industry, FSS Simply Payments, powered by The Economic Times, brought together visionary leaders from across the payments and banking sectors.

The leaders agreed that with a large part of the innovation happening in the realm of customer experience, utilising the data that the entities receive to understand customers better would be key for the payments industry to thrive and evolve. Creating products that are designed to be customer-centric and easy to use will always have a high chance of gaining acceptance.

With a large part of the population, particularly in Bharat, now coming into the banking segment, educating them correctly about the various digital modes of payments and their security was crucial for scaling up, the panel said.

The panelists also pointed out that with so much of the digital footprint getting created, some segmentation would be needed. Even UPI may reach its peak and then what will be next is the larger question, they said. They opined that all payments would exist as there is equal growth happening everywhere. Irrespective of the form factor, digital transactions will grow. If one form factor becomes challenging, the industry will develop another form factor, the leaders suggested.

All in all, the future is likely to bring an increasingly interconnected, customer-centric, and digitally empowered payments ecosystem. Reimagining payments today is all about not being self-reliant, but building partnerships based on the same shared dream, bringing complementary qualities and co-creating, the experts said.

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Disclaimer: Content produced by The Economic Times Grey Cell

AI, innovation in data management and customer-friendly products will drive digital payment adoption

Pallavi Chakravorty

Today, making payments is possibly one of the easiest tasks at hand. Unlike earlier, when even clearance of cheques took almost two weeks and withdrawing cash meant going to the bank and spending half a day there. From UPI to net banking, to credit cards, the customer is spoilt for choice when it comes to digital mode of payments.

With technological advancements in AI, digital payments, and fraud prevention techniques, the financial services industry is experiencing a dramatic shift. Even businesses are reimagining their payment systems to improve efficiency and security to meet the growing demands for personalization, speed, and innovation.

So, what does the future hold? Will UPI continue to drive the volumes for digital payments or will a new form factor take its place? How can companies and banks better leverage digital technologies to enhance customer experience? In a bid to discuss these critical questions and understand the way forward for the payments industry, FSS Simply Payments, powered by The Economic Times, brought together visionary leaders from across the payments and banking sectors.

The leaders agreed that with a large part of the innovation happening in the realm of customer experience, utilising the data that the entities receive to understand customers better would be key for the payments industry to thrive and evolve. Creating products that are designed to be customer-centric and easy to use will always have a high chance of gaining acceptance.

With a large part of the population, particularly in Bharat, now coming into the banking segment, educating them correctly about the various digital modes of payments and their security was crucial for scaling up, the panel said.

The panelists also pointed out that with so much of the digital footprint getting created, some segmentation would be needed. Even UPI may reach its peak and then what will be next is the larger question, they said. They opined that all payments would exist as there is equal growth happening everywhere. Irrespective of the form factor, digital transactions will grow. If one form factor becomes challenging, the industry will develop another form factor, the leaders suggested.

All in all, the future is likely to bring an increasingly interconnected, customer-centric, and digitally empowered payments ecosystem. Reimagining payments today is all about not being self-reliant, but building partnerships based on the same shared dream, bringing complementary qualities and co-creating, the experts said.

Discover the stories of your interest

Disclaimer: Content produced by The Economic Times Grey Cell