India is going through a huge transformation in the digital payments space. India’s digital payment landscape presents a dynamic and thriving economy, particularly in the realm of digital payments. India has emerged as a global leader in digital payments, with a substantial 89.5 million transactions, showcasing remarkable growth and potential. This progress underscores the lucrative opportunities available within India’s digital payment landscape, with the market poised for continued expansion and innovation. The digital payment market size is estimated to grow at a CAGR of 21.23% between 2022 and 2027, signalling significant potential for investment and development.
In this dynamic era of digital evolution, specialized players such as PhiCommerce have seen great growth opportunities. Says Jose Thattil, CEO of PhiCommerce, “We have seen incredible growth, with businesses reporting higher efficiency and customer satisfaction”
The company’s omnichannel platform has been a game changer for both online and offline businesses. The platform’s ability to integrate various payment channels into a single, omnichannel platform means that businesses now can have a unified view of payments and consumers enjoy the freedom to pay how they want. Additionally, the company has tailored its technology to meet industry-specific needs, ensuring security and compliance every step of the way.
The platform has been designed for high-volume transactions, offering features like automated invoicing and seamless integration with enterprise resource planning systems. The company’s solutions manage the entire invoice lifecycle for institutions and subscription businesses that need to bill the consumers on a recurring basis, creating a smoother experience for institutions.
One of PhiCommerce’s standout innovations is its approach to doorstep digital payments, replacing traditional Cash-On-Delivery. Thattil points out, “It significantly reduces cash dependence, marking a transformative shift in payment dynamics.”
These innovative strategies have helped the company to onboard nearly 1,200 institutions and cultivate a robust network of 16,000 merchants. For example, the collaboration with Kempegowda International Airport Bengaluru stands out as a significant milestone. This collaboration has not only improved operational efficiency at the airport but also enhanced the customer experience within its retail ecosystem.
Looking ahead, PhiCommerce aims to onboard numerous institutions and merchants. Thattil shares, “We will continue working with large enterprises, providing a 360-degree view of their customer payments.” Partnerships with large banks to offer one-stop solutions for payment collection and disbursement needs are also on the horizon. Exciting global expansion plans are in motion, with discussions underway with potential partners in Asia and the Middle East.
