Arpita Saha’s Post

Digital payments are transforming the financial landscape in India at an unprecedented pace. As we look to the future, the potential for fintech to drive innovation and inclusivity is boundless. Excited to delve into these evolving trends with Vikas Bansal , CEO, Amazon Pay, India and Sujit Misra- Director, Payments, APAC, Amazon and discuss what lies ahead for the industry. P.S. What are your thoughts on this transformation of making payments? Comment down below. #AmazonPayatGFF #GFF24 #rajshamani #figuringout

More and more merchants are joining the brigade championing digital payments. India's merchant landscape reflects the prevalence of digital payments – after UPI, digital wallets are the dominant digital payment mode! With evolving consumer payment preferences, merchants are becoming more adaptive to different payment methods. From large to small merchants, everyone is embracing digital payments either out of convenience or to meet competition. Discover Indian merchants' payment preferences below. Stay tuned to our 'How Urban India Pays' series for more fascinating insights! To learn more, read the full report by Kearney India, in collaboration with Amazon Pay India: https://shorturl.at/lmi3X. #digitalpayments #fintech #amazon #financialinclusion #digitalindia

From #UPICircle to #ULI , in an exclusive interaction with Outlook Business , Vikas Bansal , Amazon Pay India CEO and Mayank Jain, Director - Amazon Pay, Leading Consumer Credit talk about the future of digital payment ecosystem in India and how Reserve Bank of India (RBI)'s recent guidelines will help strengthen the fintech in India. National Payments Corporation Of India (NPCI) Amazon #AmazonPayAtGFF #GFF24 Read here 👇 #UPI #UPICircle #ULI #FintechSRO #DigitalPayments

India’s payments industry has changed significantly over time. A country that remained cash-dependant has quickly moved to digital payments, transforming how consumers carry out their day-to-day transactions. But how have the Indian consumers reacted to this change? Have these shifts in the payments ecosystem impacted the payment behaviour of Indian consumers? Explore these insights drawn from this detailed report on ‘How Urban India Pays’ published by Kearney India in association with Amazon Pay India. You can read the full report here: https://lnkd.in/gtCgS5ZK #AmazonPay #Kearney #DigitalPayments #Cash #Fintech #FinancialServices #TechFini

Our latest ‘How Urban India Pays’ report dives deep into the evolving payment landscape of urban India. From the rise of digital wallets to the decline of cash transactions, discover the key trends shaping the way urban consumers pay today. Abhi Mahapatra Shashwat Sharma Nidhi Tiwari Nivedita Sinha Aman Chheda Simran Kaur Aakanksha Kumar Paritosh Sinha Kamya Arora

L&T Finance Limited, an Indian NBFC, has formed a strategic agreement with Amazon Finance India to develop innovative financing solutions aimed at improving affordability for eligible Amazon customers and merchants. The collaboration was announced at RAISE 2024, India's flagship AI-focused event for the banking, financial services, and insurance (BFSI) industry, which was hosted by LTF in Mumbai. This fintech alliance intends to diversify #LTF's product offerings while also improving consumers' access to loans in a simple and effective manner. Sudipta Roy, Managing Director & CEO of LTF, emphasized the strategic significance of the relationship, saying, "We are delighted to collaborate with Amazon, marking a significant milestone in our commitment to provide innovative financial services across India.  

Men and women are both using #digital payments for a remarkable 72% of their transactions, according to our latest study, conducted in collaboration with Amazon Pay India. The report “How Urban India Pays” explores how the future of digital payments is becoming more inclusive. Read the full report for more insights: https://bit.ly/3LKgb1L Authors: Shashwat Sharma, Nidhi Tiwari, Nivedita Sinha, Aman Chheda, and Rishabh Jain In collaboration with Amazon Pay: Mahendra Nerurkar| Vikas Bansal | Anuradha Aggarwal | Abhi Mahapatra

Have you ever found yourself sitting in a cab arrived at your destination but unable to complete payment to driver via UPI? Or more gruesome version of it- you sent and driver claims they did not receive it. And you sit locked in cab waiting for network Gods to bless you with miracle. These tales might be put to a stop. How? We might be looking at the 𝟮𝗻𝗱 𝘁𝗲𝗰𝘁𝗼𝗻𝗶𝗰 𝘀𝗵𝗶𝗳𝘁 in the history of monetary digitization in India, happening right now. 🇮🇳💸 If payment apps receive CBDC licenses, they get option to break their marriages with retail banks for being eligible to be invited into payments ceremony🏦💔, where they are bound to route and share all transactions with them. Many argue that banks missed the distuption chance to ride the UPI wave in 2010s 🌊, even though they still got to sail on the surfboard of apps built and distributed by startups🏄♂️. This could mean the death by redundancy of @𝗼𝗸𝗯𝗮𝗻𝗸𝗻𝗮𝗺𝗲 at the end of your UPI ID and the rebirth of wallets as the product of this dependency of payment apps on a bank. Paytm tried to end this dependency by building a sister payments bank. CBDC potentially comes with two enhancements over its elder brother UPI- one by birth and the other by its nourishment: 1. 𝐀𝐧𝐨𝐧𝐲𝐦𝐢𝐭𝐲🔒 In UPI payments, both the payment app and facilitator bank analyze your data. 2. 𝑶𝒇𝒇𝒍𝒊𝒏𝒆 𝑷𝒂𝒚𝒎𝒆𝒏𝒕𝒔 📶 Since it is a payment between bank accounts, it has to be done by bringing both banks in connection with each other. Both are in theory right now. But imagine making seamless, fast payments via Bluetooth*—the future plan, the future possibility, the future reality. Then, neither any bank/app will know who you paid nor will you need to wait while sitting in a cab with the driver, both of you trying to find a network. But wait, doesn't it sound like an innovative product we already have? 💵 𝐂𝐚𝐬𝐡 💵 Exactly what CBDC replicates—money in your wallet after you withdraw it from your bank. What you do with it, no one knows. You need the internet for it—not once, that you know. So, if this demand is accepted, payment apps can become your literal wallet in the far future, but not too far from today. *Economic Times article on plans for CBDC offline payments to be launched in the first comment. #technology #upi

A striking 46% of street vendors’ payment transactions are now #digital. Merchants are leaving no stones unturned to fulfill consumers’ evolving preferences. Our report “How Urban India Pays” highlights how digital #payments are transforming everyday transactions, making them more convenient, quicker, and smarter. Read the full report here: https://bit.ly/3LKgb1L Authors: Shashwat Sharma, Nidhi Tiwari, Nivedita Sinha, Aman Chheda and Rishabh Jain In collaboration with Amazon Pay: Mahendra Nerurkar| Vikas Bansal| Anuradha Aggarwal | Abhi Mahapatra

GooglePay, Walmart-backed AmazonPay, and PhonePe are among the five payment firms seeking to join the Indian central bank’s digital currency project. They offer transactions via e-rupees. In fact, the other two fintech payment firms, Cred and Mobikwik, appealed to join the pilot. The Reserve Bank of India started a pilot for the e-rupee in December 2022, which is a strongly digital alternative to the physical currency. After an initial surge, e-rupee transactions have declined, reflecting central banks globally's struggle to popularise digital currencies. Additionally, Google Pay and Amazon Pay facilitate retail payments over India's widely used Unified Payments Interface (UPI). The sources said payment firms are working closely with the domestic payments authority, RBI, and the National Payments Corporation of India (NPCI) and are expected to roll out access to e-rupee over the next three to four months. However, upon asking, RBI and NPCI, along with the 5 firms, declined to comment. Furthermore, while transactions rose by 1 million a day late last year while using digital currency, they have since declined sharply to about 100,000-200,000 a day, one of the sources said. And together, these five payment firms account for over 85% of digital payments via UPI, which averages about 13 billion monthly transactions. However, according to Reuters, the source mentioned that the central bank has no immediate plans to launch the digital currency. Nevertheless, the source added, "The e-rupee is likely to stay in the pilot stage for the next couple of years." #DigitalCurrency #FintechInnovation #IndianEconomy #FintechRevolution #FutureOfPayments #TechInIndia #FinancialInclusion #PaymentSolutions #CashlessIndia #Ecommerce #DigitalIndia #FinancialTech #ReserveBankofIndia #RBI #DigitalPayment #GooglePay #AmazonPay #PhonePe #Cred #MobiKwik #Reuters #Magicminds #MagicmindsBlogs