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How Corona Has Impacted Blockchain Payments?

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Cryptocurrencies such as bitcoin are slowly making a transition from speculative investment instruments to payments. Special attention to payment habits and the financial life cycle as the COVID-19 pandemic leads to more calls for dematerialization of payments. Overview Impacts Geographic location matters significantly when measuring awareness of cryptocurrencies and interest in making cryptocurrency payments for goods and services. For customers, any transition from currency speculators to retail shoppers is not straightforward. And most consumers are not currency speculators. The acceptance cost for businesses will be significant, especially compared to alternative existing payment options. Companies accepting cryptocurrencies as payment for goods and services may benefit from short...

#India #Digital Payments 2020 – Launching the First Adoption Index – Time is Now!

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India’s Digital Payments journey, which began in the early 2000s, has been nothing short of spectacular! Going from 3% of all cash and non-cash payments in 2005 to an estimated 58% by 2025, the phenomenal growth shown by digital payment modes* is extremely significant. *Digital Payments include cards, mobile-based, QR based, wallet-based, and all other electronic modes of payments. At the same time, smartphone penetration in India has risen from 2% in 2005 to 26% in 2015, 32% in 2020 and is expected to get to 36% by 2022. This is one critical trend that has boosted digital payments in India, leading to a 143% rise in UPI YoY, and similar growth in the emerging QR-based payments, AePS payments, and other payment apps. UPI is further projected to grow at a near 100% CAGR over the next few ye...

How can Decentralized Finance(DeFi) power the new financial revolution?

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Decentralized Finance(DeFi), also known as Open Finance, is a response to the frailty and failures in traditional finance. Powered by distributed ledger technology, DeFi has kickstarted the paradigm shift towards the democratization of financial services. Despite its success, financial services have remained opaque, inaccessible to many and are replete of inefficiencies. Third-parties or intermediaries have increased the cost of financial services so much so that efforts towards ensuring financial inclusion are proving futile. DeFi is a brave attempt to turn traditional finance on its head by ushering in transparency, efficiency and accessibility. Financial services built on top of public blockchains and driven by smart contracts form the essence of decentralized finance. DeFi holds the pr...

Key Takeaways from #TwitterChat on Fintech Opportunities in India during COVID-19

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FinTech is one the most thriving sectors in India in terms of both business growth and employment generation.  Indian Fintech market is one of the largest fintech markets globally and has a huge potential in near future. Unveiling the impact of Covid19, the opportunities and the untapped potential of this market is extremely crucial, especially in the current times. NASSCOM Insights in association with Ms. Priyanka Naik, Fintech Startup Mentor, Speaker, and Influencer, Women in Finance Top 100, hosted a Twitter Chat on 11th July 2020 on Fintech. The key topic of the Twitter Chat was Fintech In India – The Landscape, Impact of Covid 19 & The Future Ahead and the panelist onboard for this chat along with Ms. Priyanka Naik was Ms. Shivani Aggarwal, BFSI, Fintech & Blockchain Rese...

#InsurTech – 5 Trends that will Redefine the Industry in the Covid Era

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Insurance has been a vital industry for the economic development of any country; however, it has seen a very low market penetration in India. The insurance penetration in India is 3.7% of the GDP while the world average is 6.31% (FY 2020) However, Covid19 has brought a huge shift in this trend due to the awareness of the importance of insurance amidst the current pandemic. According to a recent survey conducted by Swiss Re Group, a leading reinsurance provider, 39% and 63% Indians, respectively, now consider life and health insurance policies highly critical to have. This trend in India is only expected to rise shortly seeing the pandemic not going away too soon. InsurTech is nothing but a smart combination of Insurance & Technology – paving the way for the deployment of technology inn...

#Fintech Disruption in Banking – Will Neo Banking be the new normal in COVID Era?

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The global banking sector is increasingly being disrupted by a new wave of FinTech – The Neo banks – that have challenged every part of the traditional banking model, from customer onboarding to transaction models, to consumer marketing, etc. magnifying the competition in a big way. Neo (new) banks are FinTechs that are the new-age interpretation of banking services. In contrast to the conventional banks, which may offer digital services, but usually rely on their physical branches, neo-banks are digital-only financial institutions. Neo banks do not have a physical presence. Every process is digitized, and everything can be done from the bank’s website or just a smartphone app. Globally, neo banking has recorded a CAGR of 50.6% from 2016 to 2020 being valued at US$ 50.2 million in 2020. Fu...

FinTech meets TechFin – The Future in Focus.

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We have heard so much buzz around FinTech and TechFin bidding against each other on “who will disrupt financial services,” “which is better,” etc.  Let us shift our focus from this paradigm to a different outlook. For that, we must first understand the underlying meaning of the above. FinTech looks at how we do financial services today and deliver it in a better, quicker, cheaper, and more efficient fashion with technology. E.g., PayPal, UPI, etc. TechFin doesn’t start with the concept of finance or how we do finance today; it begins with technologies we have now and works at how to exchange values(products/services) in a new form in the ecosystem. e.g., Google, Amazon, etc. The focus should be more on expanding the size of the plate rather than eating somebod...

5 biggest cybersecurity challenges for fintech enterprises in 2020

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Financial technology (fintech) has completely revolutionized the traditional financial services industry in the last few years. However, the adoption of the latest technologies has brought several cybersecurity challenges for fintech industry. Banks and other financial services organizations started the use of fintech services to improve their processes, which were typically very difficult to deal with. For instance, the fintech solutions can enable investment, money transfer, lending and personal finance, right from smartphones or desktop devices. Related read: How COVID-19 reinforced the importance of Business Continuity Planning? Cybersecurity landscape in fintech Cybersecurity is a big challenge for almost every sector today, as the number of cyberattacks continues to rise despite the ...

FinTech – Cracking the Millennial Code.

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  “Millennials are often portrayed as apathetic, disinterested, tuned out, and selfish. None of those adjectives describe the Millennials I’ve been privileged to meet and work with” ~ Chelsea Clinton So, what do we know about the millennials? A Millennial is someone born amidst the years of 1980 and 2000 (opinions can vary). Brought up in the age of instant gratification alongside the era of growing technology, they have been labeled as “Screen addicts,” “Show-offs”, “Liberals” (as if it’s an awful thing), and the list continues… Let us thwart that mindset with a new perspective. Millennials think differently to Generation X (1961-1980). They tend to see things differently, faster, and the need for speed is faster than Generation X, which has ...

The FinTech Revolution

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“ India has the highest fintech adoption rate and second-largest fintech start-up based in the world. 1000+ fintech start-ups in India spread across diverse areas such as digital lending, digital payments and wealth management are offering impressive emerging tech-based solutions”~Achyuta Ghosh, Head – Research, NASSCOM  Let us start with a simple question, How many of you like to travel overseas? You go to the airport with money in your pockets to convert them to dollars, pounds, etc., so you go to an exchange bureau, and you feel like crying on the rates you get. Let’s say you are paying 5% transaction cost on a trip abroad which means for every 20 trips you could have got one trip free if there were no charges. You take a trip to the US; you spend money. You have Revol...

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