Evolution From Cash To Tap-To-Pay

We are one of the leading payment solution providers in the whole of Middle East as of today. We have almost 70 odd percent of the market, when it comes to payments. We are working with banks, Telcos, various government agencies, specifically providing payment solutions. OMA Digital Solutions’ services different industries from traditional way of issuing a payment card to acquiring it over a terminal, and through various other channels like eCommerce, mobile POS, kiosk etc. Now we’re advancing with technology wherein a mobile platform is enabled to allow people to use these cards.

10 Most Recommended Cards & Payments Technology Solution Providers - 2019

The constant technological disruptions hitting the cards and payment industry are resulting in the designing of better platforms and push towards a digital economy. Post demonetization in India, the use of credit cards and debit cards has witnessed an exponential surge, having issuance of debit cards with huge expansion compared to credit cards. As per the Reserve Bank of India, there were a total count of 880 million debit cards and 30.8 million credit cards functional in May 2017. Currently, India has evolved as a good soil for the growth of cards and payments industry. According to KPMG, digital payments in India are thriving with a CAGR of 12.7 percent in the number of non-cash transactions. The primary reason behind this hike, as pointed out by the accounting organization, is the mobile payment revolution that pushes merchants to adopt digital payments in their shops. India had around 1.5 million digital payment acceptance locations in 2016-17, which grew to 10 million within the short span of two to three years. The global digital payments market was marked at USD 3417.39 billion in 2018, and is expected to reach USD 7,640 billion by 2024, recording a compound annual growth rate of 13.7 percent in the forecast period of 2019-24. As per the geography, India ranks third amongst the Asia-Pacific regions that embrace the use of digital payment technology after China and Japan. With new technological trends like contactless payment that uses short-range wireless technologies such as RFID and NFC payments, it has emerged as a preferred option to securely complete a transaction between contactless card and contactless POS terminal. Since customers prefer digital payments for the ease of conducting financial transactions, it has become one of the biggest motivator for merchants to start adopting the technology. Financial institutions have realized the benefit long back, and have been adopting the new technologies in the market to deliver a customer experience that gives data security and privacy, along with achieving operational efficiency. Observing the current trend of cards and payment technology adoption in the context of Indian market, CIO Insider’s distinguished panel consisting of CEOs, CIOs, CXOs, analysts and the editorial team have evaluated the top companies in this bubble and shortlisted according to their corporate engagements. We present to you “10 Most Recommended Cards &Payments Technology Solution Providers - 2019”.