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Digital payments and digital wallets

Presentation · January 2019

DOI: 10.13140/RG.2.2.13230.56646

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Varun Mittal
Duke University
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Digital payments and digital wallets

Challenges faced by institutions Case study

Context:
Management of An Indian financial service provider was
Longer go-to-market
complex seeking a white-labeled wallet platform to
time for new
Integrations with
business features launch a digital wallet, facilitating payments
third-party systems
and banking transactions to increase their
range of payment channels.
Lack of digital Legacy platforms
payment channels with lesser Solution configuration:
flexibility and • The implementation of a mobile
configurability application digital wallet and payment
system with quick response (QR) code
Scalable payment Creating ecosystem and near-field communication (NFC)
solutions that with merchants,
billers and service functionalities.
grow with the firm
providers • Additional features were customizable
to the firm’s requests, including having
configurable payment options.
• Bulk salary processing, QR code-based
Robust, multi-functional payments, remittance and customer
payment solution service functionalities were added in.
• Loyalty programs with a points system
Loyalty were integrated into the mobile
Multi-currency Multi-tenancy
management application infrastructure.
Client impact:
Dynamic field • Increased customer retention rate with
Companion the loyalty program and flexibility of
and form Bill presentment card issuance multiple payment options
management
• Created ecosystem in integration with
Multiple services billers, merchants, payment gateways
for Person-to-person and so on
(P2P), Government- Payroll and bulk Multi-factor
• Acquired corporate customers with
to-person (G2P), payments authentication payroll processing
Person-to-merchant
(P2M) and so on • Went live with minimal hardware
requirement resulting in lesser capital
Inbuilt expenditures (CAPEX)
Offers and
integration Family wallets • Increase in customer satisfaction with
promotions
adaptors streamlined payment system and digital
customer service

Leading interfaces and technology capabilities Contact us

Varun Mittal
e-know
your Cryptocurrency
and digital Omni- Connected Open APIs
Services varun.mittal@sg.ey.com
customer channel marketplace
(KYC) assets core

Varun Parmar
varun.parmar@sg.ey.com

Sahil Gupta
sahil.gupta@sg.ey.com

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