Further, he talked about the trends that are taking place which consisted of evolution, expansion and enablement. Under evolution, he talked about e-commerce shifting to smart phones, introduction of contactless payments and push payments on mobile. It is predicted that by 2019, there will be 651 mn smartphones in India. Digital commerce will grow as the growth drivers converge. Over 80% of Internet users in India will access Internet through smart phones by 2020. Talking about expansion, which is the growth of non-traditional acceptance models that lead to creation of new electronic payment opportunities for consumers, Mr. Ramachandran enunciated the three steps in it- creation of differentiated banks, acceptance of growth through non-traditional models and transit. Lastly, he spoke about enablement which is the development of digital issuance through payment solutions built for connected devices and interoperable environments. It includes migration from plastic to digital, growth of closed-loop wallets and APIs and SDK led approach to product development.
He concluded by saying that the challenge is to put a buy button in a secure, cheap and less clunky fashion. Visa has to be made as easy to use and acceptable in the digital world tomorrow as it is in the physical world today.
The enthusiastic participants asked questions related to Near Field Communication, Bitcoin, Visa experimenting with biometrics, success rates related to payments and a variety of other questions. Their queries were patiently dealt with by Mr. Ramachandran.
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