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Customer Experience Is Driving Innovation In Digital Payments

digital payments

From being primarily a cash-obsessed economy, India’s digital payment story is relatively new, but has reached an exciting phase today. Digital payments started to pick up pace with the growth of e-commerce companies followed by emergence of digital wallet companies. Driven by regulatory policies, increased use of mobile internet, the industry is going through a transformational phase, riding high on advanced technology innovation. In an exclusive interaction with CXOToday, TM Praveen, CEO of Opus Consulting Solutions, throws light on the trends and challenges in the digital payment industry and the company’s latest tech innovation in the digital payment space.

CXOToday: Can you throw some light on the trends in the digital payment industry?

TM Praveen: Most of the innovation in digital payments is being driven by customer experiences. The popular modes of payment such as credit & debit cards are now becoming a thing of the past. Frictionless options are becoming increasingly popular and with the advent of next generation connected commerce round the corner, we will see more innovative ways of faster checkout systems.

CXOToday: What are the key threats and challenges?

praveenTM Praveen: The biggest threat today is security. Though the applications being used by consumers worldwide today are built taking several authentication factors and mechanisms in play, it is no secret that multiple channels of payments, saved passwords and NFC enabled cards are few of the many factors that jeopardize cybersecurity for payment transactions.

Talking about challenges, the biggest one is stiff competition. Rapid emergence of Fintechs, newer technologies and the changing landscape of global payment regulations are key hurdles to rising expectations from consumers.

CXOToday: What is Opus’s contribution in digital transformation for payment applications.

TM Praveen: Digital Transformation primarily means digitization of key business processes. All large companies are modernizing their infrastructure, processes and business models to ensure they are scalable, adaptable and flexible to drive the organization’s adopting strategies and keep up with the challenges that rapid industry disruption will pose. Our focus areas are cloud solutions, agile architecture leveraging micro services, APIs for easy integration with applications, machine learning and AI solutions for next-gen process automation and intelligent decision making. Digital transformation in this case will include improved user experience, agility, extensibility, system performance and Security concerns.

CXOToday: How the company leverages the next-gen solutions to cater different size organisations and solve their payment problems?

TM Praveen: Our customers are always looking for innovative solutions for their different payment problems. They trust us as we are dedicated to help our clients navigate through complex digital goals and provide next-gen solutions, like payment device solutions, modern merchant management solutions, mobile and e-commerce solutions and many more. These solutions are integrated with modern machine learning systems which proves for better decision making. Our strong technology experience in this domain has helped our customers to build modern payment platforms with cloud solutions, agile architecture leveraging micro services, APIs for easy integration with applications and Machine learning and AI integration for future-ready process automation.

CXOToday: Please tell us about some of your latest innovations in terms of tech usage and deployment?

TM Praveen: Chatbots are becoming increasingly popular in this age of automation and interactive experiences. We leverage the bot at our workplace to enable our employees come up to speed with the organization’s methods and have instant access to information that helps them manoeuvre through org processes.

CXOToday: Please tell us about your business roadmap for the next 1 year?

TM Praveen: We have spent more than two decades as technology partners to large payments organizations. In 2019, our vision and priority is to help our customers navigate their digital transformational capabilities.  Today, technology enables everything – right from the way we move to the way we live. It is prime opportunity for us to work with leaders of organizations and empower them with the right analysis and insights to prioritise their technology investments and streamline business processes.

CXOToday: As a CEO, what are the growth and improvements in this segment you can envisage?

TM Praveen: Payments and Fintech are at the epicentre of the action today and that makes it a great time for rolling out next generation solutions that will keep up with the expectations of the hyper connected customers, enhancing their experiences and personalizing it for their preferences.

CXOToday: Would you like to share your success mantra for budding entrepreneurs in this sector?

TM Praveen: These are challenging times filled with complex problem statements. There is no dearth of opportunities to find your niche and give it all you have. It is important that new leaders do not get overwhelmed by the interplay of people and innovation and find a good headspace to build the right team, nurture them and eventually empower them to do what is best for the customers and the organization.

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Sohini Bagchi
Sohini Bagchi is Editor at CXOToday, a published author and a storyteller. She can be reached at