Contact Your Financial Adviser Money Making MC
27
April 2018
 |
Digital (The Total
Investment & Insurance Solutions)
According
to a white paper by ACI Worldwide along with AGS Transact Technologies (AGSTTL),
digital transactions in India could be worth USD 1 trillion annually by 2025,
with four out of every five transactions being made digitally.
The user base for digital transactions in
India is currently close to 90 million, but could triple to 300 million by 2020
as new users from rural and semi-urban areas enter the market, the report said.
"Flexible, scalable and reliable
technology will be critical to the future of payments in India as the market
continues to experience incredible growth," said Manish Patel, Vice
President, ACI Worldwide.
Meanwhile, with the rise in digital payments,
cyber security costs for companies in India is also rising. The Total Investment & Insurance
Solutions
Mahesh Patel, Group Chief Technology Officer,
AGS Transact Technologies said, "we understand that rapid rise in internet
users nationwide is spurring an increase in digital transactions. However, the
Indian market unlike many western nations is still to mature and remains
threatened due to lower awareness levels".
As per the report, Cyber attacks cost
India an estimated USD 4 billion annually, and could rise to USD 20 billion by
2025, with the digitisation of payments presenting new challenges for
cybersecurity.
"It is necessary that the rise in
digital transactions remain holistic thereby supporting growth with scalable
processing platform. Also, it should be accompanied by allied precautionary
measures such as cyber security and fraud prevention," Patel said. The Total Investment & Insurance
Solutions
Mass adoption of e-payments and a thriving
fintech scene, combined with regulatory policy, are set to propel India into a
leading position in the global payments landscape, it said adding unified
payments interface (UPI) transactions are a key driver of greater financial
inclusion.
The white paper titled "Transactions
2025" noted that India's smartphone user base is likely to double to 500
million by 2020 as affordable devices and data will spur safe, fraud-resistant
digital transactions based on biometrics and multi-factor authorisation. The Total Investment & Insurance
Solutions
ACI Worldwide is a global provider of
real-time electronic payment and banking solutions, while AGS Transact
Technologies (AGSTTL), is an end-to-end payment solutions company. The Total Investment & Insurance
Solutions
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