The Growth of Digital Payment Solution

A change in revenue distribution between producers and consumers has resulted from the rapid fall of analog methods and the widespread usage of digitalization in response to the worldwide pandemic. Credit card and other electronic payment usage will increase. However, innovative new entrants like bitcoin and installment loans will threaten the status quo. 

Value-added services can assist digital payments solution, processors, payment systems, and payment gateways to stand out in a crowded industry and increase recurring revenue.

How Digital Payment Works

One must utilize digital payment technology, such as a mobile wallet or a mobile payment app, to send and receive money or digital currency. Transactions conducted entirely online are known by several distinct labels, but they all mean the same thing.


Core banking solutions in Indiafacilitate the use of digital currency in economic transactions. As e-commerce grows at an unprecedented rate, those involved in the industry must rethink their strategies for implementing electronic payment systems. Electronic purchases that can be made on the web include:

• Institutional Electronic Funds Transfers and Electronic Checks

• The option to defer payment (sometimes known as "purchase now, pay later")

• Apps for making monetary deals

Digital payment apps on mobile devices like smartphones and tablets allow cashless transactions. By the end of 2023, we anticipate a total of $1.152 trillion having been transacted using mobile P2P apps.

Payment through the Mobile App

Simply put, a mobile wallet is an online or smartphone-based service or application that stores your payment details. Digital payments solution can keep tabs on your cards, whether credit, loyalty, membership, or even your official identification. Mobile wallets' ease and effectiveness in lowering fraud are increasing customer acceptance. Choices abound, but here are a few of the more common:

• Pay using Apple Pay or PayPal Inside Apps

• Payments are Made Quickly and Easily Through Google Wallet

• Samsung gadgets can be used as currency.

Magnetic Card Reading Machines

During the epidemic, contactless payment options became more popular due to health limitations and security concerns. Radio-frequency identification (RFID) and near-field communication (NFC) based digital payment solutions do away with the necessity for direct human interaction throughout the buying process.

To put it plainly, you may take care of all your financial transactions without ever setting foot inside a bank. Where and when you do, it is up to you. No matter where you opened your account with the bank, you can access your money at any of the other branches linked to Core banking solutions in India. Customers will no longer deal with a single branch of the bank but rather the entire bank after they change to CBS.


Location: Chennai, Tamil Nadu, India

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