Visa, the global leader in digital payments technology, announced an independent study, conducted by Roubini ThoughtLab and commissioned by Visa, examining the economic impact of increasing the use of digital payments in major cities around the world, including Delhi, Mumbai, Bangalore and Chennai could help these cities realize, USD 7.2 billion annual net benefits.

Image Source – Digital Payments

The study estimates that relying more on electronic payments, such as cards and mobile payments, could yield a net benefit of up to US$D 470 billion per year across the 100 cities studied ~ roughly the equivalent to 3% of the average GDP for these cities. For instance

  • Mumbai, with a population of 19,547,000 and GDP 0f US$104.1bn, could gain USD 2.9 billion annual net benefits. Estimated catalytic impacts for the city over the next 15 years include 4.4 basis point increase in GDP growth rate and 1.3% increase in employment.
  • Delhi, with a population of 17,266,000 and GDP of USD 74.4bn, could gain annual net benefits of USD 2.2 billion. Estimated catalytic impacts for the city over the next 15 years reflect 8.4 basis point increase in GDP growth rate and 1.5% increase in employment.
  • Bangalore, which has a population of 9,394,000 and GDP of USD 44.7bn, could realize USD 1.3 billion annual net benefits experienced by consumers, businesses and governments in the city. Estimated catalytic impacts for the city over the next 15 years translate into 7.7 basis point increase in GDP growth rate and 1.4% increase in employment.
  • Chennai, with a population of 959,4000 and GDP of USD 30.9bn, could save an estimated annual net benefit of US$0.8 billion through the cashless transition in the city. Estimated catalytic impacts for the city over the next 15 years include 9.8 basis point increase in GDP growth rate and 1.7% increase in employment.

Cashless Cities: Realizing the Benefits of Digital Payments, is a unique study that quantifies the potential net benefits experienced by cities which move to an ‘achievable level of cashlessness’ – defined as the entire population of a city moving to digital payment usage equal to the top 10% of users in that city today.  The study does not look at eliminating cash. Rather, it seeks to quantify the potential benefits and costs of significantly increasing the use of digital payments.

By reducing reliance on cash, the study estimates the immediate and long-term benefits for three main groups—consumers, businesses and governments. According to the study, these benefits could add up to combined direct net benefits of approximately U.S. USD 470 billion across the 100 cities that were analyzed:

  • Consumers across the 100 cities could achieve nearly USD 28 billion per year in estimated direct net benefits. This impact would be derived from factors including up to 3.2 billion hours in time savings conducting banking, retail and transit transactions, in addition to a reduction in cash-related crime.
  • Businesses across the 100 cities could achieve more than US$D 312 billion per year in estimated direct benefits. This impact would be derived from factors including up to 3.1 billion hours in time savings processing incoming and outgoing payments and increased sales revenues stemming from extended online and in-store customer bases. The study also found that accepting cash and checks costs businesses 7.1 cents of every dollar received compared to 5 cents of every dollar collected from digital sources.
  • Governments across the 100 cities could achieve nearly USD 130 billion per year in estimated direct benefits. This impact would be derived from factors including increased tax revenues, increased economic growth, cost savings from administrative efficiencies and lower criminal justice costs due to reduced cash-related crime.

TR Ramachandran, Group Country Manager, Visa, India & South Asia, said

Cities are the new engines of economic growth. To unlock their true economic potential, and become globally competitive, cities must embrace digital payments. This global study shows how becoming more cashless delivers real benefits to governments, businesses and consumers, stimulating long-term economic growth. Each of the surveyed cities, including Delhi, Mumbai, Bangalore, and Chennai could achieve, on average, USD 7.2 billion in annual net benefits – roughly the equivalent to 3 percent of each city’s average GDP.

As cities increase use of digital payments, the positive impacts can extend beyond financial benefits to consumers, businesses, and government. The shift to digital payments also may have a catalytic effect on the city’s overall economic performance, including GDP, employment, wage, and productivity growth.

Lou Celi, Head of Roubini ThoughtLab, said

The use of digital technologies – from smart phones and wearables to artificial intelligence and driverless cars – is rapidly transforming how city dwellers shop, travel, and live. Without a firm foundation in electronic payments, cities will not be able to fully capture their digital future, according to our analysis.

Cashless Cities: Realizing the Benefits of Digital Payments offers 61 recommendations for policymakers to help their cities become more efficient through greater adoption of digital payments. Recommendations include undertaking financial literacy programs to help move the unbanked into the banking system, implementing incentives to stimulate innovation focused on scaling new payment technologies, implementing secure open-loop payment systems across all transportation networks and more.

Visa and Roubini ThoughtLab created an online data visualization tool as a companion to ‘Cashless Cities: Realizing the Benefits of Digital Payments’. Using the data visualization tool, individuals can increase or decrease the level of digital usage in each of the 100 cities included in the study to better explore the benefits of a world, less dependent on cash. Visit the online data visualization tool and download the report from here.

Flytxt have announced the availability of an intelligent voice interface for NEON-dX, its digital customer engagement product. NEON-dX will use analytics and Artificial Intelligence [AI] to personalize conversations on any digital touch point that supports Amazon Alexa and Google Assistant.

Dr. Vinod Vasudevan, CEO, Flytxt, said

More than a quarter of all mobile searches in 2016 were done over voice. With speech recognition accuracy reaching over 95%, more and more consumers will adopt voice as the preferred medium to interact with their service providers.  With this interface, our enterprise customers can now engage their consumers in natural conversations using voice. This will significantly improve consumer experience and generate higher returns for enterprises.

NEON-dX has out of the box analytics and AI capabilities to translate data to actionable insights reflecting consumer’s persona, intent and contextual needs. Enterprises can leverage these insights and recommend right offers and actions during voice conversations seamlessly just like how a human agent will do. The interface will start supporting other voice platforms like Siri subsequently.

Flytxt has partnered with more than 100 enterprises including some of the largest Telcos and other enterprises in their digital customer engagement initiatives across the globe.

About Flytxt

Flytxt provides NEON-dX, an enterprise class software product for intelligent digital customer engagement automation. The product enables Artificial Intelligence based autonomous customer value management, helping enterprises to accelerate their digital transformation journey and generate measurable economic value faster and more efficiently. The solutions powered by Flytxt’s products and services help enterprises to grow revenues, reduce churn and enhance customer experience.

Freshworks, the leading provider of cloud-based business software launched Freshchat, a next-gen messaging product that helps businesses better communicate with their customers. Freshchat provides a suite of website and in-product engagement capabilities which help businesses capture more leads and drive sales.

Image Source – FreshChat

As per the 2016-17 Gartner CMO Spending Survey, nearly two-thirds of marketing leaders plan to increase digital ad-spend in 2017. Marketers are spending more on digital marketing to attract customers to their websites and apps, but end up converting only 2 to 3 percent of these visitors into customers.

To solve for this, Freshchat enables businesses to target visitors with highly contextual messages to increase engagement and thereby conversions. Once the end user responds, an intelligent bot screens and qualifies leads effortlessly before bringing in a sales rep. This information is auto-synced into the CRM, providing context for sales reps and enabling intelligent conversations.

Freshchat breaks from legacy live chat tools to deliver a modern messaging experience that customers expect, similar to personal messaging apps like WhatsApp or Facebook Messenger. Leveraging technology from recent acquisitions, Freshchat enables smarter conversations without the burden of traditional live chat on either party – no missed chats or sessions timing out for the customer, and no staffing up during peaks for the business.

Freshchat can integrate into websites, web-apps, native mobile apps, and other messaging products like Facebook Messenger. Freshchat offers in-product campaigns for on-boarding and engagement, a unique integrated FAQ experience to encourage self-service, and advanced features to route and manage conversations for customer support.

Girish Mathrubootham, CEO and Founder of Freshworks, said

Businesses today want to provide their consumers with contextual, intelligent and personalized chat experiences. We believe there is a huge gap that live chat products don’t address compared to consumer messaging apps, which are creating high benchmarks for user experience.

Sales and support agents need to be empowered with a single platform that provides the flexibility to engage with prospects and customers who are always multi-tasking. We are excited to offer a game-changing chat offering with unique sales and support capabilities that push the boundaries of an already well-established business communication channel.

Rajesh Magow, Co-Founder and CEO-India, MakeMyTrip, said

At MakeMyTrip, we are always looking to use innovative technology to make travel seamless and hassle-free for our customers. We are using Freshchat to solve for our customers’ needs with precision, in real time. Not only has it ensured that our customers receive prompt personalized experiences, it has also brought in operational efficiencies that make assisted buying extremely scalable.

In addition to the standalone chat offering, Freshchat will integrate into Freshsales and Freshdesk, making it easy for sales and support teams to adopt the product into their workflow. Freshchat is available to businesses of all sizes, with a free plan for companies with less than ten team members in sales and support. For more information, please visit FreshChat

PayPal is one of the most successful payment processors today. It is available in 202 countries with 203 Million active users. There are 770,793 websites currently accepting payments with PayPal, and this number is growing day by day.

PayPal has remarkable founders and employees, who have succeeded in different spheres later in life. Chad Hurley, Steve Chen, Jawed Karim, the former employees of PayPal founded YouTube, Reid Hoffman founded LinkedIn, Elon Musk founded Tesla, Yelp was founded by Russell Simmons and Jeremy Stoppelman.

Find more interesting facts about PayPal in the infographic, that experts from Play-N-Pay compiled for you. Today we will cover the most interesting six facts about PayPal, which you should know.

$20, $10, $5 marketing strategy

In its early years, PayPal was charging money from every new user. At first, it was a $20 fee, then $10, $5 and PayPal grew at almost 10% per day. From March 2000 to August 2000, PayPal’s user base jumped from 1 million to 5 million. After this early success, PayPal quickly went public on NASDAQ.

PayPal went public twice

In 2002, PayPal stock grew to 55% on NASDAQ. After this in July, the same year eBay bought PayPal for $1.5 billion. This money gave the opportunity for PayPal’s founders to reshape much of the technological world we know today. In 2015, Ebay spun off PayPal, and the two companies were divided again. Since then PayPal stock grew about 56%, and eBay’s stock is up by 43%.

PayPal supports 26 currencies

Though PayPal supports 26 currencies, there are differences in the accounts for different countries. For example, there are many countries where PayPal users can’t enjoy some of the financial features that Americans do. They can’t cash out money from their online wallets, but they can still make purchases. Also, PayPal’s currency exchange rate is a bit lower for many currencies. But overall, it is a great help to make and receive payments for many people around the world.

PayPal demographics

43.86% of PayPal users are from the USA. The second comes from Germany with 17.61%, followed by the UK with 14.39%. 87% of millennials in the US use PayPal for receiving and sending money. Around 30% of PayPal transactions are made through mobile devices.

PayPal is all over the world

PayPal has 56 offices in 31 countries. It’s centers and offices are located in Arizona, Nebraska, California, Texas, Germany, Singapore, Malaysia, Ireland, China, India, and many others. Meanwhile, PayPal’s operations center is not in fancy Silicon Valley, but in Nebraska!
PayPal has 18,000 employees of 119 nationalities. 55% of them are millennials.

It is interesting to know, that there are 13 countries [Belarus, North Korea, Iran, and Iraq included] where PayPal is officially prohibited.

PayPal is a partner with numerous large companies such as Google, Facebook, Visa, Master Card, Telcel, and Vodafone.

Users love PayPal

86% of PayPal users are likely to recommend the service to their friends. Additionally, the US citizens consider PayPal to be the second safest payment system after credit card.

Source – Play N Play PayPal success story

Read the amazing story about PayPal and it’s growth here

Delivering a seamless, consistent and integrated customer experience is the hallmark of a digital enterprise. Organizations, while racing to catch up the rapid digital changes to facilitate better decisions and successful digital transformation, move in harmony with the customers enriching and making their experience worthwhile.

Image Source –Digital Transformation

Customers expect active management of their data and preferences as well as a seamless omni-channel experience so they can readily engage with companies, whether the interaction is via mobile, the web, social media or face-to-face communication. Top customer expectations that influence an organization’s digital transformation efforts include dramatically reduced response times and immediate real-time access to products and services.

Hence, the key to winning customer’s share of mind as well as a share of his wallet is by providing him with unified and personalized experiences.

According to International Data Corporation, a majority of businesses will have to overhaul their digital front doors to support 10,000 times as many customers and customer touchpoints over the next three to five years.

Enterprises face the uphill battle to quickly build digital service delivery models that are flexible, robust and future-proofed. Enabling business processes and practices that help an organization to compete effectively in an increasingly digital world is the best way to tackle digital transformation. However, the main challenge is being driven by the demands of the tech savvy consumers, who expects an interactive experience across all interaction channels, along with the further pressure to innovate with few resources and restricted budget.

Businesses must manage the shift from transactional systems of record where information is ingested, stored, and managed in static databases and warehouses to interactive systems of engagement where real-time data is combined, accessed, interpreted and used to digitally support multi-touchpoint, real-time customer journeys and communications.

Although the benefits are countless, but at the same time, challenges to this transformation are no less.

  • Speed – Organizations often needs to evolve their own approach and use of tools in order to be able to meet the pace of change required given the increase in customer’s expectations and restricted budget. This might, sometimes, outpace their ability to deliver.
  • Capacity gap – Projects fail to hit timescales and product quality expectations leading to unsatisfied internal and external stakeholders. This cannot be fixed by incremental improvements but requires a fundamental change in the operating model for the delivery of services.
  • Lack of human resources – Most organizations lack the digital talent required to deliver the necessary changes. Skills in new technologies such as IoT, AI, and Big data analytics are in short supply. Finding external help can be valuable but only up to a certain critical point.
  • Security Breach – Cyber-security is the top disruptor that organizations expect will influence their digital strategy in the coming years.
  • Legacy – Much IT infrastructure is fragile and difficult to change but requires changes in order to support both rapid innovation and scalability. Virtualization, mobility, automation and cloud-based services have opened up a plethora of opportunities, but this needs to be taken to new heights.

All in all, a well-planned, integrated strategy is essential to steering digital transformation in alignment with the customer journey and driving customer engagement; otherwise, this could quite easily turn to be house of cards.

About the Author

Aniruddha Guha Sarkar, Senior Vice President, Engineering heads the offshore software engineering delivery at InterraIT. Aniruddha has over 25 years of industry experience, the last decade of which has been in senior executive level leadership positions. Prior to joining InterraIT in early 2012, Aniruddha worked with the house of Siemens for more than 20 years. You can connect with Mr. Aniruddha here

At least 40% of all businesses will die in the next 10 years… if they don’t figure out how to change their entire company to accommodate new technologies.

Digital transformation in its simplest form means the use of technology to radically improve performance & reach of enterprises. But it does not merely stop at that. As technology becomes a permanent fixture in everyday life, the best organizations combine digital technologies with strong leadership to bring about real transformation.

Image Source – Digital Evolution

Business and IT leaders are eager to fully utilize key digital technologies such as analytics, mobility, social media, IoT, Machine Learning and smart embedded devices to vitalize their customer relationships, internal processes and value propositions hence, bringing the much needed digital evolution.

Even though the digital transformation is a long journey with the gradual evolution of the organization, there are a few key elements which are to be taken care off while beginning the transformation endeavor. Implementing advanced digital technologies, improving customer experiences, transforming internal processes, re-evaluating and designing improved business models and bringing to the fore your key value propositions are some of the key elements of a digital transformation exercise.

Digital Evolution is more of a business evolution than a technology initiative. It has created a rapidly changing business environment and has compelled companies to rethink nearly everything they do. Pro-actionary approach along with quick adaptability and flexibility is required for an organization to stay on the leading edge of the digital landscape.

This is a time of Digital Darwinism – an era where technology and society are evolving faster than businesses can naturally adapt. Therefore, as companies look at moving business platforms and technologies, corporate leaders face an endless list of initiatives to consider, prioritize, evaluate, validate and implement. The challenge is to ensure that their priorities are aligned wisely. Without any strategic direction, every single attempt to evolve digitally can end up disjointed and ineffective.

Mr. Ashok K laha [Image Source]

It’s no surprise that digital evolution is an ongoing wave of new technologies and capabilities that are coming at us at an unprecedented pace. The major one being the data revolution which has emerged as a new weapon in the industry in the recent years. It is being generated, combined, recreated and consumed at significant levels which are facilitating changes within the organization.

But the question to be asked is Are companies investing in the right technology for their Big Data needs in addition to the training of marketing and IT personnel?

Given the speed of evolution and scope of impact, an organization needs to fully understand the opportunities to be gained and lost, spot important trends and identify its competitors in order to evolve along with the world and its gadgets.

Cyber security is another major concern when we talk about digital evolution. The world currently deals with approximately 2.5 million cyber security threats per second. Most of the business leaders are reluctant to innovate due to cyber risks. However, these risks are worth dealing given the plethora of opportunities that digitization offers. Else, sitting on the sidelines and not responding to the market conditions and threats will become the fastest way to extinction.

With the new Modi Government at the helm, we as a country are making great strides in digital transformation. Reforms like demonetization, GST, and Digital India will act as stepping stones in helping the country’s businesses and economy to digitally enable and transform them.

Digitization is a gift to the organizations though it takes investment, agility and relentless focus to stay ahead. The road to digital evolution is far from easy but it carries great incentives for businesses and customers alike. The digital industry could be an important vehicle for change and it could provide the opportunity for India to dramatically expand its role and influence in the global economy enabling it to become a powerhouse of digital innovation.

About the Author

Mr. Asoke K. Laha is the Founder, President & CEO of Interra Information Technologies. Interra Information Technologies has been a leader in the Information Technology Industry since its founding in 1996. Headquartered in California, the company’s operations and sales network spans across multiple countries. You can learn more about them at www.interrait.com. You can also connect with Interra Information Technologies on Facebook, Twitter, Google+ and LinkedIn.

Capturing the growing influence of the Internet on the education industry in India, Google and KPMG released a joint report titled; Online Education in India : 2021. The report reveals that the online education industry will grow at a healthy rate of 8x, to become a USD 1.96 billion industry by 2021. The report is based on a comprehensive market research conducted by KPMG, along with a primary research and combined with insights from Google search. The report finds that the paid user base will grow 6x from 1.6 million users in 2016 to 9.6 million users in 2021.

The report revealed that over the last two years, there has been a 2x growth in online searches for education and a 3x growth in searches from a mobile device. Also, 44% of education searches are now coming from beyond the top 6 metros and there has been a 4x growth in education content consumption on YouTube in the last one year.

Highlighting the segment wise growth in the online education space, the report highlights that re-skilling and online certification is currently the largest. In 2016, it was valued at USD 93 million, and is expected to grow at a CAGR of 38% to reach 463 million by 2021. As per the report, the primary and secondary education category has the largest addressable audience with a student base of around 260 million when compared to the other categories. Owing to this, the primary and secondary supplementary education segment was the second largest category in 2016, and will grow at a CAGR of 60% to reach USD 773 million, making it the largest category in 2021. The test preparation which is a small segment as of today is likely to grow at an impressive CAGR of 64 per cent to become a USD 515 million category in 2021.

Speaking about the key findings of the report, Nitin Bawankule, Industry Director, Google India said

The online education segment is set to become a multi-billion dollar opportunity in India. There are many factors driving this growth including the perceived convenience, increased reach and personalization offered by online channels. It is also interesting to note, that high growth in education search queries is now coming in from Tier 2 and 3 cities such as Patna, Guwahati, Aligarh and Kota – which points to the opportunities that growing penetration of smartphones and improving quality of internet have opened up.

Talking about the future of the online education industry in India, Sreedhar Prasad, Partner, KPMG India said

There are several evolving trends in the Indian online education segment that are contributing to the growth opportunities ahead. These include emergence of hybrid learning channels, continuous need for working professionals to learn new skills as well as emergence of technologies such as big data and artificial intelligence that is enabling online education vendors to design customized content. At the same time, it will be critical for players to deliver differentiated offerings for consumers to see continued value in online education channels.

The complete report Online Education in India : 2021 can be downloaded from here

Report Methodology

The Online Education in India: 2021 report is based on a primary qualitative and quantitative research that covered over 3,600 respondents across 27 geographies including metro and non-metros to understand the growth of consumer paid online education market in India by 2021. The respondents are in the age group of 16-45 years, both male and females, who are online/ offline course takers/intenders and parents of primary/secondary courses. Insights from the primary research have then been combined with KPMG India’s proprietary sizing model as well as Google search trends and KPMG India’s industry intelligence.

Intex Technologies announced their in-house digital e-payment App-Intex MyWallet going live on Google Play Store for all Android users outside Intex as well. This is the brand’s step towards facilitating day-to-day payments for all mobile users in seamless manner and contributing to government’s vision of making India a cashless economy. Built and designed on a highly safe and secure encrypted platform, the app is free to download with full proof security.

Intex technologies partnered with Tata mRupee last year to foray into the digital payment ecosystem with both B2C & Retail assisted models with vision of making consumers’ daily transactional needs quicker and convenient. Intex MyWallet is equipped with a wide range of payment options across segments ranging from recharging the phone to paying utility bills like postpaid, gas, electricity, DTH, landline, data card etc. is just a single click. The wallet also allows users to book Railway tickets through IRCTC and other entertainment bookings through various gift voucher & coupons. The app allows users to send and receive money at ease as well.

The app is powered by Tata mRupee with a secure backend technology and its main features include:

  • Send / Receive Payment
  • Online Recharge and Utility Bill Payment
  • Add Money to your Intex MyWallet
  • Pay for Travel
  • Shop Online & More
  • Coupon, Offer & Deals

To further build the digital ecosystem, Intex is also planning to implement Intex retailer portal wherein the Intex retailers will find additional opportunities to get higher share of customers’ wallet by offering retail assisted services. The retailer portal will help the unbanked consumer to carry out various transactions including the domestic money transfers.

Shortly Intex My Wallet will also be deeply integrated and pre-loaded with Intex smartphones for users to carry out transactions and also earn loyalty points for various digital purchases like videos, games and other content. Intex is working closely with its Partner Tata mRupee to expand the utility and entertainment merchant base with getting merchants across various segments (online & offline) on board.

Commenting on the expansion, Vineet Singh, Head-VAS, Intex Technologies said

At Intex, we are constantly innovating our products and services. Digital Ecosystem has been at the forefront and we have now created a one stop solution experience for users looking for both utility and entertainment needs. Our mobile payment ecosystem is one of our core digital drivers and with this expansion our m-wallet services are now available to all android users on Google PlayStore, making day-to-day transactional needs easy. We will continue to innovate and keep integrating various digital services into our devices and commit to enhancing Intex mobile user experience at competitive pricing in future as well.

Users will be rewarded for accessing content and other utilities which will help them earn loyalty bonus point which could be further redeemed for various utility payments or could be converted to cash depending on needs. These loyalty rewards will ensure upward movement in consumer value chain.

The BETA version of Intex MyWallet can be downloaded from the Play Store from here