Technology is known to have a positive impact and make everyone’s daily tasks easier and faster. While mobiles were initially used for communication purposes, the latest technological features have made it possible to carry out other services as well through our smart phones, with everything being made available at the tip of the fingers.
With digital advancements on the rise, it can be easily said that it has an impact on each and everything. While people used to pay for everything with cash a decade ago, more and more people are going cashless now and are opting to make payments either through debit/credit cards or online banking.
When the world is evolving with the fact that ATMs and other transaction systems are made readily available, these lay a pivotal arm to financial institutions. With the growing popularity of ATM Switching techniques and services, customers are finding this extended service more feasible and supporting. In order to reach out to the unbanked and under-banked population, the payment options play a core role to define the business and its online method of influence. There are banking software solutions that mark the beginning of each advent of trending expectations within the customer’s mind, which can be utilized to secure channel service in a more optimized and customized way.
Banking service has been evolving as rapidly as the pace of technology development. This is not random at all, as the financial and banking system needed to fully adapt to the day by day use of smartphones in the everyday life of customers.
Growing economic activity, everyday commerce and easy accessibility has made payment systems an integral part of a country’s financial framework. Payments systems contribute to the GDP of a country by facilitating convenient and hassle-free business transactions while reducing the processing costs, meeting regulatory compliance, simplified dispute management, greater transparency in financial supply chain and opportunities to cross-sell in a highly efficient, accurate, timely, instantaneous and secured way. Retail payments in India have registered a remarkable growth of 27% in volume and 6.73% in value in the year 2014-2015.
What brings business in limelight, is how different you are..! It’s all about bringing a new product to your kitty. With the innovation in technology, Pelorus shifts the traditional way of integrating multifactor authentication by providing it on protocol level. Pelorus breaks the thick ice of insecurity in different business aspects by introducing 2FA (two factor authentication) Technology ‘Authshield’ which can be integrated in any and every software.
Nowadays carrying money around physically has become so outdated. People go around with various credit/debit cards which serves the needful. The next big thing- digitalized and centralized payment systems. Bharat Bill Payment System (BBPS) provides a platform for unified payment system across the nation. The platform intends to build an inter-operable service through a network of agents, enabling multiple payment modes along with instant generation of receipts of payments. It would connect the utility services like water companies, DTH and telecom with a plan of expanding and covering school fee, university fee, municipality taxes, mutual funds, insurance premiums on one end and all payments service providers on the other.