The mode of making payments has been rapidly evolving and transforming in India. From transactions through cash to mobile payments and now invisible payments, there are several ways in which people can transact. In a panel discussion on ‘Invisible payments and its viability in India’ at the Global Fintech Fest 2023, Manmeet Dhody, Chief Technology Officer, Paytm said that everything today is linked to invisible payments.
Popularly referred to as contactless payments, invisible payments involve minimal or no physical interaction between consumers and payment systems. Having the potential to reshape the way we make purchases in India, it makes transactions effortless and inconspicuous for consumers.
Sharing his opinion on the same, Manmeet said, “If you really want to remove any effort required for making a payment then that’s basically in my opinion what invisible payment is all about.”
“If you look at it, we are already doing tons of it in the ecosystem. For FASTag, you just need to pass through and payments happen,” the CTO said explaining where the invisible payments are being used.
Saying everything today is linked to invisible payments, he added, “Bill payments on subscriptions, insurance premiums, credit card payments everything today is linked to invisible payments. I don’t do anything to pay all of these bills.”
One time mandate for everything
Manmeet said, “If you go beyond what we have achieved at scale in India, people have tried different things. If you walk into a retail store you pick up stuff, you walk out and it’s done. There’s no cashier, nothing, no payments. You go from one country to another, your insurance automatically stops in one and starts in another country. So how do we aspire for something like that?
Explaining what can be done to minimize fraud risk in invisible payments, he said, “Every customer must be treated differently, on limits of transactions, transaction amount, everything needs to be governed by customer trust code. You have to establish that and if you don’t establish that you run into the realm of frauds happening.”