Publication - The Financial World
Edition - Online
A pre-approved BNPL (Buy Now Pay Later)instrument, travel insurance at a boarding pass printing kiosk, auto-routing of cashbacks for micro-investment and seamless credit to pay for hospital expenses are amongst a host of embedded financial services that may be rolled out by neo banking business models, riding on a robust infrastructure like UPI and open networks, an ASSOCHAM-PwC study has pointed out. A comprehensive knowledge paper ‘Embedded financial services in India’, brought out by ASSOCHAM-PwC stated that digital transformation built on the foundational blocks like Unified Payments Interface (UPI), secure data and open networks including Open Credit Enablement Network (OCEN) and Open Network for Digital Commerce (ONDC), is opening a minefield of opportunities for taking the country’s banking and financial architecture to the next level of technology and user experience.
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