“Indian Ecosystem Has Witnessed Tremendous Disruption With Digital Wallet Adoption And UPI Rollout”

By: Rajeev Ranjan
December, 24, 2019

Amidst the increasing dependency of people on digital assets, the financial service market has bloomed surprisingly over the years. Also, Digital transformation revolution has propelled the growth of this market in a remarkable way. As per this growth trajectory, there are huge opportunities for the market players who are investing a lot in this domain to offer modernized, robust and safe digital payment infrastructure. But security remains the major challenge for consumers who look for reliable sources to perform their financial actions. Opus Consulting Solution, a well-known and reliable platform is successfully serving this market since long time and has earned good name in this domain. In order to know more about market growth and company’s plan, Rajeev Ranjan, Editor & Publisher of Digital Terminal had an insightful interview session with TM Praveen, Chief Executive Officer at Opus Consulting Solutions. Please read below the excerpts:

Rajeev: What is the scope of digital payment solution market in India by 2020? Where do you see Opus consulting solution currently in the Indian market?  

TM Praveen: Opus focuses more on the North American market for business, but we are pretty aware of the fact that the Indian ecosystem has witnessed tremendous disruption firstly with digital wallet adoption and recently with the UPI rollout.  Every forum you go to abroad has at least one session on how UPI changed the way consumers now make payments. 

Rajeev: How do you leverage your expertise in the digital payment solution industry to assist the companies in accelerating their digital transformation journey?  

TM Praveen: We work with some eminent names in financial services, particularly the payments space. As our customers redefine their market strategy, we need to keep up with their needs. We have over two decades of experience with building P2P payment solutions, modernizing payments platforms and systems, and building several solutions for cards and accounts. In the midst of the digital transformation revolution, we partner with our customers to build products, execute large cloud transformation, and build robust technology cases with AI and ML. 

Rajeev: What are the key factors helping the digital payment solution industry to grow in India? Which major factors are expected to drive this market over the next couple of years?

TM Praveen: The biggest factor to drive payments in any country is adoption. Luckily in India, the population is perhaps the youngest right now. Consumers today need everything to be done in a jiffy, with no compromise on security. I think the coming decade will see more players in the faster payments space and we might also see a surge in wearable payments along with other digital options already.

Rajeev: How do you see the impact of global digitization on the digital payment service market? How is the growth of this market in APAC region and how are you operating within this region?  

TM Praveen: Global digitisation has fueled innovation. Consumer demands are evolving, commerce is becoming more accessible and suddenly everything has this urgency. Payments are a by-product of this and yes, digitisation has propelled this. Large payment organizations are looking at redefining their technology architecture so that they can add more revenue channels, stay relevant to the Gen Zers and deliver seamless customer experiences. 

APAC is doing great on the digital payments front, with China and India leading the pack. As I said, though we don't work with customers in this region, most of our workforce is based out of Pune, India and it is imperative for us to keep up with the industry trends and understand the innovation in the region, so that we are well equipped to cater to our customers' needs.

Rajeev: As the security remains the key concern for everyone while thinking of such payment solutions, so how secure are your payment solutions and how do you work to maintain safety & reliability?  

TM Praveen: Those who work in the payments space can't emphasize enough on security. Our technology delivery centre is PCI certified, which means everything we do for our customers is governed by industry-standard protocols. As a technology company, we have our own processes to ensure our solutions are secure, safe and reliable.

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