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The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.

Transforming the Payment Industry in Asia

ST Team
Monday, January 2, 2012
ST Team
India’s banking technology has lagged behind when compared to its counterparts. Investment in technology to mitigate risk has been relatively recent. Continued IT investment is critical to the banks’ keeping up to date with new regulations brought on by the credit crisis, and one area where the banks are yet to invest is setting up secure payment gateways.

Headquartered in Chantilly, Virginia, Online Resources Ltd (Nasdaq: ORCC), for two decades has provided high quality, profitable financial services through three business lines — bill payment and transaction processing, online banking and account presentation, and consumer marketing and other services. Founded in 1989, ORCC is the largest financial technology provider dedicated to the online channel. In a candid chat with SiliconIndia, Joseph L. Cowan, President & CEO, Online Resources Ltd (ORCC), talks about the company’s foray into India with a new development centre and the opportunities it is betting on.

India – A promising market?

India is an emerging market and it is totally different from U.S., which means we have to be different in our approach. In India and most Asian countries, very small margin of consumers use the online payment services, and it is mostly for account transactions. People are yet to open up to the idea of using these online payment gateways for their day to day requirements such as paying utility bills. Though there are several establishments like government run and independent kiosks that act as a single stop for bill payments, they are still quite fragmented in their operations.

The good news is that young generation is more technology enabled and is trying to leverage it in their day to day affairs, especially financial ones. They may not use it the way we do in the U.S. but they surely are opening up to the thought, especially for bill payments.

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