New Waves in the Digital Payment Environment
As the digital payment environment continues to show promising growth in India, it is probably time to take a look at a new wave that has been fast emerging. Perhaps the trends are inclining towards what we can refer to as ‘Instant Payment’ systems that will help drive in more digital transactions. What if we can have a single interoperable payment method for all financial transactions? This will include the coming together of banks, phone network operators, financial institutions, payment processing firms, and the like. Take for example the recently-introduced instant payment system, which was launched by a well-known Fintech company - Financial Software and Systems (FSS). This new payment interface will work using a ‘central pay system’. This new system will enable the building of cost-effective payment interfaces to encourage more speedy, safe, and hassle-free payments. This can be used for both domestic and international payments. In the recent past, the Unified Payments Inte