MAKING REAL-TIME A REALITY IN LIFE

On the go! Click off a button! Well, life is really pacing up quickly isn’t it? Life is becoming life online.

What’s the hot topic at all the payment websites at the moment - faster payments right? Everyone is talking about it and has become a topic of conversation everywhere and some countries are doing more than just talking – they are making moves to turn it into a reality.

Today, countries have their own platforms with real-time systems for any-value payments, it is banking made easy. Putting our name on the boards across the globe we are getting closer to real-time payments for everything sitting anywhere at any point of time with many payment options to make life easier with secure payment gateways.

24*7 is the new trend for everyone

It is fascinating to understand what is driving all of this activity to the secure online payment side of how to make internet banking?

Demand. Demand to finish things quickly. Demand to take life online and make life easier.

In today’s 24*7 active world, the general feeling is that faster payments should have happened already long back. Given the innovations in global technology, the trending mode of payment - the online payment systems would happen a lot faster. But, nevertheless, they have taken shape and are continuously evolving time-on-time.

Scalability, fixed standardization, and interoperability which were all missing earlier when digital payments started, today they are considered serious parameters for end-users to have standards maintained wherever an end-user prefers to do the payments from using any online banking method.

The ever-burgeoning e-commerce activity for online purchase of shopping, goods and essentials, which is 24*7*365 in nature, is vastly a driving force for quicker settlement times in order to achieve order fulfilment. There is also an increase in the volumes of peer-to-peer lower value online transactions, driven by mobile payment services.

Fun facts about online shoppers!

More than 75% of the people around the world shop online at least once in a calendar month and 43% of all the shoppers around the world research the product they want to purchase on social media before making a decision or even buying it.

Corporates too these days are pushing for better payment-related services from their banks. They want payments cleared in quick reliable time frames. What is driving this need, is the better visibility for cash at hand, a key concern for corporate treasurers and a hunt for the best online payment platform. Well, by saying this, banks benefit too, because there is a potential reduction in risk exposure because of more frequent settlements overall.

CONCLUDING THOUGHTS

Saying it is all in the hands of the banks or the government task forces to take this debate to its logical conclusion is not right.

Saying that, there is a strong likelihood that online payments firms will end up pushing the traditional banking model of payments (the earlier methods of banking) and swiftly shifting gears onto real time digital payments. YES! The current trends are moving rapidly towards it and with the current availability of new technologies means that there are already alternatives to traditional systems.

Real-time payments are not intimidating to these innovators and it is just a matter of time when we will have digital payments completely take over everything for a normal person and their day-today activities. That’s what needs to be the focus in the payment conferences.

The world is moving towards digitization day-by-day where the internet and digital currency is the new basic. Come on-to the Payrup platform for all your utility bills payments. We bring a banking solution to all your household works. Open 24*7*365 days a calendar year. Pay when you like, from wherever you are!

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