Eko India Financial Services Pvt. Ltd.

Abstract

India was primarily known as a cash-driven economy. But after the demonetization, the story in terms of digital payments is changed. Driven by dynamic administrative strategies and expanded utilization of portable web like mobile phones, the Payment Industry of India is experiencing a transformation page. The digital payment industry is picking up the pace and is anticipated to develop at an exponential rate. Around 81% of the digital payment users favors to use the online mode of payment over other non-cash methods like demand draft and cheques. Web based shopping, installment of service charges (like power, versatile bills, water charges, and so forth.) and film tickets are the three things that an Indian client essentially pays for through advanced stage. As per a report by Google and Boston Consulting Group (BCG), the Indian advanced payments industry is evaluated to contact $500 billion by 2020, contributing 15 percent to the nation's GDP. With the increase in opportunities in this Digital Payment Industry, many new competitors are got into this industry due to low entry barrier. Thus, to remain sustain in the industry, the organization needs to speed up the payment process as well as the onboarding time on the platform. For that organization needs to have the deep knowledge about their services. KYC of a merchant or customer is one of the important things in the digital payment industry. The key driver in this industry is the Speed. The organization needs to work on the pace of onboarding process compliance with the legal documents.