Aadhaar Payment App – The Next big thing in Indian Payments`

Aadhaar payment app has gained mass importance over a very short period of time. India has surely seen digitization in brighter light in the past few months. With the Minister of State for Finance, Santosh Kumar Gangwar’s statement, “As per reports received from public sector banks, Regional Rural Banks and 13 private sector banks, there are 110.03 crore individual, operative savings bank accounts (including Pradhan Mantri Jan Dhan Yojana accounts) with Aadhaar number seeded in 52.95 crore accounts,” said in a written reply in the Lok Sabha, there seems to be a hopeful intent for a digitally empowered Indian mass. “Banks are committed to seeding savings bank accounts with the account holder’s Aadhaar number, based on his consent,” he added.

With a massive number such as 52.95 crore savings accounts being linked to Aadhaar numbers, the growing need for faster online transactions via mobile applications is on the rise too. Aadhaar linking has taken place in large number of private sector, public sector and regional rural banks giving impetus to mobile app developers in India to find a new source of joy in development. There are currently numerous Aadhaar payment apps available on Google play store. We have also come up with PaySKP, an innovative Aadhaar based payment app that works on mobile as well as web versions.

In a few simple and easy to follow steps you can ensure a hassle free Aadhaar merchant pay.

  1. Download the app on your mobile device.
  2. Whether you are a merchant or a general user login with your Aadhaar number.
  3. Authenticate yourself with your biometric details.
  4. Start accepting/sending payments.

Aadhaar merchant payment apps are faster in operation as they carry out instant bank to bank transactions without any third party enablement.

Now you can simply enjoy as a merchant or a customer if you have a smartphone and the mobile app (Aadhaar based payment mobile application). Having yoru Aadhaar would mean your fingerprints will be authenticated and money paid from your Aadhaar linked account. There are great benefits of an Adhaar Payment app:

  1. No service tax or extra charges (as required in UPI apps, SBI Pay, Paytm, Phonepe, Freecharge, mobile wallets etc).
  2. No need to require remembering of passwords, PINs, etc.
  3. No burden of carrying debit or credit cards.
  4. Easier and Faster payment mode for merchants and users.

Aadhaar payment apps are regarded as the next big (read best!) thing India can look forward to enabling across expanded frontiers. Master cards and Visa charges that amounted to 2 to 3% of the amount can go for a toss with the Aadhaar apps charging nothing extra from its users. March, 2017 has been set as a target by Indian government to link all bank accounts with Aadhaar. Indian seems to be all set to become a powerful cashless economy, positioned for a potential boom in the global threshold.

The battle between Android and iOS

Over the recent years, Smartphone market has been a space for extreme race between Android and iOS. Users, developers and marketers are fighting for the ultimate winning title (as the leader of any two of the platforms). According to 2015 and 2016’s market research Android seems to be on the top spot.

Other related reports have suggested that the two players account for more than 96.7% of the entire mobile industry. This is surely a compelling figure.

Gartner is a very popular market research and analysis firm. It has released the following information on the smartphone market in 2016.

These are two of the most popular platforms (consider calling them giants) that have turned the entire app marketplace into a battle ground. They have reportedly taken over the smartphone industry with data usage being reported as having 99.1% score.

Android is winning the race by defeating iOS with huge market domination in the phase between 2015 – 2016.

The major reasons (as held responsible for the dominant market position) behind Android’s winning score is its easy device compatibility (and availability), familiarity, openness, usability and fast (and user-friendly) software upgrades. However, what makes iOS stand apart from Android is its offering of best features and services.

Do you want to build an Android app? We have recently come up with our brand new merchant payment app – PaySKP. Please visit: www.payskp.com to know more about this mobile app.

We are on play store: https://play.google.com/store/apps/details?id=com.senrysa.payskp

For any mobile app development support services you can reach us. We would be happy to hear from you.

5 Biggest Banking Trends in 2017

With too many disruptions like Brexit, US elections and India’s demonetization in 2016, banking sector has tried saving its grace from the very beginning of 2017. Fast-changing commerce models has left nations around the world to take note and allow their banks to involve and indulge in new patterns and add ‘hospitality’ in its financial services. Biggest banking trends in 2017 include Chatbots, advanced machine learning, Artificial Intelligence (AI), blockchain solutions and the Open API banks. With technological inclusions taking place exceedingly the banking sector anticipates more disruptions (a commotion of sorts is most likely to take place) in 2017. Leadership plans along with long-term visions need to be set for constructive banking sector (BFSI sector as a whole) goals.

Entry of Chatbots    

With established technologies making their foray into financial services, 2017 is being predicted as the year of ‘BOTS’. New voice commerce and robotic process automation are being considered as one of the biggest dominators in India, U.S, Singapore, Europe and the Middle East. Leading banks around the world are fast picking up IoT data and robo-advisors for more intricate banking experiences.

Chatbots are not yet considered cost effective, neither are they widely available now. But soon (as predicted by BFSI industry experts) it will be made appropriate for automation and reinvented customer experience. Chatbots combined with AI are bringing back personal tones in B2C dialogues.  Companies like Amazon, Apple and Google have experienced massive growth by including these two technologies for consumer adoption. Banking services performed via mobile apps are slower and less engaging than chatbot offerings as the latter brings in more private and better engaged communication environment with itself.

Banks can perform the following set of actions in a single chat with a customer:

  1. Get customer feedback.
  2. Assist onboarding.
  3. Help someone take important financial decisions.
  4. Upsell their products.
  5. Provide significant and time sensitive transaction-oriented information and alerts.
  6. Handle complaints.
  7. Listen to personal concerns.
  8. Carry out trading, buying and selling of shares.
  9. Offer customer loyalty points and related benefits (if any).

Chatbot has not yet turned into the face of banks but it can surely replace various manual and repetitive banking burdens. For bankers ‘conversational commerce’ is the most important thing to be considered. Chatbots can be utilized in providing specialized functions that include performance based on actions depending on information.

Advanced machine learning and Artificial Intelligence (AI)

In an era when technologies are converging to come up with bigger and better innovations, AI remains in the heart of it all. Whether it is Natural Language Programming (NLP) or Internet of Things (IoT) or data sciences & automation or Optical Character Recognition (OCR) – AI will be the connecting dot that will make structural changes in financial processes and operatives.

Several banks have carried out KYC and onboarding processes with the help of AI. Wealth Management industry is most likely to take up robo-advisor and algorithm-driven investment approaches.

High frequency trading requires faster result generation which is impossible for human financial advisors to carry forward with. A hybrid robo-advisor brings with itself faster engagement and better one-to-one communication. Complex financial management and banking processes are smoothly carried out by bots (based on AI engineering). Hybrid robo-advisors are able to give long term financial plans and help people take life-decisions on children’s education funds, etc based on their asset quantification power, which is much higher than human advisors.

Robo advisors might well be the solution to customer related problems such as loyalty and retention. With generation Y choosing faster economic transfers and processes, efficient technological banking adaptations are on their way. According to banking industry reports, every year $1 trillion is inherited by new generations. Individual net worth is also exceeding every year. $56 trillion is the global value of individuals’-net-worth.

By the time we reach 2020, USA will reportedly have millennials and teenagers acquiring 50% of all existing assets.

A report presented by PWC in 2015 suggested that wealth transfers and asset attrition rates will rise high in the coming years.

 

‘Blockchain’ Solutions will soon be an integral part of Mainstream Banking

Blockchain solutions will reportedly go mainstream soon. However 2017 will probably not be the year for this technology to go live. According to a report published by Greenwich Associates, the capital markets blockchain received a generous investment roughly amounting to $1 billion.

Gartner has also stated that ‘blockchain’ has reached the “…peak of inflated expectations…” Global search volume stood at an all-time high in June 2016.  It will see banks working together and leveraging blockchain accelerators to bring out pilot programs and proof of concepts.

Financial institutions that are technologically bent will come up with customer-focused financial processes in 2017. A major opening of opportunities will soon take place where technology and finance vendors will fast-track blockchain programs.

Blockchain will soon be an integral part of mainstream banking.

Open API Bank

The mobile app marketplace has been revolutionized all over again. BFSI (Banking Financial Services and Insurance) industry is gaining momentum, added vigour and agility with each passing day. Financial apps are being made day in and day out. Numerous organizations are entering the app marketplace. This makes it suitable for Open API banks to come into clear picture.

The very popular Open API programs are important places for latest fintech banking processes and business models to be introduced.

‘Unified Solutions’ seems to be the light of the day for everyone (working within BFSI industries). Open and digital banking empowers everyone. Fintech expert Ron Shevlin has come up with a term – ‘Platformification’ which according to him is all about supporting multi-channel, open and unified integration. The synergy between BFSI partners and channels accentuate process deliveries, service qualities and nature of transactions.

A rough industry estimate suggests major growth in API platforms. Broader capabilities in loyalty, financial management, marketing, customer communication management, analytics and payments are foreseen in the upcoming months. Major banks will soon include more digital banking API platforms in their processes.

2017 will be a year of hard core competition between banks. With chatbots the overall banking dynamics is all set to change. A commotion of accelerated banking and disruptive digital transformations will brighten up 2017, bringing it out from the mundane BFSI processes. These technological financial inclusions will reduce costs, drastically change levels of service and automate traditional banking processes. Dynamics of market leaders will also change due to the changing demands for better enabled financial services (demands brought about by rich teenage population, millennials and young wealth heirs).

Senrysa Technologies Private Limited has come up with Aadhaar enabled payment apps and provides financial solutions to millions in India’s RRB sector. There are numerous digital payment processes being planned and in our pipeline for future launch. The organization has been in line with the latest commerce models being included across the globe.

Our Innovative Mobility and enterprise Solutions

Mobile App Development for iOS and Android is all about smart and innovative thinking. We think ahead of time to deliver advanced app development serviced to our clients. You can reach us at: http://www.senrysa.com/contact

Mobility is the heart of all digital transformations in the modern day world. Our innovative and user-centric mobility solutions and services will help you to achieve business growth. Our mobility solutions include application development keeping in mind the following areas – Vertical focused, UX, User Engagement, Productivity and workflow, Personalization, information/content, ecommerce, marketing & loyalty, enterprise integration, community building, scalability, ease of use, easy flow of information and ROI.

Reach us for a sound consultation and mobile development support: http://www.senrysa.com/mobility