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July - 2016 - issue > CEO Insights

Three Ways Digital Payments will Disrupt Business Functioning in the Indian Economy

Anish Williams, Co-Founder & CEO, Udio
Thursday, June 30, 2016
Anish Williams, Co-Founder & CEO, Udio
A product of TranServ, Udio is a social multipurpose wallet that enables the users to send/request money and gifts with added features like SplitzBill, group payments, social gifting, and other payment utilities.

An old saying states that money makes the world go round. Despite the numerous advancements that the world has witnessed over the years, these words have not lost their meaning. Be it a multinational conglomerate or a neighborhood grocery vendor, money is the driving force behind all aspects of the entire business supply chain. From the consumer's access to services to actual service consumption, it has been the central cog moving the business machinery forward since time immemorial.

The recent digital revolution, however, has made it necessary for us to revisit the very concept of money and payments, and with good reason. Businesses and services across the globe are today increasingly digitizing their offerings to cater to the new-age, digitally-enabled, smartphone-equipped consumer. Naturally, payments being a fundamental element of business operations has followed suit. Earlier, payments were largely restricted to paper-based channels such as cash, cheques, demand drafts and money orders. Technology today has truncated payments into a matter of bits and bytes on a computer server. This growing digitization of payments has resulted in greater convenience, seamless payments experience, ease of accessibility and better security for both consumers and businesses.

But while the impact digital transactions have had on the economy is clearly visible, one cannot help but wonder how the fintech industry's continued evolution will influence key business functions in future. Mentioned below are three key ways that digital payments might change the game for businesses across the country:

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