Further, November saw the entry of players like PayPal into the domestic payments scene and also Paytm going live on UPI.
With a smart contract the transaction records remain secured and transparent as any change in the contract is visible to all the parties involved and creates an immutable audit trail.
This will be accessible for all samsung smartphone users whose phones can support Samsung Pay, from the most expensive S8 models to comparatively cheaper J series phones.
The company is exploring possibilities to ascertain how the end consumer can imbibe the benefits of this initiative.
Shubh Loans which has set a target of bringing 10 lakh people into the formal banking channel within 2020 hopes to expand its reach and diversify its portfolio to meet the personal loan needs of grey and blue collar workers, individuals who are new to credit and many other neglected segments.
Pine Labs, Innoviti Payments, Ezetap and Atom Technologies are exploring opportunities across Asia and Africa while companies like MSwipe Technologies that have already set foot outside India are planning further expansions.
Payment multinationals such as US-based Ebix, Naspers-backed PayU, France’s Ingenico Group and PayPal are among those that have established their presence in the country.
With this partnership the company hopes that it will provide more borrowers a greater flexibility in availing credit and ensure quicker disbursements.
The product named Paytm-ICICI Bank Postpaid will allow customers to get instant credit for regular use across bill payments, movie tickets and other purposes.
This full-stack solution has been built ground-up and comprises machine learning, natural language processing and natural language generation.
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