GrowthLyne Data Analytics Solutions will focus on Digital Payments Industry in 2021

The year 2020 was the time of rapid adoption and transformation of the technology, and along with it, cashless transactions.

GrowthLyne considers that online payments sector has been the most dynamic market which is continuously evolving and has a complete captivating future. Covid-19 pandemic has been the major catalyst of the growth of the digital payments sector worldwide. Every year the number of non-cash transactions are on the rise to which data predictors of market research companies have analyzed these global payments to reach $2 trillion by 2025.

Different payment methods have been generated by the Fintech companies that have given customers different options to select from. Alternative payments such as e-wallets, UPI, prepaid systems are now dominating the payments market. They are growing at the rate of 50%, which is the fastest growing rate.
Cashless transactions are now indeed becoming an alternative, but the other side of it is also on an increase. With the growth of mobile transactions, some parts of the banking and payments segment are disrupting. The transaction growth has been followed by the payments-focused scams, which is happening mostly with the first-time users. Around 82% of the companies reported that payments fraud is a threat to them.

Both sellers and buyers are getting benefits from the digital payments which can be executed from anywhere, anytime, and using any device. But this accompanied with the supplementary risk in terms of theft and fraud. These fraudulent attacks are growing, serious and at a global level. When companies are accessing services and goods from anywhere in the world, these scammers and fraudsters steal the data to misuse it.
To overcome these fraudulent activities, businesses need tools that can recognize the fraud and save the big data from being stolen while maintaining a safe environment for trusted users. Especially for the real-time financial firms who transact like every minute. To make this happen, speed is a critical factor. Every process should be speedy. Even a delay of a few seconds can cause disruptions of mass amounts of transactions and expose unreasonable risks.

GrowthLyne will continue development of analytics solutions in following areas.

a) AI and Machine Learning In Digital Payments Industry

With the emerging trends in the rapidly-evolving technological industry, Machine Learning and Artificial Intelligence (AI) contains the advanced analytical technologies that can modernize the entire operations for banks, online payments & transactions. AI has the potential of cost-cutting, reducing transaction times, and controlling frauds. Even Machine learning has already stepped into managing online frauds. As per McKinsey’s reports, machine learning can help business owners to lower their bad debts by about 40%. It can also increase their revenues from existing customers by aroudb 15%.

b) Big Data Is The Catalyst In Digital Transformation

In the era of the digital transformation, digital payments applications are relying more on analytics, big data, machine learning, and artificial intelligence. These technologies should provide quick, safe & secure payment transactions, and other affiliated services that are in demand.
The critical technology points that need to have focus upon are:
● Making the applications time-responsive and available with geo-targeting.
● Escalating to meet the swifty growing data volumes at the same time reducing its costs.
● Eradicating any data discrepancy and complexity while creating a transparent modern system of data insights.

c) Real Time Data Builds Value In Digital Payments Industry

With the advancement of Online payment industries, the non-traditional payment providers are motivating the entire market to add value-added services to almost every transaction. The recent upgrades in analytics, machine learning and artificial intelligence are creating opportunities to make digital payments more cost-effective and convenient. The integration of data analytics, AI and machine learning with the payments process in real time are helping to give more revenues and better outcomes to businesses. This real-time data aids the businesses to provide personalized products and services, satisfy their customers, prevent frauds, grow revenues, threat reduction, risk management, and building customer loyalty.

GrowthLyne believes Digital Transformation is the new future!

Digital Transformation is what can keep businesses growing in the near future. Not doing in-depth data-analytics of the customers’ real-time data means losing a huge chunk of potential profit. Having a large amount of early technology adopters available in the market is similar to overlooking your chances of taking the first mover advantage.

But not to worry anymore! Partnering up with the right, reliable, secure, and dynamic data analytics company in India can help you out. “GrowthLyne” a leading market research and data analytics company in India, who has deep expertise in data analytics and machine learning to help FinTech companies to understand their customer better with in-depth real-time analytics and predictive analysis.

Shalini Gupta
Founder and CEO, GrowthLyne
'A leading market research and data analytics company in India'
www.growthlyne.com
+91 88825 30584
sales@growthlyne.com
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KASARVADAVALI, MUMBAI 400601
Phone No. +91-8949752628

GrowthLyne is a leading full services market research and data analytics company in India. We do business with clients across America, Asia, Europe, and Australia, in over 10+ languages and specialize in Retail, Pharma, Telecom, BFSI and Education. We are passionate about data and leverage it to help clients stay relevant

This release was published on openPR.