Have you ever wondered how recurring payments differ from subscription models? Both are becoming increasingly popular, but they serve different purposes. This article will explore these two concepts to help you understand their unique features and benefits. An estimated 75% of direct-to-consumer brands are expected to offer subscription billing, with the industry valued at over $6 billion in 2020 alone.…
Banks are racing to modernize their payment systems in today’s fast-evolving financial landscape. An eye-opening fact: as of mid-2023, there were 57,694 individuals with valid payment defaults. This highlights the urgent need for efficient and reliable payment solutions. In digital banking transformation, adapting to digital payments is no longer optional but necessary. However, this journey is fraught with potential missteps.…
The digital payment sector is witnessing a groundbreaking shift, reshaping how we handle money every day. In a world increasingly leaning towards digital solutions, the realm of payments is not left behind. In 2023, the digital payments market is expected to hit a transaction value of $9.46 trillion. This not only highlights the scale of this industry but also underscores…
The last decade has ushered in the digital world into our everyday lives. Digitization is not just about offices using complicated software, or the most intelligent employees working on computers throughout the day. We are dealing with a digital world in every realm of our lives. Mobiles have ensured that technology is available in a single swipe, and e commerce…
Digital India is a flagship programme by the Government of India, launched with the intention to make use of technology to transform all realms of work into digital mode. This mission aims to empower the society as a whole. The seeds of digital India were, however, sown with the implementation of the AADHAAR, which manifests that identifying any individual credibly…
Due to the complicated, segregated legacy technology that makes up the operating system of the majority of banks, business banking clients frequently have a more difficult time obtaining a bank account than the average retail client. A fragmented, prone to error manual process not only produces a bad customer experience but also increases costs, complexity, and levels of dissatisfaction for…
Digital transformation continued to be an important trend in banking since 2018 and especially since the pandemic. Similar to its impact on other business domains, technology is rapidly changing every facet of the financial services industry. However, the sector still has a long way to go with a substantial percentage of banks are yet to launch a digital transformation strategy. …
The recurring payment collecting method in India has drastically changed since the introduction of e-mandates in 2018. E-mandate has simplified and made it much easier for lenders to collect recurring payments with a much reduced operational costs. So, what is this E-Mandate that almost transformed the recurring payments landscape in India? Let’s dig a bit deeper to know what it…
