Mobile Their Evolution

The impact of

Demonetisation

Wallets

Systemix – The Systems Consulting, E-Commerce and SMAC Club

Indian Institute of Foreign Trade

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Mobile Wallets: Future of Money

Abhishek Deshpande, Avneet Handa, Shadan Mahtab

Ashutosh Routray, Neha Varshney, Soumya Saini

Rise of Mobile as a Payments Platform

For a long time money for people has just

been the cash in hand. Like other things

money wasn’t going to be static. A fantastic

heist took place some years back. It was

when a stolen helicopter landed on the roof

of a cash depot in Stockholm and three

masked men smashed a skylight to climb

inside. The year was 2009. The depot didn’t

expect an invasion that day. Armed with a

Kalashnikov, the invaders held employees at

bay while their accomplices outside

positioned road spikes to keep cop cars from

barging in the building. Subsequently, seven

men were later caught and sentenced, but

nearly all of the stolen cash—reportedly

some $6.5 million—still has not been found.

The robbery is known as the Västberga heist.

This earned astringent notice from some

economic theorists, who saw in it a parable

about the risks of paper money.

What is cash? Cash is the flimsy spider of

societal wealth; sinuous reach into the core

of people and once liberated in the wild,

almost impossible to get back. The money,

as technology, had to and it did change a lot

in half a century. Once upon a time when a

day’s errands called for bulging pockets. Now

it’s possible to shop for groceries, buy lunch,

buy movie tickets, donate or repay your friend

without handling a checkbook. With the shift

into a better or worse future the currency has

changed. It didn’t happen overnight. It

required some masterfully scheduled series

of events to take place at the right time.

It all starts with the mobile devices. Mobile

has turned ubiquitous across the world and

its reach has far exceeds that of any other

device and this trend is not stopping anytime

soon. Mobile phones have transformed how

consumers purchase goods and services,

interact or search. Since the inception of

mobile phones, many critical innovations

have been concentrated on mobile as a

channel, resulting in disruptive business

models. As commerce moves to mobile,

payments will follow.

While every device has its own features, they

are still capable of handling certain

communication protocols like USSD, NFC,

SMS and data, making it easier for

interoperability to penetrate into the

payments system. It is an open platform it

has decoupled two critical functions of banks

in the payment processing chain. First one is

to act as a store of value and the second one

is to process payments. To build payments

as a service for merchants, these things are

being taken advantage of. This is eliminating

the need for traditional hardware and

merchant onboarding processes. As

predominant as email is used today for

unique identification, the phone itself has

become a unique identifier. This is

standardized across merchants and

consumers. This makes sure that there is a

need for bank account numbers or anything

that is proprietary in a local ecosystem.

This has a global impact. Mobile payments

are thriving acrross the globe in the form of

feature phone based services. Some

examples are M-Pesa in Kenya and

smartphone-based NFC payments. Initially it

was seen as a trend that the majority of

mobile payment solutions have focused on

enabling P2P payments but with the

development there is a change seen in

consumer behavior. There is an increased

focus on enabling mobile payments at the

POS. Mobile has allowed new telecom and

technology companies to expand into the

offline payments space, especially at small

merchants where payments are more of a

P2P nature. The card payments have seen a

downward slope turn from large to small

merchants, and this trend is more likely to

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work in the reverse direction for mobile

payments because of the largescale

adoption of mobile among the masses.

Evolution of digital payment

Undoubtedly the innovation has witnessed a

climb at a pace faster than anyone’s

comprehension. The legacy infrastructure is

being taken care of along with these

progressive and pervasive new technologies

that are emerging and making mobile

payments seamless and compatible. While

technologies such as thin SIM that have

existed for a long time, with falling cost of

memory and processing, they are now

capable of providing connectivity and

becoming more mainstream, especially in

areas with poor connectivity and no payment

infrastructure.

If we examine the long and arduous history of

payments with a focus on how we pay for the

things we buy, we will find two noticeable

aspects. First, when it comes to paying for

things we buy, we clearly

prefer convenience over everything else.

The motivation behind this evolution of new

payment methods has been the desire not to

be bound by the need to carry cash with us.

Second, though this social animal which is

driven by convenience in this evolutionary

cycle carried mankind from the bartering

system of our ancestors through early coin

currencies to paper money to checking

accounts, and from there, to credit and debit

cards, and on through to today’s e-wallets,

the nature of payments has always

been transactional.

Since 1946, a revolutionary service was

manifested called ‘Charg-It’ credit card. This

payment transaction has always featured

some sort of authentication process that

allowed merchants to verify the identity and

financial viability of consumers. Since in

those days there was little to none

technological advancement, this was a

manual, administrative process that

sometimes took weeks. With progress, today

the authentication process happens

electronically in real-time and, despite

whatever other future changes manifest in

the payment process, that authentication

requirement is not likely to go away.

Evolution continues in the payment sector,

particularly in the development of alternative

channels through which transactions can be

conducted. Today, every trend points to

mobile as the next evolutionary step in

payments. The march toward mobile

payment systems is stalled only by the

requirement for adequate infrastructure on

the part of both merchants and issuers, but

these obstacles are only temporary

impediments.

Eventually now that every payment system

that existed before mobile had one arbiter

that determined both its success and

longevity: The Consumer’s Experience. Even

the adoption of the mobile payment channel

rides on this key concept. Every step of the

evolutionary path from barter to e-payments

has been driven by the consumer’s need to

find an easier, better, and more secure way

to pay for the things he or she buys. The

payment methods through card have freed

consumers from the requirement to carry

cash with them every time. While introducing

‘swipe and sign’ payment processing. The

move from card to mobile is driven by this

same idea. We are witnessing now the

education of a society on mobile payments.

Everyone is learning how to make mobile

payments, including consumers and sellers,

less of a deliberate act and more second

nature. Like the transition from cash to credit

and debit cards, this is a process that takes

time.

Consumers have not stopped carrying their

cards in wallets while shopping even today,

the true measure of mobile success will be

when cards are not carried at all. This is

difficult but achievable because the

alternative is nothing. In situations where find

a merchant that doesn’t take cash, you can

always go to an ATM, in the mobile world, if

you don’t carry a card and you get to a

merchant who doesn’t take mobile, you don’t

get your purchase, consumers aren’t ready to

hold that against the merchant yet, but they

are ready to frequent those who have mobile.

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Unlike the move from cash to electronic

payments, mobile already has the

infrastructure just changing the POS system

to accept mobile inputs and trigger the

transaction network in place makes this

change iteratively faster.

Although history shows us that making this

type of behavioral change is never easy, it

can be done. All there is left to do is

perseverance, technological advancement,

and the willingness of pioneers to hold true to

their vision of future.

What hinders mobile payments

No doubt mobile wallets have an

advantage over traditional payment

systems, but currently they are not that

close to becoming a reality in India. This

fact is reinforced by a survey from NTT

data which cites Security as the biggest

factor to decide on using mobile wallets

atleast for 36% consumers, followed by

convenience at 31% with rewards being at

paltry 8%.

Unless timely action is undertaken in India to

overcome these challenges, it is unlikely that

they will take off at scale and their benefits

will not accrue to the goal of a cashless

society in India.

Closed-loop payments

Currently, mobile payments are largely being

driven by single owners that are creating

closed- loop payment systems. Closed-loop

payments systems with remittances as the

core proposition might work well for countries

with small population and a few large players

but for a country as diverse as India, it is

critical to have standards and interoperability

among various mobile payment systems.

Speed of transaction

The speed of mobile payment transactions is

still very slow in the country, especially at the

POS, where consumers and merchant look

for a quick turnaround time. Moreover,

transactions often fail or time out in areas of

poor connectivity. The result is a poor

consumer experience due to which they lose

interest in making mobile payments.

Digital literacy of consumers

A large segment of the target population is

not comfortable with the use of technology.

Service providers will need to invest in

simplifying the technology and interface, and

in educating customers.

Due to lack of standard platform around

which mobile payments are evolving, there is

little understanding among consumers and

merchants on how they can use mobile

payments services. When transactions fail,

they are unsure of the alternative available to

them and its timeliness. They feel that in case

of a failed payment, they will lose their

money. Moreover, in a country like India,

mobile as a platform has to be multi- lingual

and should be capable of eventually enabling

voice- based transactions.

Trusting non-banks as financial service

providers

Rural sector in India has largely remained

excluded from mainstream banking, to the

extent that some of the people believe that

banking is not for them. Because of this, they

resort to informal methods of credit such as

money lenders. There is a long history of

unscrupulous money lenders in India taking

advantage of the rural poor in India.

Consumers take time in changing their habit

and trusting new service providers. Public

and private institutions need to come

together to educate consumers on how to

use mobile as a banking and payments

platform to help build trust in the system.

Easy availability of cash

For Indian customers to use mobile payment

services on a regular basis, it is critical that

they are ensured that the stored value can

easily be converted into cash if required,

even in the remotest parts of the country. For

instance, even the most financially literate

and digitally initiated people in India prefer to

carry cash while traveling. Having the comfort

of being able to convert stored value to cash

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is very critical to the Indian context for

widespread adoption of mobile payments.

UPI can potentially solve this problem by

simplifying P2P transfers so much that a

person can transfer money to anybody in

exchange of cash.

Security concerns

Security remains an important issue that

needs to be addressed for the success of

mobile money services. Often people

complaint that their money has been debited

but the transaction got declined while

transacting via mobile, and to avoid such

problems users keep away from using mobile

wallet related services.

While mobile networks already have

encrypted messages transmitted across the

network, mobile transfers require additional

tracking and logging for regulatory demand.

As services become NFC- based, additional

security issues may crop up with stored value

applications on the NFC chip.

Regulatory barriers

For financial transactions via mobile phones

the regulatory framework is currently not well

developed in most countries. As policies and

regulations evolve, mobile banking service

providers may have to comply with strict

controls such as KYC requirements to

prevent money laundering, terrorism funding

and so on, which may add additional costs

and slow down the pace of adoption

Competition from Debit/Credit Cards

Mobile wallets still face tough competition

from debit or credit cards in India, as these

cards have several advantages over m-

wallets. M-wallets allow limited amount of

money transfers from wallet to wallet or wallet

to bank, which is not the case while

transacting from debit or credit cards.

Therefore, these wallets are not suitable for

higher purchases, for example buying a

laptop or a mobile. Also, only a limited

amount can be transacted in a single

transaction while using m-wallets. For

example: Oxigen allows maximum amount

that can be transacted in a month is INR

10,000 or INR 10,000 in single transaction,

whereas Paytm daily upper limit for wallet to

bank account transactions is INR 5,000 and

the monthly limit is INR 25,000.

M-wallets tend to handle low-value, high-

frequency transactions, with the average

value per transaction being INR 320.94 in FY

2015. In contrast, credit and debit card

transactions tend to be larger, with value per

transaction during FY 2015 equating to INR

3,087.44 and INR 1,501.68, respectively.

Compatibility Issues

M-wallet apps are not compatible for all types

of mobile phones; some m-wallets are

compatible only with 1 or 2 operating

systems. For example: HDFC zappy m-wallet

does not work with Windows or IOS operating

systems, it is meant only for Android users.

Therefore, if a windows operating system

user wishes to download HDFC zappy on his

phone, then he will not be able to use it. He

would have to switch either to android

smartphone or to any other m-wallet app.

Global payments going digital

Global Payments, Digital and Transaction

Services (GPD&TS) is an extremely volatile,

competitive, dynamic and increasingly

sophisticated and evolving business

segment. It encompasses a range of industry

categories and business domain that

encourage and facilitate the safe, secure and

on time transmission of extremely complex

information, communication and rationale

driven transactions.

This unique process group was designed

initially and built by EMA Partners to support

consumers within traditional payments and

transaction business services including, but

not in any way limited to, retail and

commercial lending, debit and credit card

issuance, payment schemes and campaigns,

merchant acquisition, payment processing,

card & POS solution providers.

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The ever so increasing focus on mobile and

digital payments has acted as a catalyst in

the expansion of our unique GPD&TS

process group. The telecommunication

industry, like the payments industry, has

undergone a massive change, with the

increasing adoption of mobility devices and

the proliferation of applications that enables

users to do innumerable other things with

their devices other than making calls. In

response to the moves made by the MNOs

(mobile network operators) to battle it out in

the payments business, the traditional

payments ecosystem and its participants are

forced to evolve to survive, and hence the

ecosystem continues to get further disrupted

by the increasing want of retailers and tech

companies (including an array of start-ups)

that are all fighting hard to make a mark in the

payments market.

The race to launch the perfect payment portal

product is underway, and the “successful”

solution must not only excite and bring in

early adopters but, must also be a secure,

profitable and sustainable solution that gains

broad acceptance with both consumers and

merchants. However, a safe and robust

payment transaction cannot exist without the

necessary ecosystem to support it, and this

ecosystem requires regulated oversight and

a technology infrastructure that considers all

the consumer, the producer/retailer and the

payment provider. The ability to monetize the

payment service or vehicle is also posing a

point of consideration for the newer start-ups

modelled around payment that initially “hook”

a consumer with freebie, but that almost

always requires a stepping back to a more

traditional payment system or infrastructure

that allows the payment to be securely and

efficiently make use of legacy architecture

and get transaction successfully processed

and reconciled.

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Because of the evidently structured

advancements in technology and the

consenting dynamics of both legacy and

latest payments business models, the

transaction and payment services industry is

an evolving and exciting field, and the need

for talent is at its summit. Over the past half-

decade, we have already seen a significant

inter mingling of talent across the core

traditional payment firms, the retailers, MNOs

and the technology sectors, particularly in the

areas of Digital, Innovation, and Technology.

The retail payments ecosystem has

unarguably spread across boundaries and as

new and innovative companies begin to

invade and disrupt the payment world, the

landscape starts shifting, and our practice

groups evolve.

In line with the evolution occurring and the

growing significance of digital and mobile

channels, the GPD&TS practice is focused

on finding skilled natural leaders who have an

in-depth understanding of emerging and

disruptive payment technologies.

Increasingly consumers are seeking

expertise in the areas of mobile and digital

payments, geo-location, m-commerce,

beacon technology, NFC, M2M or the

Internet of Things (IoT), tokenization, digital

identity & security, HCE and biometrics.

Hence this sudden growth in the trend of

using crypto-currencies.

As the leading players of the traditional

payment industry start to adapt to a shifting

landscape, they must examine the potential

risk or threat of diminishing consumer or dis-

intermediation or client engagement. Rather

than being fearful of alteration, traditional

payments organizations must embrace the

new world and understand their place within

it. Newer entrants must also battle for

position, recognizing that a robust payment

transaction will cease to exist without the

collaboration of well-established parties.

Agents of change

There are precisely two primary factors that

are going to influence the pace and path of

transformation over the next few years:

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Technological Advances

Improvements in cloud computing, sensors,

and wireless communication are enabling the

Internet of Things to become a reality. Cloud

computing is powering SaaS (Software as a

Service), which is driving new consumer and

merchant value propositions easier financial

management system and affordable POSs.

Application programming interfaces (APIs)

are revolutionizing the symphony among

providers and their customers. In addition,

biometrics are enabling quantum leaps in

user-friendly authentication, and blockchain

technology is increasingly being used to

enable transactions. Further down the road,

chatbots and virtual personal assistants will

yet again alter the shopping value chain and

payment experience. For example, a bot can

enhance the purchase experience by

providing information a concert for which

tickets have just been bought.

Shifting Customer Expectations and

Behavior

As fintech and digital giants such as Apple

and Google harness technological

advances, consumer expectations are

shifting and becoming ever more

challenging.

People now expect seamless and

transparent end-to-end experiences that

permit unprecedented levels of ease and

convenience. Given the short product-

development cycles of fintech, it can be

difficult for incumbents to keep up. At least

one major survey in 2015 indicated a decline

in US consumer satisfaction with mobile

banking, with inadequate clarity of

information and difficult navigation cited as

specific pain points.

Demonetisation effect on Digital

transactions

While it may have helped certain channels of

digital transactions, these are still just a

droplet in the ocean when compared to

ground realities and the larger ocean of retail

transaction. RBI’s latest data on reserve

money indicates that as on June 16, 2017,

currency in circulation (CIC) valued at

Rs.15,287 lakh crores. But this is still less

(approx. by 15%) of the CIC of Rs.17,977

lakh crores available on circulation as on

November 4, 2016, prior to the week of

declaration of demonetization.

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Although Prime Minister Narendra

Modi asked for 50 days to restore the

situation, even after seven long months of

demonetization, currency dearth still remains

unsolved. On social media, people still crib

about useless ATMs and cash deficit in

several parts of the country, though most

mainstream media houses are not bothered

by this.

Within 2 weeks after the demonetization, the

narrative of the focus of demonetization

dramatically shifted from the black and fake

currency to the efficacy of digital economy.

As a result, to this, India witnessed a publicity

blitzkrieg that enhanced digital transactions.

Digi-dhan melas and lucky dips were

arranged to inspire people to embrace the

digital economy. We noted exaggerated

claims from the top bureaucrats and

ministers that the digital transactions made a

humongous leap and that the present

currency in use is more than enough to meet

the growing needs of transactions demanded

by the nation.

UPI and BHIM

The latest NPCI info shows that the Unified

Payment Interface (UPI) transactions leaped

immensely from just 1,03,060 transactions in

October, 2016 to an eye-catching 91,67,277

transactions in May 2017, recording an

impressive 89X improvement. Value-wise,

UPI recorded an increase of Rs 0.49 billion to

Rs 27.65 billion, more than 56X improvement

during the same time frame.

Modi, at a digi dhan mela at Talkatora

Stadium in New Delhi on December 30,

2016, introduced the much sought after

BHIM (Bharat Interface for Money), which is

a mobility application created by NPCI,

based on the UPI interface. BHIM too

registered a rise in transactions from

17,17,696 transactions in January, 2017 to

39,75,750 transactions in May, 2017, which

is almost 2.3 times growth. Speaking of

Amount, BHIM registered a growth from Rs

3.56 billion to Rs 13.07 billion during the

same period.

The spread of UPI along with BHIM (which is

of course a secondary to UPI) may force an

impression that we made a giant leap with

respect to digital transactions. But it is

umpteen necessary to place this data in mind

while analyzing ground realities.

As per data from RBI, during April 2017, total

revenue of Rs 2,171 billion was put into

business via ATMs alone (only transaction

frequency from ATM is considered here),

while the UPI transaction number was just Rs

22.41 billion during that time frame. That is,

UPI-backed transactions took over cash by

around 1%.

NPCI claims that as on May 31, 2017 BHIM

figured 14.54 million downloads. We have

more than 300 million smartphones in India,

which means that BHIM is still falling short by

5% of average smartphone penetration.

Also, the quoted number of 39,75,750

transactions via BHIM in May 2017, means

on an average daily transactions using BHIM

figured close to 1,28,250 while in total there

are 14.54 million downloads. This means that

only 0.88% of the all the people who

downloaded BHIM used it, that too for a

single transaction on a daily basis.

If you analyze this transactions with the entire

population of India, the number goes further

miniscule, only 0.01% of the population uses

BHIM on a daily basis, that too just for a

single transaction.

Meanwhile, USSD transactions recorded in

the month of May, 2017 was Rs 0.32 billion

from 0.19 million transactions. Since this is

minuscule, when compared even with UPI,

no detailed comparisons are not made.

The transactions under UPI can be analyzed

for further inference, after making a detailed

analysis of the digital transactions happening

under various verticals. These categories are

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being considered by RBI while taking stock of

digital adoptions in the economy.

Yardsticks used by RBI to analyze digital

transactions

Cashless transactions have been

mentioned in the RBI Annual Report 2015-

16 in Part II, under the chapter IX namely

“Payment and Settlement Systems and

Information Technology”. These transactions

are segregated into two primary heads,

namely ‘Systemically Important Financial

Market infrastructures (SIFMIs)’ and ‘Retail

Payments’. SIFMIs consists of big token

transactions like RTGS, CBLO, government

securities and forex clearing.

SIFMIs comprise almost 90% of total amount

of cashless transactions while retail

payments comprise only 10% of all cashless

as per annual report of 2015-16. The number

of transactions under SIFMIs are only 101.4

million, which is just 1.5% of all cashless

transactions volume of 7046.6 million.

Paper clearing

Paper clearing comprises the cheque

truncation system, MICR clearing and non-

MICR clearing. These don’t fall under digital

transactions though they qualify to be

cashless transactions. If we look at data from

the last six years (2011-12 to 2016-17), we

can see that slowly digital transactions are

replacing the paper clearing transactions. It

has been observed that paper clearing

transactions, which consisted of 82% value of

the total retail payments in 2011-12, have

reduced to 37% in 2016-17.

Retail electronic clearing

Retail electronic clearing comprise ECS Dr,

ECS Cr, NEFT, IMPS and NACH. ECS Dr

and ECS Cr are now fully migrated to NACH

(National Automated Clearing House) under

NPCI, which uses a web-based solution to

enhance interbank, heavy volume, electronic

transactions which are repetitive and periodic

in nature for banks, financial institutions,

corporates and governments.

Card payments

Card payments comprise credit cards, debit

cards and PPIs. This is the one sector which

has seen a remarkable year-to-year growth

of 65% during the last financial year. This

growth is basically driven by a substantial

jump in the debit card POS usage which

showed a growth of 107%. Of course,

demonetization forced people to use their

debit cards extensively for personal

consumption expenses. But, we should

remember that the total amount of Rs 7421

billion under the card payments is just over

5% of total retail payments of Rs.1,39,611

billion.

Total Digital Electronic Payments in

Retail

It is also interesting to analyze the total

volume of transactions in retail payment

sector too at this context, especially in the

backdrop of the finance minister’s statement

in his budget speech this year that, “A

mission will be set up with a target of 2500

crore digital transactions for 2017-18 through

UPI, USSD, Aadhaar Pay, IMPS and Debit

Cards.”

The minister is setting an ambitious target on

personal finance expenditure here, which is a

subset of retail payment sector transactions.

Last financial year, IMPS and card payments

totally recorded 470.38 crore transactions

while total retail sector digital transactions

touched a figure of 964.69 crores. Now, let us

see how the transaction volume changed

over the years. Here, it is interesting to note

that the transaction volume recorded its best

year-to-year growth between 2014-15 to

2015-16 and not during the demonetization

period.

So even after the phenomenal growth, UPI at

Rs 22.41 billion in April 2017 is a tiny fraction

of IMPS transactions amounting to Rs 562

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billion (just 4%). This is while IMPS itself is

just 3% of total retail digital transaction.

Similarly the growth of Paytm and other

wallets, which are having total share of the

miniscule PPI component, comes at just 1%

of total retail electronic transactions. Both

debit card and credit card usage are still

around 4% of the retail pie.

Hence any tall claims the government is

making about digital transactions are nothing

but growth in small components of the larger

sea of digital transactions. Without seeing the

larger picture, and just looking at one or two

minuscule components of retail payments,

will give you a misleading and distorted

picture.

Regulatory Landscape

M-Wallet Regulatory Approval in

India

Only Banks are permitted to issue all

categories of pre-paid payment instruments,

whereas Non-Banking Financial Companies

(NBFCs) and other companies are permitted

to issue only closed and semi-closed system

payment instruments, including mobile

phone-based pre-paid payment instruments,

i.e. M-wallet. Reserve Bank of India

prescribes capital adequacy requirements

time to time to issue pre-paid payment

instruments by Banks and Non-Banking

Financial Companies.

All other persons, seeking authorization

henceforth, shall have a minimum paid-up

capital of INR 5 Crore and minimum positive

net worth of INR 1 Crore at all the times.

Applicant companies which have FDI/FII

should meet the minimum capital

requirement as applicable under the

Consolidated FDI policy guidelines of

Government of India. Only companies

incorporated in India will be eligible to apply

for authorization.

The Way Forward

The consumer payments industry will play a

crucial role in the future growth of digital

payments in the country. It will be driven by:

• Tapping into the untapped market: According to data from the RBI, India is home to the largest number of unbanked families, the largest bases to capitalise on.

• Merchants providing multichannel payment services

• Wallet payments using near field communication (NFC)

• Tokenisation, biometrics

• Crypto currencies such as Bitcoin, Litecoin. Developing solutions that are not payment solutions, but are touch payments — solutions for merchant, gift, loyalty, data analytics, and so on

• Financial inclusion: a wallet which can cater to this will definitely rule the Indian market

• Analytics solutions – payments transaction data analytics will be a major source of payments-related revenue.

Mobile payments allow users to manage

money from anywhere, at any time. Such

financial convenience is the hallmark on

which the mobile payments industry was

founded, and will influence how mobile

payment processing evolves in years to

come. Though nearly 60 percent of mobile

users currently manage some aspect of their

financial lives on a mobile device, most of

that activity is limited to basic functions such

as checking account balances. As mobile

technology becomes more secure, user-

friendly and value-oriented, mobile payments

and their relevance to users’ lives will play a

significant role in the future of finance.

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References

1. http://ema-partners.com/industry-functional-practices/specialty-practices-2/global-payments-digital-transaction-

services/

2. https://thewire.in/152625/digital-transactions-demonetisation-detailed-analysis/

3. http://www.financialexpress.com/money/payment-goes-digital-how-smes-now-have-a-global-

advantage/536500/

4. https://medium.com/wharton-fintech/the-rise-of-digital-payments-in-the-wake-of-indias-demonetization-

d2987e85051d

5. http://www.assocham.org/upload/docs/M-Wallet_Report_press.pdf

6. http://www.ey.com/Publication/vwLUAssets/EY-the-case-for-mobile-payments-in-india/%24FILE/EY-the-case-

for-mobile-payments-in-india.PDF

7. https://www.business.com/articles/kristen-gramigna-future-of-mobile-payments/

SENIOR CLUB COORDINATORS, SYSTEMIX

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Abhishek Deshpande

CONTACT NUMBER EMAIL ID

+91 9901666453 abhishekd_d18@iift.edu

Avneet Handa +91 9871928023 avneet_d18@iift.edu

Shadan Mahtab +91 9830848370 shadan_d18@iift.edu

JUNIOR CLUB COORDINATORS, SYSTEMIX

NAME

Ashutosh Routray

CONTACT NUMBER EMAIL ID

+91 7042013969 ashutosh_d19@iift.edu

Neha Varshney +91 9911428816 nehav_d19@iift.edu

Soumya Saini +91 9818574100 soumya_d19@iift.edu

About Systemix - The Systems Consulting, E-Commerce and SMAC Club, IIFT

The Systemix club at IIFT aims to provide a platform where prospective young managers will gain experience with real-life issues and problems in the field of technology. The club is dedicated in providing the know-how of e-commerce industry and cater information of every aspect involved in bringing up of any e-commerce company – from setting up the platform to getting sellers listed and then reaching out to customers. It provides a stage where young managers can gain insight to the latest technology in systems consulting field and is particularly involved in imparting the knowledge about gamut of the most sustainable technologies to come up in recent times in IT – SMAC (Social, Mobile, Analytics and Cloud).

systemix@iift.edu

https://www.facebook.com/Systemix.IIFT

https://www.linkedin.com/showcase/13269065

All Rights Reserved. Systemix, The Systems Consulting, E-Commerce and SMAC Club, IIFT

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