Tag Contactless Payments

Digital Payments, Citizen FinTech, Government Entities Make SmartCities Possible

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It is well understood that payments are a critical facilitator for practical realization of smart city and general IoT vision. Digital payments can improve payments ecosystem across public sector departments overseeing electricity consumption, water usage, sewer cleaning, trash collection and recycling, toll & transit, parking, tourists attractions, healthcare, municipalities, prisons, etc. All of which are important public service units necessary for cities to become self-sufficient.

It has also been established in 2020, that digital payment ecosystem got a major boost due to the pandemic. According to Statista, total transaction value in the digital payments segment is projected to reach US $4,934,741 million by the end of 2020 and total transaction value is expected to show an annual growth rate (CAGR 2020-2024) of 13.4% resulting in a projected total amount of US $8,170,406 million by 2024. Further, contactless payments, a type of digital payment is very well positioned to bridge Internet of Things (IoT), and hence smart cities to Financial Services.

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Contactless Payments: Adoption under Normalcy via Customer Centricity & Sustainability

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Adoption of contactless payments (tap and go) have witnessed a spike (due to the pandemic) but not every individual is proficient in Apple Pay, Google Wallet, Samsung Pay (swipe or tap) or Android Pay, yet.

Prior to the pandemic, no major incentive was perceived by the customer to switch from debit / credit card to fully contactless mode. While there have been major security and data breaches at retailer end over the past decade (TechTarget, TJMaxx, Target, etc.), one couldn’t attribute them directly to payment networks or to debit / credit cards. A cryptic way to store information of card holder would have certainly served as a great barrier but none of the payment networks or card providers took this initiative.

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Digital Transformation ++: Two Steps Ahead Technologies, Processes & Ecosystem

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DigitalTransfomation

Pandemic imposed restrictions have highlighted technical gaps between organizations which have made technology, part and parcel of their daily operations versus those which have not. Consequently, need to transform the organization through digital tools (i.e. software, device and hardware) has become imperative. If we earnestly evaluate, then so called ‘digital transformation’ has been around since 2000s, even though, prior to the pandemic, it was moving at a glacial speed. Start of 2000 was witness to ‘catastrophic’ Y2K, massive dilemma of what would happen when all ledgers which made entries based on last two digits of the fiscal year would reflect ’00?

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Looking Beyond Hardship: Managing Liquidity, Supply Chain, Counterparty Risk and Steadying Stock Markets

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covid stock market

As per a November 2019 CNBC article by Deutsche Bank‘s Chief Economist, following were the key factors which would shape global markets in 2020:

  • U.S.- China trade wars
  • Downward trend in the US stock exchange due to drop in demand for US Treasuries, credit rating downgrade of various corporations, tightening credit conditions on both, corporate and consumer side
  • Possibility of impeachment of the President of the United States on U.S. and impact of that judgement on global stock markets (NYSE has equity market capitalization of over $19 trillion and is the largest in the world, so a significant movement on NYSE almost always has a ripples effect on other exchanges)
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