Money & Banking
Our Bureau | Mumbai, June 6 |
The Indian arm of the company, Crunchfish Digital Cash, will focus on mass-reach solutions on interoperable platforms
Switzerland-headquartered Crunchfish Digital Cash AB, which has opened a new subsidiary in India, expects the roll-out of Payments 4.0 to drive domestic digital transactions to 548 billion by FY’25. Payments 4.0 is a contactless, offline and mass reach solution.
The launch of the earlier version of the solution, Payments 3.0, saw transaction volumes increase to 343 billion in FY’20 from 144 billion in FY’16, driven by the launch of UPI, IMPS, QR Codes and digital wallets.
The Indian subsidiary, Crunchfish Digital Cash, will focus on mass-reach solutions on interoperable platforms, a key component of which will be offline payments. Policy and regulatory support from the government and the Reserve Bank of India will drive the next leap of growth.
Listed on Nasdaq, the Swedish company enables users to interact with devices without touching displays or physical buttons. Solutions are designed for everyday use, with exceptional performance optimised for augmented reality, virtual reality and next generation digital interfaces.
According to Joachim Samuelsson, CEO of Crunchfish AB, Sweden was the first globally to accept bank notes, and also the first to stop using them; only 5 per cent of transactions in Sweden are conducted in cash.
India has leapfrogged the adoption of digital payments and hence fintech players in the country should leverage technical expertise and learnings from the Swedish players, he added.
New financial solutions, including mobile as well as non-mobile devices, such as smart cards and wearables that work regardless of connectivity, are expected to ease swift payments at crowded places, including convenience stores, transit and toll.
This will also enable financial inclusion of the under-privileged, children and elders, who may not be using mobiles or live in an area without network connectivity, the company said. India’s innovation hub and ecosystem enabler, Technology Hub (known as T-Hub) and Crunchfish, have launched the Augmenting Payments Accelerator programme, which will enable fintech companies and start-ups to create innovative payments products and services based on the Crunchfish Digital Cash platform.