An excellent example is the online booking of train tickets which shows how the Railways has solved the problem faced by consumers, of waiting in long queues.
Payments are at the centre of the economic universe, the ‘sun’ that provides all the energy and around which everything revolves. Thus describes V. Rama Kumar, Founder & CEO, Tarang Software, Bangalore ( www.tarangtech.com). His company is into electronic payments, a sector witnessing growth.
At the heart of electronic payments is technology that is experiencing considerable innovation, Rama Kumar told eWorldduring an interaction. “Everyone wants a slice of the payments pie — banks, processors, telecom companies, mobile payment companies, and card associations. Clearly there are exciting days ahead.” Excerpts from the interview.
What do you see as the current trends in payment solutions, globally and in India?
The payments business is a reliable revenue generator for banks. Global payment revenues were at $805 billion in 2008, up from $654 billion in 2006, and are forecast to reach $1.4 trillion by 2016.
In the US, credit card growth has slowed thanks to the sub-prime crisis. Debit cards are realising double-digit revenue growth. It is expected that banks will continue to grow debit card issuance and also the usage of the card at every point of sale. Mobile banking is a part of successful growth strategy for banks in the US. Here, the mobile phone becomes an extension of online banking.
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