Technology in the Payments Space: Trends for 2019 and Beyond
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Back in the day, most payments, even large sums in the interest of business, were paid through cash. The unreliability of the payment method was evident with an increase in money and cash fraud. Digitalization was a big step in overcoming the drawbacks of cash, while also offering a more seamless experience.
These massive strides in the payments sector have been enabled solely on the back of technology which has continually evolved over the years. Digital payment methods have been created and perfected in a manner that we now make payments at the speed of light, without having to worry about safety and security. Technologies such as IoT, Bluetooth and Wi-Fi are all early facilitators of digital payments that ignited the ongoing revolution.
Challenges Faced by Technology in the Payment Space in 2017- 18
Today, innovation within the payments landscape is being catalyzed by multiple new aspects of technology including Blockchain, Radio-Frequency Identification (RFID), Near Frequency Communication (NFC) and Quick Recognition (QR) codes. On the back of these trailblazing technologies, 2018 has been an exceptional year for the digital payments landscape. Several enhancements in existing payment methods have made them simpler, quicker and more secure than ever before.
Apart from the above-mentioned technologies, rampant penetration of smartphones and affordable data connections have been considerable contributors to the exponential growth of digital payment technologies. This is because most payment technologies depend on a working data connection or an advanced mobile device to support them. According to data by TRAI, it is expected that nearly 450 million Indians will own and operate smartphones by 2022, an increase of over 125per cent from the 2015 figures. However, as of 2017, internet penetration in India stood at 31per cent with little chances of the percentage reaching the 50per cent mark before 2021. This excludes a major chunk of Indians from the bracket of people who currently have access to the internet and smartphone-centric digital payment methods that dominate the market.
Soundwave Technology: Going Above and Beyond in 2019
According to predictions, 2019 will be a high-growth year for technology in the payments space. Innovative startups are creating alternative digital payment methods that can bridge the gaps that currently exist in the sector. Innovative solutions such as soundwave technology are now being perfected in order to provide a universally accepted payment technology to India and the world.
The technology can cater to all 730.7 million mobile phones that are collectively owned by Indians, whether smartphones or not. Furthermore, highly secure enhancements will make this method of payment the most secure while already being the most accessible one in the current scenario.
Digital Transactions: The Way Forward
The future of secure digital payments lies in contactless methods. These primarily include sound wave, RFID, QR, and NFC. Whether it is the retail sector or toll-plaza payments, contactless payments are much simpler and quicker.
As Soundwave is the amalgamation of affordability and convenience, it seems like an opportune time to enhance its use cases and scale it across industries. On the back of this technology, the economy can finally put an end to the usage of cash. Technology is all set to disrupt, democratize and optimize the payments space in India through this method of payment.
Digital payments are projected to contribute all of 15per cent to the country’s GDP by the year 2020. Much of this profound growth will be on the back of technological intervention. It is exciting to anticipate what 2019 will bring along with it in terms of innovation.