India's digital payments market is at an all-time high

Mumbai, Sep 17 A recent report by EIU (The Economist Intelligence Unit) explored the digital payments revolution around the world and found that India is leading the real-time payments market, followed by China and South Korea. In terms of the mobile payment market, China leads instead, followed by India.

According to the report, India offers a prime example of the shift to modernize payments systems in order to keep commerce flowing and sustain economic growth. Although the country remains largely rural and therefore cash-centric, the pandemic has lifted digital payments, in terms of both volume and value, to heights far beyond the expectations of policy-makers who had created the enabling environment for their adoption.

This changing scenario has led to the growth of Fintech Infrastructure in the country and many growing fintech firms are offering diverse options and one stop payment solutions to the merchants and consumers. One such platform is Mintoak; which is helping in reimagining the Small Business Payments structure in the country. It is a Digital Payments Platform that has been designed for SME merchants and powers the merchant [payment/ engagement] platform of banks. As an Embedded Fintech, Mintoak integrates with the banks' existing infrastructure and currently powers the merchant acquiring and engagement platforms for some of the largest banks in India and abroad under a PAAS model.

Currently working with 6 banks in India (including two of the largest acquirers) and a leading acquirer in the Middle East, the platform allows these partners to differentiate their offerings and provides enhanced monetization opportunities. Mintoak's platform has already confirmed 3.8X activation rates and 8X merchant engagement compared toearlier deployed systems. While the platform has grown from less than 1,000 merchants to 150,000+ merchants since last year, it aims to acquire 750K+ merchants by March 2022.