siliconindia | | August 20194Up until November 2016, the term `demonetization' was largely relegated to macroeconomic textbooks and viewed largely only as a theoretical policy idea. Sure it wasn't when the Government of India actually implemented it. Debates around whether the policy was indeed valuable can be debated in every white collar office; what cannot be denied is the fillip it gave to digital payments. Let's just agree, the move fundamentally changed the nature of people largely accustomed to cash. By some estimates, cash accounted for over 97 percent of transactions. Moreover, payments infrastructure simply isn't made for digital, real-time payment processing, nor is it designed for modern anti-fraud measures and API integration. To keep up with changes in the payment landscape, merchants are investing generously in new infrastructure for credit card processing including credit card machines that support NFC technology and advanced point-of-sale systems that can handle multiple payment types.The new normal for expected digital payments' (payments other than cash and checks) growth numbers in India seemed unreal until recently. In a recent report, Credit Suisse estimated that digital payments in India would reach USD 1 trillion in FY23 with mobile payments accounting for USD 190 billion, the estimate for 2018 is USD 10 billion (Credit Suisse Equity Research, "The WhatsApp Moment in Payments", February 5, 2018). The report states that `digital payments in India are soaring on the back of global tech giants entering the market as aggregators for retail transactions'. In the same vein, another report estimates that e-commerce transactions will grow to USD 64 billion in 2020 from USD 38.5 billion in 2017 (India Brand Equity Foundation, Report on E-commerce, April 2018). These figures are all right. Obviously, you and me and can't have a reference to the market size. But we do have a perspective to base our case. We all must have met with new entrants in the digital payments market in several supermarkets in all parts of the country, trying to convince you try their new payment apps. By that number, you can very well imagine the sheer trends into this domain. We at siliconindia are focusing on a list of 10 such promising solution providers of 2019. Each one of them has a unique proposition you `should' be interested to hear. Do let us know what you think.Chitra MishraSpecial Editoreditor@siliconindia.comEditorialFrom Gold Coins to Digital Wallets Vol 08 · Issue 01 - 03 · August 06, 2019 Publisher Alok Chaturvedi Managing Editor Anamika Sahu Special Editor Chitra Mishra Editorial Team Ananth.V Avinash Roy Imelda Tarzania John Roshan Anto Srrayvinya OLM Sujith Vasudevan Trisha Pragya Advertising Managers Editorial queries editor@siliconindia.com To subscribe Visit https://www.siliconindia.com/subscribe/ or send email to subscription@siliconindia.com Cover price is Rs.150 per issue. Printed and Published By Alok Chaturvedi on behalf of SiliconMedia Technologies Pvt Ltd and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017. Editor Alok ChaturvediCopyright © 2019 SiliconMedia Technologies Pvt Ltd, All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.advertise@siliconindia.comGroup Art DirectorAshok KumarCirculation Manager Magendran PerumalVP - Sales & Marketing Virupakshi Pattar Visualisers S Sivasankar Vishnu T R Nagendra Kumar Madan D S Felisha RitaNoidaGarima Anand Rohit Raghubanshi
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