The next big thing in banking too costly to miss

  • Unified Payment Interface (UPI) payment apps enable payment just by pointing your mobile device to a QR code and using your fingerprint
  • Token-based payments where actual card information is never shared, but the token is shared to protect the account and card details — uses Secure code for risk-based authentication
  • API integration with banks and other apps to make payments seamless
  • Digital wallets using biometric authentication for faster and safe payments
  • Virtual cards help make a business’s purchase transactions simpler because of their acceptance by most suppliers, and their convenience and cost-effectiveness.
  • This type of card includes a one-time-use card number and usually expires if not used within a month. This helps stop online fraud, and it is impossible to clone the card, as it is virtual.
  • A virtual card programme can offer specific rewards and offers based on a set of cards; this is not possible with credit cards.
  • They provide better internal control and cash flow management.
  • Virtual currency tokens attract very low or minimal fees for international transactions
  • Payments can be made through mobile payment apps, which are accessible 24*7 without approaching a bank
  • Crypto tokens provide greater liquidity for illiquid assets
  • Tokens provide better transparency, as holders have their rights inbuilt into the tokens and tokens have a record of ownership unlike cryptocurrencies, which are anonymous

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Acuity Knowledge Partners

Acuity Knowledge Partners

We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/