Five Trends to Watch Out for in Payments & Transaction Processing Industry
Indian Entrepreneurs, fund managers, and bankers noted five major trends in the payments and transaction processing industry at the Techcircle Payments and Loyalty Forum 2013. They predict a shift from cash on delivery to payment on delivery, with TechProcess Solutions’ Kumar Karpe saying this transition is already occurring with the card on delivery mode. Meanwhile, FSS founder Nagaraj V. Mylandla says the consolidation/acquisition of payment companies is at least two to three years away, arguing that “the industry still needs to be mature and there needs to be a certain scale prior to that.” Meanwhile, mobile payment trends such as mobile wallets and IVR-based products have ceded ground to newer trends such as mobile point of sale and smartphone apps, and AngelPrime’s Sanjay Swamy projects that mobile payments will be driven by smartphone and UIDAI-based solutions. Another anticipated trend is loyalty rewards programs being led by debit card users, whose number has vastly increased over the years while credit card users have declined. Also notable is the migration by retail loyalty programs from paper cards to the Internet or mobile solutions in the past four years.
From “Five Trends to Watch Out for in Payments & Transaction Processing Industry”
VC Circle (01/25/13) Dutta, Diksha; Gulati, Sonam