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India's Payment Corridor - Towards Cashless Future

The primary function and the way their operational methodology were by and large same until the arrival of Internet in the late 1990s. With the onset of Internet, global banking landscape got fresh lease of life as citizens were able to do banking without visiting banks. With time constraints and geographical boundaries not acting as barriers, it became possible for banks to reach out to citizen at even remote corners of the country. The Internet phenomenon did not end with increasing the reach of banks. As time  progressed, banks transformed into the new generation tech-savvy institutions which totally altered the manner in which financial transaction is now thought of. The Internet banking and credit cards have enabled cashless transactions, bringing a revolution not only in the banking world, but also in the overall commercial landscape.

With the aim to promote the cashless dream, Governance Today will organize ‘India’s Payment Corridors – Towards Cashless Future’ which would bring together experts from top banking and financial organization and institutions. The summit would not only act as a platform for discussing various financial and technical innovations that are taking the financial world by storm, but also provide a stage where policy related matters, necessitated by the emergent realities, can be deliberated upon.

Progressively, more people want anywhere, anytime financial transaction capability. Introduction of mobile banking, especially after the launch of smartphones, has prompted banks to explore the feasibility of using the ubiquitous device as a prominent channel for delivery of full-fledged banking and other financial services. As the number of smart phone users in India rapidly increases, cashless market segment will become a crucial business segment, especially for banks. Inextricably linked to the issue of online transaction is  the prominence of cyber security. As technology becomes complicated and more pervasive, illicit and illegal activities are also on rise with rogue elements breaking into financial systems to siphon out large sums of money. As such, banks and financial service providers to always play the catch up game to prevent clients from being duped which is loss of face and money for these organizations. Also, policy related changes would be required to be abreast with the technical and market realities. Cashless transactions have been a game changer in the financial world as more and more people are now carrying minimum currency and relying on cards to do their purchases. In fact, cashless approach to money is proving to be highways to the future not only for ordinary people but for the economy as well.

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