The Era of rising Fintech domain!
The Fintech domain, being a new and young industry in the country, is a rebellion. As it has been observed over a period, the technology and the advancements by techno geeks have taken the world by storm.
Be it the sectors that are still in a progressive state or the Tier 1/Tier 2 cities in India, digital payments are gradually becoming a trend amongst everyone.
Since it is much easier to make transactions via smartphone, the user need not use any physical money like cash or plastic version of the same.
This renders the user much feasibility since it does not require wads of cash or lot of plastic cards to be stored and carried along anywhere.
SCOPE OF THE DIGITAL PAYMENTS’ INDUSTRY
The scope of Digital Payments’ Industry is quite extensive and it has already managed to encourage India to go toward cash-less economy gradually from being less cash.
Although, digital payments are yet to be adopted by some of the patches in the country, it has still risen by leaps and bounds.
In the coming future, digital sector is going to be only more and more widespread covering everyone possible since its rate of dynamism and growth is extremely optimistic.
With the various advantages like one-click checkout and password-protected gadgets, digital payments have the provision of keeping the data secure.
Also, a payment gateway is encoded with the facility to provide a secure flow of transaction each time, which increases the security tangent successfully.
Within a short span of time, the Banks, Financial institutions and Fintech have brought various elevations in the payments’ domain that have tremendously simplified the way world operates.
The penetration of Near –Field Communication (NFC) is a technology advancement that has simplified the use of digital payments further more.
NFC is that set of communication protocols that allows two devices to establish communication with each other when brought together within the range of 4cms.
Another wondrous innovation is the facility of instant bank-to-bank transfer with a single API.
Adding to the advantages are the features that cater to the needs of students like making the payment for fees online, being able to apply for studying abroad, buying books online or accessing E-learning applications, and so on.
Further on, with various discounts available on the portals every now & then, it is extremely pocket-friendly for young India.
Seeing the world grow with innovative, useful and convenient furtherance is what Digital Payments’ Sector perceives and is geared up to adopt the changes accordingly.
FUTURE POSSIBILITIES FOR NEXT GENERATION
As far as the future possibilities are concerned, the next generation is going to witness myriads of improvements in the Digital sector.
These innovations are sure to bring betterment in the Digital payments’ sector as well. What can be assumed and expected from the payments’ sector are more secure digital transactions in the coming future.
It can be made possible with iris recognition or chip tied to the wrist of the cardholder with which maximum security can be obtained successfully.
Foreseeing the possibilities, expectations and advancements have no boundaries.
As young generation starts taking the lead to transform the digital space, there are going to be endless changes that will be useful to the society as a whole.
Although it has been observed that only 12% population in India is familiar with English whereas the rest of the country still depends substantially much on their native language.
Understanding this, many smartphone companies provide for the native language as an option and cater to the needs of their customers in this way.
This makes the reach of smartphones and other gadgets quite widespread, which, in turn, allows public an easy accessibility to digital transactions.
With incentives by government, and many factors favorable to the growth of digital payments’ industry, the scope is quite huge.
Summing it all up, even though there are fascinating benefits of being able to make payments quickly, safely and conveniently online, one has to be extremely cautious with the same. As much as this space brings in rosy advantages for everyone in terms of making payments, it also is highly vulnerable to cyber frauds and data leaks.
It is highly recommended that one never shares the bank account/debit card/credit card details with anyone howsoever close the person may be.
As long as one is cautious and is knowledgeable about “dos and don’ts” while dealing in digital payments, it is nothing less than a boon for the society.