February - 2017 - issue > CXO Insights

Shaping a 'Sustainable Digital Payments Landscape' in India

Richard Canday, Associate VP, Electronic Payment & Services
Wednesday, February 8, 2017
Richard Canday, Associate VP, Electronic Payment & Services
Headquartered in Mumbai, Electronic Payment and Services is a leading payment system entity that specializes in retail banking & technology domain. Providing exclusive ATM outsourcing services, the entity has pioneered in various initiatives in ATM & payment industry.

ATMs are a Retail Delivery Channel for Digital Payments. In developing markets ATM machines serve populations previously excluded from the financial system, often substituting for bank branches in remote corners of the country where online or mobile service is unreliable or simply unavailable. In more advanced markets, ATMs are filling financial institutions seemingly irreconcilable needs to achieve greater cost efficiency and deliver more personalized customer service. ATMs have benefitted banks, independent deployers, cardholders, retailers and governments, as well as society and the economy in general for five decades. They are an extremely popular and trusted global technology which is at the forefront of modern retail-based economies.

The ATM is a 50-year-old innovation and is not contending with newer channels, but complementing them as manufacturers and software developers seek to empower consumers through ever more streamlined and synchronous financial self-service options. The ATM is certainly the most important financial innovation we've seen in the past 50 years. In comparison to online and mobile banking, 61 percent of consumers globally name the ATM as the channel they most often choose.

A policy change that supports and facilitates the growth of the ATM services industry will invigorate the government's campaign on driving financial inclusion to the unbanked, and encourage ATM manufacturers and service providers in reaching out to semi-urban and rural centers for providing financial and digital payment services. It is remarkable that 50 years after its introduction, the ATM remains at the forefront of the consumer banking experience.

A Bourgeoning Digital Landscape

Share on Twitter
Share on LinkedIn
Share on facebook