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Digital payments and digital wallets
Case study
Context:
An Indian financial service provider was
seeking a white-labeled wallet platform to
launch a digital wallet, facilitating payments
and banking transactions to increase their
range of payment channels.
Solution configuration:
• The implementation of a mobile application
digital wallet and payment system with
quick response (QR) code and near-field
communication (NFC) functionalities.
• Additional features were customizable to
the firm’s requests, including having
configurable payment options.
• Bulk salary processing, QR code-based
payments, remittance and customer service
functionalities were added in.
• Loyalty programs with a points system
were integrated into the mobile application
infrastructure.
Client impact:
• Increased customer retention rate with the
loyalty program and flexibility of multiple
payment options
• Created ecosystem in integration with
billers, merchants, payment gateways and
so on
• Acquired corporate customers with payroll
processing
• Went live with minimal hardware
requirement resulting in lesser capital
expenditures (CAPEX)
• Increase in customer satisfaction with
streamlined payment system and digital
customer service
Contact us
Challenges faced by institutions
Longer go-to-market time for new
business features
Management of complex
Integrations with third-party
systems
Lack of digital payment channels
Legacy platforms with lesser
flexibility and configurability
Scalable payment solutions that
grow with the firm
Creating ecosystem with
merchants, billers and service
providers
Robust, multi-functional payment solution
Multi-currency Multi-tenancy Loyalty management
Dynamic field and
form management
Bill presentment
Companion card
issuance
Multiple services for
Person-to-person
(P2P), Government-to-
person (G2P), Person-
to-merchant (P2M)
and so on
Payroll and bulk
payments
Multi-factor
authentication
Inbuilt integration
adaptors
Family wallets Offers and promotions
Leading interfaces and technology capabilities
e-know your
customer (KYC)
Cryptocurrency
and digital
assets
Omni-channel
Connected core
Open APIs
Services
marketplace
Varun Mittal
EY Global Emerging Markets FinTech
Leader
varun.mittal@sg.ey.com
Website: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com
EY | Assurance | Tax | Transactions | Advisory
About EY
EY is a global leader in assurance, tax, transaction and advisory
services. The insights and quality services we deliver help build
trust and confidence in the capital markets and in economies the
world over. We develop outstanding leaders who team to deliver
on our promises to all of our stakeholders. In so doing, we play a
critical role in building a better working world for our people, for
our clients and for our communities.
EY refers to the global organization, and may refer to one or
more, of the member firms of Ernst & Young Global Limited, each
of which is a separate legal entity. Ernst & Young Global Limited,
a UK company limited by guarantee, does not provide services to
clients. For more information about our organization, please visit
ey.com.
© 2018 EYGM Limited.
All Rights Reserved.
EYG no. 011378-18Gbl
ED None.
This material has been prepared for general informational purposes only and is not
intended to be relied upon as accounting, tax or other professional advice. Please
refer to your advisors for specific advice.
ey.com

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Digital payments and digital wallets

  • 1. Digital payments and digital wallets Case study Context: An Indian financial service provider was seeking a white-labeled wallet platform to launch a digital wallet, facilitating payments and banking transactions to increase their range of payment channels. Solution configuration: • The implementation of a mobile application digital wallet and payment system with quick response (QR) code and near-field communication (NFC) functionalities. • Additional features were customizable to the firm’s requests, including having configurable payment options. • Bulk salary processing, QR code-based payments, remittance and customer service functionalities were added in. • Loyalty programs with a points system were integrated into the mobile application infrastructure. Client impact: • Increased customer retention rate with the loyalty program and flexibility of multiple payment options • Created ecosystem in integration with billers, merchants, payment gateways and so on • Acquired corporate customers with payroll processing • Went live with minimal hardware requirement resulting in lesser capital expenditures (CAPEX) • Increase in customer satisfaction with streamlined payment system and digital customer service Contact us Challenges faced by institutions Longer go-to-market time for new business features Management of complex Integrations with third-party systems Lack of digital payment channels Legacy platforms with lesser flexibility and configurability Scalable payment solutions that grow with the firm Creating ecosystem with merchants, billers and service providers Robust, multi-functional payment solution Multi-currency Multi-tenancy Loyalty management Dynamic field and form management Bill presentment Companion card issuance Multiple services for Person-to-person (P2P), Government-to- person (G2P), Person- to-merchant (P2M) and so on Payroll and bulk payments Multi-factor authentication Inbuilt integration adaptors Family wallets Offers and promotions Leading interfaces and technology capabilities e-know your customer (KYC) Cryptocurrency and digital assets Omni-channel Connected core Open APIs Services marketplace Varun Mittal EY Global Emerging Markets FinTech Leader varun.mittal@sg.ey.com Website: www.ey.com/sg/fintechhub Email: fintech@sg.ey.com Sahil Gupta EY ASEAN FinTech Manager sahil.gupta@sg.ey.com
  • 2. EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. © 2018 EYGM Limited. All Rights Reserved. EYG no. 011378-18Gbl ED None. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com