Global technology trends fueling exponential growth : vimars

Global technology trends fueling exponential growth


Global technology trends fueling exponential growth
December 21, 2020, 5:55 PM IST
Mr. Seshadri Kulkarni is a CEO of Digitsecure
The global payment battles until about a decade ago were waged and won by financial institutions and processors primarily riding on global card networks in existing, well-defined markets. Until the beginning of the 21st century, the two most populous markets – China and India – were a mere blip on the global payments landscape. The one transformational innovation during this period was online payments with the advent of the Internet commerce and 3-D secure protocols.
In contrast, the proliferation of mobile technologies in the last decade has begot dramatic shifts in payments industry as newer, nimbler and diverse set of players – startups, fintechs, Big Techs, national networks, and neobanks – across the globe started filling the large white spaces that existing players did not see or execute beyond tried and tested solutions. The payment battles are now waged around building and dominating fundamentally new markets and new payment flows with emerging technologies, business innovation, superior end-user experience, and solutions that make the inconceivable conceivable while creating new and largely uncontested competitive spaces. In the coming decade, companies that do not stake out new competitive spaces will find themselves interned in commoditized payment solutions with shrinking margins.

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