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



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Acuity Knowledge Partners

Acuity Knowledge Partners

We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points.