With growth percentages often in the three digits, and sometimes four, India’s payments sphere promises opportunity for U.S. firms.
To win in payments, financial institutions need to partner with nonbanks and make multiple technology bets, says Bank of America executive David Godsman.
Integrating new credit card systems into a payments hub provides a more agile and holistic payments processing capability.
Mobile payments is coming fast, spurred by the development of downloadable apps such as Angry Birds – little bits of money that soon add up to big money.
Economic pressures and government regulation have accelerated the use of debit over credit cards during the last two years, according to a BAI Research/Hitachi Consulting study.
With consumer loan demand anemic, banks need to focus on deeper relationships, says consultant Bill Handel.
While the popularity of general-purpose reloadable prepaid cards is growing at a fast clip, banks need to weigh the pros and cons of offering them.