How the dynamics of Payments going to change

Payments being an essential part of every retail sales, Bank and financial institutions are rapidly working on the ease of making the payments so that customer feel pride to make payments hassle free. In recent years, there being exponential growth in this sector, talk about Unified Payment Interface (UPI) in Indian Banking Payments space, its being jubilant, the kind of growth potential it has shown.

We can very shortly, in next 5 years, may witness another change in landscape with evolution of digital currency or crypto currency being rolled out, where regulators provide soft go ahead and with the most populated country like India can gauge the overwhelming response.

To be very honest, everyone wants payments to be highly confidential and unknown to others, but the same time it give birth to potential money laundering threat, this is how governments now going to change the way people think. I see promises in digital currency and nation must have aspiring ideas to mitigate risk and promote digital mode of making payments.

You can very soon see the alternate methods of dealing between 2 parties, or making invoice Payments. The bottom line to make this realize, we going to have series of chains containing information with financial information with high quality security to break the chains. With this ease of payments and with desired satisfaction is what is the goal of many governments, this must have recommended by their committees and administrative departments.