Visa, the global leader in digital payments, has unveiled a comprehensive report detailing how signaling is driving India’s digital economy. The report, “Enabling the Digital Transition: Signaling in India’s Economic Landscape”, marks one year from the effective date of the RBI’s mandate on signaling for e-commerce transactions.
Commenting on the report, Vasudevan P, Executive Director, RBI said, “The Visa report provides valuable insights into the transformative role of tokenization in India’s digital payments landscape. As the country pushes towards a digital economy where the number of transactions is increasing, tokenization has huge potential to further digitize the payment ecosystem. We appreciate the efforts of all ecosystem players, including Visa, to promote disclosure and highlight its benefits. With a significant 560M tokens already in circulation and a rapid growth rate, we consider tokenisation to be a critical force in the evolution of digital payments.”
Sandeep Ghosh, Country Group Manager for India and South Asia at Visa said, “The visionary policies of the RBI and the supportive regulatory framework have made India a global leader in digital payments. We, at Visa, are proud to we have issued over 300M tokens in India, and by adopting innovations such as biometric authentication, contactless payments, and integrated commerce solutions, we aim to improve customer experiences, reduce fraud, and the expansion of digital payments. “
The report provides a comprehensive overview of India’s signaling journey.
Here are six digital payment trends that could simplify signaling in India
Simplified Payments: Signage will make payments much easier including through voice assistants and smart devices using augmented and virtual reality.
Traffic Revolutionizing: Digital card issuance will be faster, subscription-based services will be simpler, and even the retail experience will be transformed with grab-and-go stores.
Faster Signal Provision: Simplified tokenization will make the process of moving tokens (a digital representation of card information) between the card issuer and destination wallet and website faster and easier.
Frictionless Authentication: Marking can be combined with biometric authentication (such as fingerprints or facial recognition) to reduce card fraud.
Improved B2B payments: Thanks to tokens, businesses can streamline reconciliation, issue unlimited virtual cards, and set transaction spending limits to mitigate risks
Contextual Commerce: By combining signage with social media, users can enjoy a seamless shopping experience within their favorite platforms.
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Updated: 16 November 2023, 12:50 PM IST
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