Payment solutions leverage on emerging technologies to simplify the transaction process and to increase the avenues for payments to occur. Payment solutions include digital wallets, loyalty programs, cross-border payment options and intuitive mobile solutions for payments. The digital wallet solution allows consumers to store various forms of payment credentials, which can be used by wallet owners to pay for goods and services to various merchants. Digital wallets allow firms to increase their digital payment channels, as well as developing an ecosystem with associated merchants and service providers, increasing customer loyalty. Transactions occur real time, reducing the time needed for the payment process to complete. A security token is also generated for each transaction, preventing misuse of the digital wallet. Loyalty programs can be integrated with the digital wallet, creating brand loyalty and differentiate firms from the competition through incentivizing repeated patronage. Find out more at www.ey.com/sg/fintechhub. For enquiries, contact us via email at fintech@sg.ey.com.

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
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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

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