Wallet Usage to Rise

2017 has been the year which saw e-wallets and digital payments come to the fore, placating the masses post demonetization. Come 2018, this trend will likely mature as more and more Indians turn to the digital side of things; becoming the payment mode of choice for a lot more users. Financial technology organizations and applications will make purchasing more seamless and stores will permit payments straight from your mobile.

Banks and fintech companies collaborating

Banks do not look at fintech companies as disruptors anymore. Today, they are more like partners that pair up to take on the challenges of a new digital India. This integration combines the strengths of both – the administration of fintech with the strength and reach of traditional banking.
A Secure Digital India

The rise in digital payments and online lending also makes the sector exposed to hackers who are always on the prowl to feed on vulnerable security. Hence, the sector is always innovating to ensure the security of sensitive customer data and information.

As most cybersecurity measures up till now have been reactive rather than preventive in nature, banks will now begin to adopt additional measures to ensure data security at all stages using a combination of encryption, OTPs, biometric authentication and more. This coming year, one can expect more investment in this space by the government.